Bank of America 2003 Annual Report Download - page 7

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Raising the Bar in Product Innovation
In 2003, Bank of America enabled more than
1,000,000
By any measure, 2003 was an extraordinary year for mortgages.
But beyond the burst of business caused by rock-bottom interest
rates, Bank of America found ways to create a better experience
for customers seeking loans to buy or refinance homes.
Our approach to product innovation always begins with listening
to customers. We quickly identified two opportunities to improve
the mortgage process in the ways that customers told us would
be most important to them: reducing the amount of paperwork
required for a loan application and shortening the time it takes to
approve a loan. Research showed that incremental improvements
BANK OF AMERICA 2003 11
customers to purchase or refinance a
home or tap into their home equity
Giving Students
an Edge
We surveyed college students
and found that they want
a checking account that’s
low-cost, convenient and
easy to use. So in 2003,
we introduced CampusEdge
Checking,
TM a flexible account
with no minimum balance
requirement and a fee waiver
for students who set up a
monthly direct deposit or
whose parents bank with us.
Students also told us that
“stuff happens,” so we took
CampusEdge a step further
by including a special card,
good for a one-time refund
of an overdraft charge or
other fee associated with
the account.
■We designed LoanSolutions®to make it quicker and easier for customers to finance their homes.
■Customers can get loan approvals on the spot with 80% less paperwork.
■More than 7 million customers now use our online banking channel, and use of online bill payment increased 84%.
Highlights