AS BELOW

Running head: PROJECT OUTLINE 0

Project Outline

Linsey Mendoza

Rasmussen College

Author Note

This paper is being submitted on August 15, 2019 for Michael Heard’s Section 05 Managing a Diverse Workforce Class, Online Plus, 2017 Winter Mid-Quarter.

Problem

Over the years, the bank of America has been able to thrive and achieve most of its set objectives, which is not the case now because there is the need to be more diverse in mobile banking considering the method has been embraced by most of the banks. Furthermore, the competition in the market is stiff and thus the Bank of America must input more effort in ensuring that it takes into account apt measures that are going to make it hold its position in the market.

Failure to Implement the Solution

If my solution is not adopted, there will be jobs lost. This is because the business is impacted the most by loss of its customers and employees as a result of stiff competition.

When The problem Started

The problem started several years ago after diverse mobile banking started began being adopted by other banks.

Business Implications

The business implications of the problem is stiff competition from the other banks that have adapted the use of mobile banking. Since most of the banks use diverse mobile banking technologies, the Bank of America is highly likely to lose its customers to the competition as customers will go for convenience, which the other banks are offering.

Solution

My proposal to solving the bank’s problem reaching out to a communication network organization or a mobile company, which is the most competitive and alias with them to offer the mobile services through their network so that the customers do not have to acquire another sim card for the banking services.

Criteria for Solution Selection

This is the best solution because it will provide customers with convenience since they will be able to access banking services using a single sim card. Secondly, it is cost effective to the bank as they will split cost with the communication network organization or a mobile company instead of incurring all the costs. Thirdly, the turnover in revenue is expected to go higher as combining forces with the mobile company or communication network will only attract more customers to the bank.

Objections

Some of the objections will involve lawsuits from the competition, delays in procedures, and high costs set by competition to discourage customers from moving or adapting to the services offered by the collaboration between the bank and mobile company or communication network.

Parties involved in the solution?

Both the bank and the mobile company or communication network need to be involved in the solution. Additionally, employees of these organizations need to be involved as they will be the ones directly guiding or dealing with the customers.

Resulting Benefits

By collaborating, the Bank of America will be in a better position to serve its customers and avoid losing them to its competitors. Also, the jobs of the 150,000 employees will not be at stake as the Bank will not have to reduce their workforce, but rather increase.

Why Implement the Solution now

The solution has to be implemented now because all the banks have already adapted to diverse mobile technologies meaning that every second they lose without implementing the solution can cost them several customers.

The Plan

To be able to be more competitive in banking services, then the imperial bank has to invest its funds in mobile banking, and this is through the association of a mobile services organizations Google and Android that will engage its customers through installing of the Bank of America App on their mobile phones. The choice will be implemented through carrying out of talks with the mobile Company and signing of a contract. The money that is going to be agreed on for the services will be paid, and the mobile company will install the App in mobile phones. The Bank of America will then carry out commercials to inform their customers on how diverse it has become with their services. When the customers access the services, the Bank of America would have got a competitive edge.

Resources Needed

The resources needed will include set technological infrastructures that will most likely be provided by the mobile company or communication network at an agreed cost.

Challenges to be Overcome

The challenges that have to be overcome while implementing the plan are basically cost that will be used to pay for labor and training for the bank employees.

Measuring Success

A control method for evaluating the success of the plan is how responsive customers are towards the services provided. Also, success can be measured by the number of new customers that the bank will be serving compared to the number they served previously.

Conclusion

In conclusion, the Bank of America will be at better position to serve more customers and retain their employees if they are to collaborate with a mobile company or a communication network. Additionally, the bank will be better as they will be able to hold their position as being the best bank considering they will be providing their customers with convenience services since they will be able to access banking services using a single sim card. The implementation of the solution by the bank is cost effective as they will split the costs with the communication network organization or a mobile company instead of incurring all the costs. Lastly, the banks turnover in revenue is expected to go higher as combining forces with the mobile company or communication network will only attract more customers to the bank.