Online banking is the practice of making bank transactions or paying bills through the Internet. Credit goes to the progressing technology and the Internet in particular. Online banking allows us to make transactions and pay bills all with the click of a mouse as long as one has internet access. The arrival of the Internet and the prominent popularity of personal computers offered both a chance and a challenge for the banking industry. Many banks consider online banking as a dominant “value added” tool to attract new customers in today’s highly competitive banking atmosphere. Bank of America Corporation is America’s largest bank holding company by possessions and the second largest by the market capitalization. It was formed as Bank of America Corporation in 1998 by the amalgamation of NationsBank and BankAmerica. It is headquartered in Charlotte, North Carolina, America.
Bank of America was founded by Amadeo Giannini in around 1904 when he established the Bank of Italy to provide funds to the immigrants who were denied assistance from other banks. The 1906 earthquake of San Francisco helped Amadeo Giannini a lot in developing of the other banks with the rescued funds. In 1922, Bank of America and Italy came into being by purchasing another bank named as Banca dell’ Italia Meridionale. Later on, he renamed Bank of Italy as bank of America in November 3, 1930. This combined company was headed by Giannini with the help of his co-chair person Orra.E Monnette. He wanted to build a National Bank so he worked hard to enlarge this network in California and outside California as a result of which Bank of America came into existence in 1998.
After the establishment of Bank of America they launched online banking as per the market trend and customer demand. With more than 18,000 ATMs nationwide, Bank of America online banking is a liable source that provides a safe and protected access to the accounts. The topmost priority of Bank of America is to keep their client’s information highly confidential and secure for any fraudulent doings within online banking. They use SSL technology to prevent unofficial access to the data. With that they prefer on time payments and transactions for their customers. In addition to it, they introduced latest technology in online banking in the form of My Personal Portfolio having not only the most advanced safety features but user friendly as well. It helps the clients to manage their data without any hassle. Even the online bill payments are free of cost. Although the Bank of America provides worldwide ATM coverage but due to the high demand if the ATM services are accessed through any other ATM terminal which is not a part of Bank of America’s network the customers are charged which is a negative point. And in order to further facilitate the online banking the phone support services are not available 24\7. Online banking of Bank of America is very much in demand among not only Americans but almost worldwide customers. It earned top ranking for its functionality and convenient use in 2009 but the quality was not maintained resulting into a two degree drop in the ranking.
Tips and comments:
In my personal opinion the Bank of America is the pioneer in the online banking and very soon it will be the first bank to eliminate the present conservative banking systems by new technologies where the bank buildings, branch outlets, staff appearance, training and salaries will not be required. For that the Bank of America needs to be updated on certain online banking features.
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