Monday, April 6, 2009

Focusing On Change

With most US banks floundering for business and credibility, Bank of America has introduced a new initiative to add value to their offerings.

While every other bank was essentially offering the same kind of checking and savings accounts, with a few minor variations here and there, Bank of America made one very minor change to their offering in order to differentiate itself from its competitors.

Called the Keep the Change program, Bank of America has endeavoured to do the following for customers who opened a combined cheque and savings account: “Each time you buy something with your Bank of America Check Card, we'll round your purchase to the nearest dollar amount and transfer the difference from your checking account to your savings account. You get to keep the change and grow your savings.”

A very simple but highly effective move which could potentially attract many new customers to the brand in today's added-value driven environment.

Via - Brandchannel