June 10, 2006

Bank of America - Wowing smaller businesses in NYC.
Breaking out from the Pack

This past Thursday (8 June 2006), inside New York City's Grand Central Terminal, Bank of America launched a massive campaign for its Business 24/7 solutions.

The Business 24/7 portfolio is that makes it easier for small businesses to manage their day-to-day business needs. Through the Business 24/7 portfolio, small business owners can process their payroll, pay their employees using direct deposit, pay and file taxes electronically, manage invoices, pay vendors online, and now access an even broader range of capabilities to improve money management processes for busy small business owners.

I've said for some time that there is little that differentiates banks from each other - but Bank of America did something quite different and radical, for a bank with its launch on Thursday and with its Business 24/7 program.

This lack of differentiation is quite apparent in NYC where there is a HUGE concentration of banks in one place - namely mid-town Manhattan. There's Chase, North Fork, Wachovia, Commerce and Washington Mutual within spitting distance from each other.

They all offer free checking, all have great decor, all smile and have nice candy - but there's nothing to really compel the owner of a small business to go to one bank over another. Bank of America's is doing that and today's launch was simply music in an Ipod - or icing on a cake if you will.

Grand Central (one part of it) was turned into a mega-center of red shirts, red lapels, games, mock "TV Quiz show" and other things. But you know what was most impressive about the entire experience today.

Bank of America showcased their customers.

Half of their exhibit area was set aside to showcase about 4 - 5 of their customers. One was a florist, a clothing boutique, hardware store and others. Bank of America showcased its own products but also boosted the visibility of its own customers - VERY smart and nice.

This is not my usual technology article, but I'm very impressed with what Bank of America did for small businesses. Guess what - I bank at Commerce Bank (at least for now)

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