Bank of America Corp (BAC): The New and Improved

A combination of cost savings and attention to customers’ needs

This new style of banking not only accommodates consumers’ wants and needs, but also saves banks money. PNC Financial Services (NYSE:PNC) notes that transactions costs fall dramatically from nearly $4 when a live teller is involved, to under $0.60 when customers use mobile or ATMs. While some question why Bank of America Corp (NYSE:BAC) should put so much focus on branch banking, officials acknowledge that customers still want the experience of banking at a bricks-and-mortar location.

Paying attention to customer’s concerns is becoming part and parcel of what Bank of America Corp (NYSE:BAC) does these days, as evidenced further by its new marketing campaign that positions the bank as a facet of its customers’ lives, helping them glide through life while offering assistance at every stage, in a sort of business-lifestyle type of partnership.

Sound a little overdone? Perhaps, but don’t fault the big guy for it. The bank’s management knows there is much work to be done in order to heal old wounds with its customers and the general public, and it is making a mighty effort. Considering all the bitterness the bank has engendered over the past few years, a little extra syrupy sweetness might be just what the banking doctor ordered.

The article The New and Improved Bank of America originally appeared on Fool.com and is written by Amanda Alix.

Fool contributor Amanda Alix has no position in any stocks mentioned. The Motley Fool recommends Wells Fargo. The Motley Fool owns shares of Bank of America, JPMorgan Chase, PNC Financial Services, and Wells Fargo.

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