Bank of America: Merrill Lynch (e-CRM) Table of Contents Introduction 3 Strategic Context 4 Company Initiative 7 Results/Conclusions 9 References 11 Introduction Bank of America Merrill Lynch is recognized as the investment and corporate banking division of the parent organization i.e…
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Bank of America Merrill Lynch generally provides services, lending, trading, research, risk management, debt and equity capital markets, mergers and acquisitions, payments and liquidity management. The organization was established through the combination of investment and corporate banking activities of Merrill Lynch and bank of America. The organization operates within the Financial Services Industry. It has its strong presence in several leading global areas, such as countries in Latin America, Asia Pacific, Europe, Middle East, Canada, United States and Africa (Bank of America, 2013, p.1). State Street Corporation, Vanguard Group, Franklin Resources Inc. and Capital World Investors are the major clients of the Bank of America Merrill Lynch. The employee strength of the organization is 2, 67,000 and have 2.2 trillion US dollars in assets (Corporate, 2012, p.21). The organization is popular among the customers and business clients due to effective customer services and adoption of unique and customer friendly business operation strategies in the business processes. Bank of America Merrill Lynch introduced an effective online security message delivery system for the customers. It is effective e-CRM software that helps to deliver all the account information to the computer desktop of the cardholders. This exclusive customer service concept and facility helped the financial services organization to receive the recognition of the industry at the prestigious 2009 credit card awards. This application software helps the people to maintain the security of their personal accounts. Strategic Context Global business environment is becoming highly competitive as several leading organizations within a similar industry is implementing unique business operation strategies in the business processes in order to achieve potential competitive advantages. Bank of America Merrill Lynch’s new operation strategy will be evaluated and analyzed through the following strategies. Porter’s Generic Strategy According to the generic strategy of Michael Porter, an organization always positions itself by controlling its strengths. The strength of an organization depends upon two aspects, such as differentiation and cost advantages (Adler, 2006, p.102). Cost Leadership Strategy MBNA is known as one of the leading personal banking advisors. Bank of America Merrill Lynch adopted the application software of MBNA in the year 2008. In addition to this the organization used ATG CRM software in the business process in order to meet the satisfaction level of the customers. The bank always tries to implement advanced technology in the business operation process in order to reduce the business operation cost. It is important for an organization to reduce the business operation cost in order to maximize business profit (Ahlstrom and Bruton, 2009, p.52). Bank of America Merrill Lynch ensured cost leadership by implementing advanced technological CRM software in the business process. Differentiation Strategy Each and every organization tries to determine untapped market segment in order to attain customer loyalty. Bank of America Merrill Lynch offers different financial investment and saving plans to the customers (Albaum, 2006, p.99). Diverse and differentiated options help the global customers to take interest in the services and financial products of the bank. Focus Strategy The bank adopted several strategies in different
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