Below is the SWOT analysis for the Bank of America Corporation (Eggert & Vibert, 2012):
- The Bank of America Corporation is the second largest bank in terms of asset composition in the American market.
- In terms of innovation of products and service provision, the Bank of America Corporation is one of the trusted financial service provider in the US.
- The bank has about three hundred thousand employees who provide their services across the world.
- The bank holds a strong name of brand and it has good financial position.
- The bank provides its financial services to more than one hundred and fifty countries and relates well with the fortune companies of the United States.
- The bank has stability in terms of efforts of growth in the US banking sector.
- It is the fastest growing bank in the US economy to satisfy the financial needs of the nation.
- The bank has issues of credit consumer controversies that reduce the effectiveness of its operations.
- The bank has controversies over WikiLeaks, hence slow operations.
- The asset composition of the bank is not strong enough to provide required services.
- The Information Technology system is not strong enough to allow the online operations across the world.
- The bank has room for diversifying its financial portfolios for the customers.
- The bank has room for expansion in other countries.
- The bank has mergers acquisition aim.
- Improving customer service across the world by growing the value of credit card for its customers.
- The bank faces competition from other banks in the world like Deutsche Bank.
- The bank faces financial crisis, for example, recession times.
- The constantly changing government regulations affect the bank.
On the SWOT analysis, the Bank of America Corporation is expected to maximize on the strengths and opportunities and minimize on its weaknesses and threats. In order to maximize on the opportunities, the bank can continue opening up its operations across other countries to expand the market. This would create opportunities for making more profits to increase its annual benefits. It should also open up branches in more countries to make it known and provide financial services to satisfy the needs of the customers. The bank should keep in touch with the loyal customers from the various countries to counter the competition from the other banking institutions that are coming up rapidly.
In achievement of its opportunities, the bank should use the available chance to diversify the financial portfolios for its customers to help in maintaining them. The available annual profits should be used in opening branches in the countries that have not received the services provided by the bank. Growing and increasing the use of credit card opportunities to the customers can help increase the profit opportunities for the bank.
On the other hand, the bank has its weaknesses and threats which obviously reduce the effectiveness of the bank services. The bank can only minimize on the threats and weaknesses. Opening up branches of operation in more countries will help increase profits and also increase the asset composition. Improving the infrastructure of the bank can help improve and increase service provision to the customers. By improving infrastructure, especially, in the area of information technology, communication and coordination will be easy and the bank would have reduced the gap of competition, a problem that cannot be fully solved.
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