Bank of America, the biggest financial corporation in the United States, was established in 1904 and started operation in 1998 by acquiring Nations Banks. Bank of America is prominent for the continuous growth and development of the banking sector in the USA. Being the pioneer, Bank of America introduced the bank credit card. The company enables to spread of the service around the world. Currently, it has 5500 branches in different states of America. Mission and vision statements ramp up to keep up the company with its core purpose.
Mission Statement of Bank of America
The mission statement is, ” At Bank of America, we are committed to ensuring our policies, products, and programs all align with our purpose of making financial lives better for those we serve.”
Adhering to the mission statement, Bank of America has created financial services that assist people to achieve great command over their financial goals. The mission statement outlines the following components that hold the purposes of the company:
As per the mission statement, Bank of America develops its service entirely in a customer-centric way. What financial solution can ease client’s user experience is the top priority for the company. Bank of America is committed to creating simple, safe, transparent, and feasible services for its clients. To fulfill the purpose of being client-centric, the Bank of Asia has taken the following approaches:
- Customized service according to the need of the clients
- Serve different ages of people
- Support start-ups and small business
- Make home loans easy and transparent
- Creating investment opportunities
Make financial lives Better
When people feel safe and secure about their financial condition, they can live more relaxed and stable and can also make improvements with their financial resources. Bank of America has taken the responsibility to make financial lives better by creating a common goal for both the company and the client. With available resources, Bank of America creates scopes for the job, bolsters economic mobility, and supports diversified groups. Besides, the company ensures its economic growth more sustainably.
Grow with innovation
From the beginning, Bank of America has come up with innovative services and solutions. The first credit card provider in the US was Bank of America. Now, it has developed the virtual AI assistant ‘Erica’ to make the service more innovative. The core focus is to ease the user experience. Technological innovation and digital transformation help to align with its mission.
Vision Statement of Bank of America
The vision statement is, “To the world’s finest financial services company.”
The vision of the company illustrates the long-term goal that it wants to achieve. Bank of America sets its vision to be the best financial service provider. Let’s break down the vision statement to know what endeavors it embraces to pursue its vision.
To become the finest financial institute
The company is strongly built upon the values and purposes – to make financial lives better, understand the clients to serve, and grow more. Bank of America never compromises with its offerings and services. It ensures the finest services that help clients to achieve growth. A simple banking system, safe and secure transaction system, and healthy financing of the clients make the company the finest service provider in the banking sector. These practices enable the company to become the finest financial corporation.
Make expansion around the world
Bank of America focuses on growth and expansion around the world. From its beginning, Bank of America has expanded its business in numerous states of America and opened branches around the world. To make expansion, they emphasize economic growth through driving operational excellence and efficacy of the service.
Core values of Bank of America
Bank of America believes in great terms built on mutual trust, shared ownership, and accountability. The core values of the company are:
- Deliver Together
- Act responsibly
- Realize the power of our people
- Trust the team
Is Bank of America made any major change in its Mission and Vision statement?
NO, Bank of America has always followed the mission and vision statements that were written in its formation.
What is the purpose of Bank of America?
The core purpose of Bank of America is to use all available resources and power to serve clients and grow.
What is the slogan of Bank of America?
The slogan of Bank of America is, “We have to grow- no excuse.”