Bank of America 2004 Annual Report Download - page 13

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1.3
0.53
2.1*
’02 ’03 ’04
’02 ’03 ’04
(0.26)
0.64
2.6*
ANK OF AMERICA HAS BUILT A NATIONAL FRANCHISE ON A SCALE
comparable with the nation’s leading retailers—an achievement unique in American banking.
The benefits for U.S. customers are dramatic. For the first time, they can count
on a consistent experience and easy access to their hometown bank virtually anywhere they live, work, play and
travel. A Boston family that vacations in New York and Florida, visits relatives in Dallas and St. Louis, or has
business connections in Los Angeles or Seattle finds Bank of America right there—in person, online or via
telephone or ATM.
Along with this convenience, Bank of America raised the stakes for service quality beginning in early 2002.
We dropped the less rigorous industry practice of measuring average customer satisfaction and began reporting
against the tougher standard of “highly satisfied” or “delighted” customers—those who rate their experience as
a 9 or 10 on a 10-point scale. By year-end 2004, 71% of customers said they were highly satisfied with their banking
center experience.
With the addition of the Fleet franchise early in 2004, Bank of America is now a fixture in all four densely
populated corners of the United States, including New York’s Times Square, pictured at right, as well as in the fastest-
growing markets in between—in all, 29 states and the District of Columbia. Seventy-six percent of the U.S. population lives
in our geographic footprint, including the vast majority of multicultural residents who drive U.S. population growth:
93% of Hispanic households, 86% of Asian households and 77% of African-American households.
Beyond these obvious geographic and cultural advantages, our 33 million customer households enjoy the speed
and convenience of Bank of America’s leading online banking and electronic bill-pay services; a voice-recognition
telephone system that balances easy self-service options with quick access to highly trained telephone bankers; and
the largest bank-owned ATM network in the nation.
Through these multiple channels, Bank of America provides a broad and innovative range of services, including
banking center access to residential mortgages, consumer investment and retirement services.
Portrait of a Consumer Bank
Convenience, process excellence
and consistent service standards drive growth.
12 BANK OF AMERICA 2004
B(Net new accounts in millions)
*includes Fleet
Growth of net new checking
accounts and net new
savings accounts
Checking Savings