Bank of America Prioritized Goals and Objectives
Author Note
Bank of America Prioritized Goals and Objectives
Introduction
When prioritizing what actions to cover fast, the Bank of America has portrayed a critical analysis on various planning considerations alongside security analysis on potential areas of focus. Through this thorough analysis, the firm ensures that the priorities identified are the most essential and their impact in the organization is largely felt. In this light, Bank of America has evaluated critically the potential areas to focus on especially during this pandemic era that will allow it remain rooted to availing financial services to its customers efficiently and appropriately.
Digitization
Digitization is a major priority that the bank focuses on especially due to the changing consumer demands and the business environment as well. The main objective concerning this goal is to ensure that the corporation meets the needs of the expanding client base by availing solutions and capabilities that are relevant to their various specificities (Bank of America, 2020). Additionally, digitization will assist the bank in continuously improving the industry-leading digital solutions such as Merrill Edge that assists clients in managing their wealth digitally and even in physical financial locations (Harris, 2019).
Significantly Increase Revenues
Revenue rates are among the key indicators of a firm’s good performance. In this light, Bank of America has a strategic objective on cost leadership that will ensure minimization of expenses and reduction of financial service fees to attract more customers. This will ultimately contribute to surged revenue rates. At the same time, the bank attempts to achieve high profit margins that are marked by reduction of costs and increase in income. More importantly, revenue increase will aid in market segment expansion, a factor that will popularize the corporation even more.
Conclusion
Prioritized goals are the leading directives towards organizational success and growth in the continuum. They assist firms in mobilizing resources towards the most integral and critical aspects that have great implications to the overall organization.
References
Bank of America. (2018). Bank of America Accelerates High-Tech, High-Touch Approach. Retrieved from https://newsroom.bankofamerica.com/press-releases/consumer-banking/bank-america-accelerates-high-tech-high-touch-approach.
Harris, P. (2019). Bank of America’s Business Model, Generic Strategy & Intensive Growth Strategies. Retrieved from https://www.rancord.org/bank-of-america-business-model-generic-strategy-intensive-growth-strategies-competitive-advantage
Bank of America. (2020). 2020 Hispanic Business Owner Spotlight. Retrieved from https://newsroom.bankofamerica.com/system/files/2020_Hispanic_Small_Business_Owner_Spotlight.pdf