Analyze the significance of the three matrices regarding their relevance for strategic planning. Include a description of the key information for each of the three matrices.

state how the information from your analysis will influence your recommendations for strategic plans to improve the position of the company.

without prematurely determining and formalizing strategic goals and objectives, begin thinking about possible strategies to capitalize and add value to the organization based on the analysis of this information.

SWOT

Strengths	Weakness
1	Several account option types: Savings, checking, investing, and borrowing	1	Numerous fees on services and products; Bank of America charges $8 monthly maintenance fee, $10 per transfer when more than six are made in a month, $2.50 on non-network ATMs in US and $5 outside of US, as well as $5 ATM card replacement if lost.
2	Thousands of retail branches and ATMs-making It easy to find a local option-more than 3,900 Physical branches and over 16,000 ATMs	2	Savings rates return a low rate of return due to low interest rates-basic accounts, not a high-yield account
3	Reliable online digital fingerprint: each checking account type has a chipped debit card, access to Zelle and a digital wallet with 56 million verified digital users, with 11.6 billion digital logins.	3	Stringent requirements to open and maintain Accounts
4	Customer service 24/7 online or by phone.	4	Federal reserve rapid raising of interest rates causing investments Bank of America has made to be worth less than the purchase price.
5	Having all accounts under one institutional Umbrella.	5	Customer service is rated as poor, rating 1.4 stars out of 5 stars on Trustpilot.
6	Monthly maintenance fees can be waived for students or Preferred Rewards member or when a minimum balance of $500 is maintained.	6	Stock price $34, which is 16% below fair value of $41
7	Overdraft protection on higher balanced checking accounts. Requirements include $1500-$10,000 balance across accounts or enrollment in preferred rewards.	7	Non-interest income suffered an 8% decline as a result from drop in banking fees asset management revenues and service charges overshadowing the growth in sales and trading.
8	Mobile applications and websites are straight-forward and easy to navigate. Both applications can be used to check balances, send/receive funds deposit checks or set up autopay.	8	Global market 6% decline in revenues
9	Major, systemically important Bank of America maintained higher capital ratios than competitors, expanding capital ratios with steady deposit base of $1.9 trillion dollars	9	Credit provisions for credit losses increased from -$489 million to $1.1 billion.
10	Bank of America employs hundreds of cyber-security and technology professionals, monitoring threats and updating systems to keep money and data safe.	10	0
Opportunities	Threats
1	Deliver effective solutions and services by matching the right resources by individual client needs.	1	Cost increases for special pandemic programs and employee assistance 2019-2022
2	Understanding economy, culture, strengths, and challenges in local communities.	2	Current cost inflation and high interest rates on housing, loans and credit cards are causing decreased spending.
3	$70 million in donations to fund affordable housing for families in need. Creating trust in communities served by giving back and providing shelter resources.	3	FinTech competitions such as Square, PayPal and Wealth Front offering no fee banking services.
4	Working with local authorities to create long-term housing units. Providing sustainable housing for underserved families allowing safety.	4	Mobile-only "Neo-banks" coming from Africa, Asia and Latin America providing banking services to rural areas where mobile phones are accessible.
5	Continued long-standing relationships with Habitat for Humanity, assisting families afford new homes.	5	Digital transformation has not been identified as a purposeful strategy, as additional data needs to be gathered to determine which areas of tech are best utilized.
6	Growth with customer focused strategy. Delivering personalized advice and solutions to clients and small businesses.	6	Mobile banking capabilities. Customers want the best mobile banking experience and will research banks to determine the best mobile banking capabilities before opening an account.
7	Expand business methods in a sustainable manner while being the best place for employment, share in success of profit, build successful communities and drive operations of excellence. 58 new centers opened and 800 stores renovated in 2022 creating a better customer experience and work aesthetic.	7	Current and evolving regulations result in costly sanctions, when not adhered to.
8	2015-2022 stock prices doubled.	8	Rising customer expectations. Customers want both in-branch and mobile banking access. When expectations are not met consumers will find a bank that will meet those expectations.
9	Future growth post-pandemic is well positioned delivering continued leverage in 2022 and into 2023.	9	Failure to adapt to changing demands is not an option: therefore, financial institutions must be structured for agility and be prepared to pivot when necessary.
10	Improvement of digital capabilities across all lines of business to better serve customers to ensure stability, strength, and security.	10	Customer retention is based on rich client relationships that begin with knowing the customer and their expectations, as well as implementing an ongoing client centric approach. Failure to meet customer wants leads to loss.

SO Strategies	ST Strategies
1	Review eight lines of business to grow customer focus strategy. Deeping client relationships and developing new relationships within and outside of the US. (S4, O6)	Share in the responsibility to provide more to the community, in partnership with other corporations, local non-profits and other leaders. (S2, T2)
2	Optimize the balance sheet to perform with the post-crisis regulations. (S2, O9)	Creating a diverse and inclusive workplace, attracting, and developing talent, recognizing and rewarding performance to support employees' physical, emotional and financial wellness. (S2, T8, T9)
3	Connecting locally to the community in order to create ways to finance affordable long-term housing, keeping partnerships with local housing authorities. (O2, O3, O4, O5)	Increased improvement of digital capabilities continuing to create more user-friendly applications. (S10, T5)
4	Provide the power to start a business, own a home, secure financial freedom. (S5, S7, O10)	Focus on current market changes to adjust services to adapt to consumer/customer needs. (S6, T2, T7)
WO Strategies	WT Strategies
1	Increase stock prices. (W6, O8)	Monitor current fees, inflation, and interest. Offer the best rates to keep customers loyal. (W1, T2, T10).
2	Establish increased customer service training to increase customer service ratings. (W5, O7).	Develop provisions for credit losses due to increased rates and decline in consumer spending. (W4, W8, T7)
3	Review current requirements for opening and maintaining accounts decreasing stringent requirements. (W3)	Develop stronger customer relationships while meeting expectations and adapting to change. (W5, T8, T9)

BCG Matrix

Division	Your Firm's Division Revenues	Top Firm in Industry Division Revenues	Industry Sales Growth Rate	Relative Market Share Position
Merchant Solutions	$10 billion	$20 billion	0.20	0.20
Credit Cards	$20 billion	$30 billion	0.15	0.30
Consumer Banking	$15 billion	$20 billion	0.10	0.10
Investment Banking	$5 billion	$7 billion	0.05	0.05
Wealth Management	$4 billion	$6 billion	0.02	0.05
Digital Banking	$8 billion	$10 billion	0.20	0.10
Mobile Banking	$12 billion	$15 billion	0.25	0.15
Online Banking	$14 billion	$18 billion	0.30	0.15

The BCG Matrix is a tool used by businesses to analyze and evaluate their product or service offerings in terms of their relative market share and growth potential. It is a four-quadrant matrix with four distinct categories: Stars, Cash Cows, Dogs, and Question Marks (Conger, 2007).

Stars are products or services that have high market share and high growth potential. An example of a Star for Bank of America would be their credit card services, which have a relatively high market share (0.30) and a relatively high growth rate (0.15).

Cash Cows are products or services that have high market share but low growth potential. An example of a Cash Cow for Bank of America would be their consumer banking services, which have a relatively high market share (0.10) but a relatively low growth rate (0.10).

Dogs are products or services that have low market share and low growth potential (Conger, 2007). An example of a Dog for Bank of America would be their investment banking and wealth management services, which have relatively low market shares (0.05 and 0.05, respectively) and relatively low growth rates (0.05 and 0.02, respectively).

Question Marks are products or services that have low market share but high growth potential (Conger, 2007). An example of a Question Mark for Bank of America would be their digital banking, mobile banking, and online banking services, which have relatively low market shares (0.10, 0.15, and 0.15, respectively) but relatively high growth rates (0.20, 0.25, and 0.30, respectively).

The BCG Matrix can help a business to better understand the relative performance of their product or service offerings and make better decisions on where to allocate resources. By understanding which products or services are Stars, Cash Cows, Dogs, and Question Marks, a business can make more informed decisions on which products or services to invest in and which to discontinue.

IE Matrix

Internal Factors
Strengths	Weight	Rating	Weighted Score
Several Account Types	0.3	4	0.9
Reliable Online Services	0.15	3	0.45
Strong Brand and Reputation	0.2	3	0.8
Weaknesses
Cost-Efficiency	0.15	3	0.6
Poor Customer Service	0.2	3	0.45
	1	16	3.2

External Factors
Opportunities	Weight	Rating	Weighted Score
Effective Solutions	0.25	4	1
Strong Understanding of Community	0.2	3	0.6
Growth with Customers in Mind	0.25	4	1
Threat
Cost Increase	0.2	3	0.6
FinTech Competition	0.1	4	0.4
	1	18	36