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Bank of America Corp (BAC) Wants to Profit Off of Small Businesses

When it comes to dealing with business clients, Bank of America Corp (NYSE:BAC)‘s Merrill Lynch section knows exactly what it’s doing: Give the customer what he wants, and make some money in the process. A perfect example of this tenet is a new line of online products called Cash Management Essentials, something the bank developed by using direct feedback from the very customers it is now serving.

Bank of America Corp (NYSE:BAC)

Reaching out to small businesses
While the retail side of the bank has a plethora of customer-service issues, the commercial side is the exact opposite. In fact, Bank of America Corp (NYSE:BAC) Merrill Lynch was recently cited by J.D. Power for superior client service. So, when its clients said they wanted a suite of products tailored to their special needs, BAML listened.

The result is a solution much like that of larger companies, but with the smaller business in mind. The beauty of this subscription-based offering is that it will make current customers happy by giving them the services they asked for — as well as the tools they need to personalize the experience — and it also has potential as an enticement to bring new customers on board.

B of A has been concentrating on the small business entity for some time, as evidenced by its semi-annual Small Business Owner Report and the hiring of Robb Hilson to oversee its small business banking department a little more than 18 months ago. This followed the development of Bank of America Corp (NYSE:BAC)’s small business outreach, whereby the bank placed 1,000 new bankers in communities far and wide in order to bump up its small business services. The push has paid off, and B of A has upped its small business lending by 28% since 2011.