Bank of America SWOT & PESTLE Analysis

Strength

1. Enormous brand value globally: Bank of America is among the world's leading financial institutions. The bank provides unparalleled customer convenience in the United States, taking care of approximately 66 million consumers and small businesses with around 4,200 financial centers, approximately 16,000 ATMs, and award-winning digital banking leader with 35 million digital customers and more than 38 million active mobile banking customers as of Dec 2021. Their mobile banking app became the first to be certified by J.D. Power. Bank of America has been awarded Best Digital Bank at the Global Retail Banking Innovation Awards, 2021, hosted by The Digital Banker. In 2021,Fortune named Bank of America one of the “World’s Most Admired Companies.” It also included the company on several lists including “100 Best Companies to Work For”, “Best Big Companies to Work For” (the only financial services firm), “Best Workplaces in Financial Services & Insurance, among others.

2. Business leadership across financial services segments: Bank of America has consistently held leadership positions across its business segments. In the Global Wealth & Investment Management segment, it was #1 U.S. wealth management market position across client assets, deposits and loans; #1 in personal trust assets under management and; #1 in Barron’s Top 1,200 ranked Financial Advisors (2020). In the Global Banking segment BofA was North America’s Best Bank for Small to Medium-sized Enterprises and had Relationships with 74% of the Global Fortune 500; 95% of the U.S. Fortune 1,000 (2020). It was ranked No. 1 in Customer Satisfaction in Retail Banking Advice in J.D. Power’s 2021 study of Retail Banking Financial Health and Advice, named Best Consumer Digital Bank in the U.S. by Global Finance and finally, it was ranked No. 1 Mortgage and Home Equity Lending Digital Experience (Keynova 2021 Mortgage-Home Equity Scorecard), in 2021. In the Global Markets segment, BofA was the CMBS Bank of the Year and Derivatives House of the Year. Bank of America's - Global Wealth & Investment Management (GWIM) business with client balances of $3.3 trillion, provides tailored solutions to meet client needs through a full set of investment management, brokerage, banking, trust and retirement products.

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Weakness

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Opportunity

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Threat

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Political

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Economic

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Social

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Technological

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Legal

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Environmental

1. Focus on reducing internal environmental footprint: With the use of continuously evolving technology particularly with latest mobile banking apps the use for paper is being heavily reduced. The need to directly go to a branch to handle affairs is reduced as well. Most of the issues are taken care of through the mobile apps and online banking services. As of 2019, BofA achieved carbon neutrality in our own operations one year ahead of schedule. It reduced Scope 1 and 2 emissions in our facilities by more than 52% since 2010 and met its goal to purchase 100% of its electricity from renewable sources. It installed on-site solar at its facilities, completed multiple long-term renewable agreements to add new wind and solar electricity to the grid, and purchased Renewable Energy Credits.

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