Bank of America vs. the Groundswell

(http://www.forrester.com/groundswell/index.html)

How does Bank of America use the Groundswell? How do they benefit from using the groundswell?

Bank of America has been adopting the Groundswell, but they don't even know it! Lately, there has been much chaos due to the economic recession for the banking industry and many others, but Bank of America unlike some banks is still standing. Bank of America now has BOA alerts for customers with mobile internet access, so that they can take their finances wherever they go. BOA has also been seen on the new G3 mobil devices and is one of the only Banks recently to be availble to many of the customers on high end mobile devices. According to Kristen Nicoles article found on this site: http://mashable.com/2007/10/10/bank-of-america-socnet/, "BOA has launched a new kind of a social network," said Nicole. It can be found on the BOA main sign-in page of BOA. As technology advances and more people start to use and take advantage of the power of social media, one can find the usefulness of adopting the Groundswell. Even though BOA is using the Groundswell and they may not know it. It's important for any kind of business to learn and adopt the Groundswell, so that they can reach a larger audience and take advantage of other online forums. According to Nicoles article, another blogger suggested the following and recommended/commented the following: Mercedes-Benz, another old-economy company, is getting customers through online communities: http://www.designvsart.com/blog/?p=34. If BOA continues to really listen to their customers and continue using online media forums they could find really useful information from customers. One customer from this site:http://weblogs.redeyechicago.com/iphoneblog/2008/03/quick-thought-o.html, commented that, "BOA gave them a reality check and suggested that BOA get better credit card offers that are realistic and reasonable. Is your Bank really listening? Are they Talking to there customers? These are just a fe questions to consider when you think about how your Bank uses social media to reach you in your community(http://weblogs.redeyechicago.com/iphoneblog/2008/03/quick-thought-o.html,)."">a href="http://weblogs.redeyechicago.com/iphoneblog/2008/03/quick-thought-o.html">http://weblogs.redeyechicago.com/iphoneblog/2008/03/quick-thought-o.html,)."

Awards or Honors of BOA

Do you know what kind of awards or honors your bank has received? What are the Benefits of knowing this information?
According to BOA, "Bank of America receives numerous national and regional awards and recognition as it relates to the effectiveness of the Supplier Relationship Development program. Bank of America continues to be an industry leader with a world-class supplier diversity program."(http://www.bankofamerica.com/supplierdiversity/index.cfm?template=sddi_awards_ov.cfm&state=IT#skipnav)

"Bank of America has received the following awards and recognitions:History of Awards Black Enterprise Magazine recognized Bank of America as one of the top 15 Companies for Supplier Diversity. (2006, 2005)(1)"

"DiversityInc Magazine recognized Bank of America’s supplier diversity program as one of the top 10 Companies for Supplier Diversity. (2006, 2005)(1)"

"DiversityInc.com recognized Bank of America as one of the "Top 50 Corporations for Diversity" (2004, 2003, 2002)(1)"

"DiversityBusiness.com recognized Joseph Hill, Executive Vice President, Global Operations & Supplier Relationship Development, as one of America's Top Diversity Advocates in May 2007. Individuals were recognized for demonstrating a commitment to finding solutions for diversity issues on a global and national level and having made a significant impact on diversity issues in employment, procurement, housing and education(1)."

"DiversityBusiness.com recognized Bank of America as one of the "Top 50 Companies for Diverse Business Opportunities" (2005, 2004, 2003(1)(1)"

"Hispanic Business Magazine ranked Bank of America as the # 1 company for Hispanics in its Top 50 Companies for Hispanics ranking, measuring the company's commitment to Hispanic hiring, promotion, marketing, philanthropy, and supplier diversity(1)."

"Hispanic Trends Magazine recognized Bank of America as one of its top 50 corporations for supplier diversity. The magazine acknowledges businesses for their work efforts in providing opportunities for the Hispanic community and organizations in such areas as recruitment, scholarships, and minority vendor programs. (2006, 2005)(1)"

"Women’s Business Enterprise National Council (WBENC) recognized Bank of America as one of America’s Top Corporations for Women’s Business Enterprises (WBEs). This is the fifth time Bank of America has received the award since its inception eight years ago and has helped us achieve a "World-Class" status in Supplier Diversity(1)."

"The 2006 award was presented March 2007 to Bank of America for its companywide programs offering equal access for WBEs in competing for, and winning, corporate contracts for goods and services.(2006, 2005, 2003, 2001, 2000)(1)"

All awards and honors in quotations are from the same source.Will be followed by(1)to indicate same source for citing here.WHEN U click on the number 1 it refers you to the website of awards and honors and more recognitions of BOA.

The benefits of knowing these awards about Bank of America can come in handy for customers and potential customers. Individuals knowing this vital information can possibly gain new customers for BOA, which is good for Bank of America.
Another benefit of knowing this information is that it gives customers a sense of pride and belonging to a successful company. Most people want to be like and or valued by their banking company.

Challenges for Bank Of America

Lately, everyone has been worried about whether or not their money is safe or even if they should bank with any financial company. Currently Bank of America faces the following challenges: The following remarks are taken from Liam McGee,posted on BOA's newroom website, regarding challenges one of the many different locations around the U.S.

"Currently there is a demographic shift that may challenge Bank of America and other banks too:
• Anglos now make up less than half the state's population, with
• Latino's nearly one-third, or about 11 million
• California's Latino population alone would make us the eighth largest state...bigger, as an example, than Michigan or New Jersey
• Asian & Pacific Islanders comprise about 13 percent, or 4.3 million, and
• African-Americans make up about 7.5 percent, or 2.5 million
• Together, these three groups represent $1.2 trillion in purchasing power per year
• Non-anglo groups will account for 80 percent of population growth over next 10 years."

As this particular BOA faces challenges, many other banks are as well. Currently, the cause right now is because of the economic recession we as America are faceing. But lets not rule out other countries that are facing similar problems.

According to BOA, "It is also important that we understand the extent to which these demographics impact the lifeblood of our state's economy - small business(Bank of America, 2008)."http://newsroom.bankofamerica.com/index.php?s=speeches&item=73
According to BOA, "Bank of America believes that by becoming a part of the solution, we help to build a society where everyone can participate and make contributions. We help to build an economy that can continue to grow and flourish. We help to build a population base that can provide the new ideas and talent we're going to need in the banking industry(www.bankofamerica.com)."

Currently Bank of America financial situation is somewhat stable, but the thing to keep in mind is that Bank of America is one of the few banks left standing due to wise decisions made from within.

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Bank of America's Target Market

Who does Bank of America target? Bank of America targets a wide range of different publics. For example, home owners, college students, business owners, and more. That was just to name a few of it's publics.

Bank of America target's college student's by offering many good benefits, such as, "free student checking for college student's as well as a student saving's account." Bank of America also has student credit cards to help college students. BOA refers any college student's or potential college student to visit the BOA student center.

Many of BOA's publics are college student's, small to major business owners, as well as it's own employees. It's important that college students know who their bank is targeting and how can BOA make your life a little less stressful.

As far as other publics, BOA says,"Our dedicated client teams serve the needs of growing companies with annual revenue over $2.5 million, middle-market and large corporations, institutional investors, financial institutions and government entities worldwide(http://www.bankofamerica.com/index.cfm?page=corp)."




www.bankofamerica.com
http://www.bankofamerica.com/studentbanking/

BOA is USING which MODEL of PR:Grunig & Hunt's Models of PR

According to Grunig and Hunt, there are 4 models of Public Relations. Which model does Bank of America currently use? It's important to understand the various methods a company uses. BOA uses the Two-Way Asymmetrical model coined by Grunig and Hunt.

"1. Press Agentry - publicity, celebrity PR etc. Accuracy and credibility not important.

2. Public Information - one way communication. Not a lot known about audience, but accuracy essential.

3. Two Way Asymmetric - receives feedback but aims to change attitudes not organizational practices.

4. Two Way Symmetric - gets feedback with view to changing practices; dialogue not monologue(http://www.prblogger.com/2005/10/grunig-hunts-4-models-of-pr/."

Based on research on how Bank of America operates, I came to the conclusion that Bank of America uses the Two-Way Asymmetric model. Again according to prblogger.com, "The two-way asymmetric model; receives feedback but aims to change attitudes not organizational practices.http://www.prblogger.com/2005/10/grunig-hunts-4-models-of-pr/.

Bank of Amercia has been commended in more than one way, especially on how they are involved with social media. BOA is accessible through myspace and through BOA's online community room which was recently added for customers to communicate with other BOA employees or customers. Bank of America is also mobile. If you have internet access on your cell phone you are connected to your finances anytime and anywhere.

By incorporating the Two-way Asymmetric model by Grunig and Hunt, it is safe to say that BOA intentions are to listen and learn from what their consumers are really saying.


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