Bank of America 2006 Annual Report Download - page 19

Bank of America 2006 17
J. Steele Alphin: Any investment we make in brand market-
ing has one purpose — to drive the growth of our company.
The Bank of America brand is one of our most valued
resources, and a promise we must keep to those who do busi-
ness with us.
In 2003, we introduced Higher StandardsTM as a way of telling
people about how we operate. We made it clear that we hold our-
selves to higher standards of service, performance and integrity
in all we do every day. That commitment will never change.
It’s time, however, to move beyond the phrase Higher
Standards — which tells people how we do our work — to a
message of opportunity, which tells people what we can do for
them. Opportunity reflects the power that our knowledge, scale
and diversity of products and services allows us to bring to
each relationship, and it communicates the unique strengths
and capabilities of our businesses.
The new platform will be prominent in all we do: from mar-
keting products and services, to our voice in the community
and public policy, to our relationships with the investment com-
munity and our own associates. Strongly aligned with specific
business objectives, our new brand messaging clearly conveys
the opportunity Bank of America brings to each individual and
community we touch.
How will the bank’s new
brand positioning support
your growth strategies?
Bruce L. Hammonds: Yes, we believe there are terrific
opportunities to grow by offering more products and services
to our credit card partners and customers.
Affinity marketing made Bank of America’s Card Services
division a worldwide leader in the credit card industry. Now
Bank of America has become the first financial services
company to apply the affinity concept to a broad range of
banking products.
In fact, we’ve already extended affinity marketing to
Bank of America deposit and home equity products. Members
of organizations who share a strong common interest or pas-
sion — such as the college or university they attended, their
favorite cause or professional affiliation — can further support
their groups through lines of credit and everyday checking and
debit card transactions.
We plan to offer affinity deposit and loan products through
our more than 5,700 banking centers and the Bank of America
Web site, as well as through direct marketing.
We expect the new offerings to strengthen the loyalty of our
customers while helping them achieve their dreams.
Are there opportunities for
the bank in affi nity marketing
beyond credit cards?
Gregory L. Curl: Bank of America and China Construction
Bank (CCB) have partnered on many projects since we jointly
announced in 2005 the definitive agreement to buy approxi-
mately 9 percent of CCB stock. We’re extremely pleased with
the progress of this long-term strategic alliance.
In 2006, we rolled out several products for the customers of
both companies, including free ATM use and free remittance,
which lets customers send money without charge to loved ones
overseas. We’re using our expertise to help CCB build its re-
tail business and an efficient operating model. We’re taking
the same approach to advise and assist CCB in information
technology, corporate governance, finance, risk management,
human resources, corporate business and treasury services.
Together with CCB, we’ve sponsored a number of community
programs, including Asia’s first Special Olympics Games.
China is one of the world’s fastest-growing economies. By
partnering with the best-positioned bank there, we’re investing
in strategies that will benefit both of our companies.
How is the strategic
partnership with China
Construction Bank progressing?