Bank of America Base CaseBy Deborah Gage | Posted 2006-05-15 Email Print
Modernizing Authentication — What It Takes to Transform Secure Access
Bank of America has tightened its online banking anti-fraud systems, but lack of cooperation from many customers is a major headache.
Bank of America Base Case
Headquarters: 100 N. Tryon St., Charlotte, NC 28255
Phone: (704) 386-5681
Business: Banking and financial services
Global Technology, Service and Fulfillment Executive: Barbara J. Desoer
Financials in 2005: Revenue was $56.1 billion, up 14.5% from $49 billion in 2004. Net income was $16.5 billion, up 18% from $13.9 billion in 2004.
Challenge: To complete installation of software that protects banking customers from cyberthieves while reducing calls about the software to customer service.
• Increase number of active users of online banking services to at least 19.6 million for the full year 2006 from 14.7 million in 2005.
• Boost percentage of online customers using online bill paying to 100% in 2006 from 50% in 2005.
• Keep efficiency ratio—non-interest expenses divided by revenue—at or below 2005's 49.8%.