Executive: BofA Moving To Better Serve Underbanked
MIAMI-Banking giant Bank of America is working to regain the trust of consumers by revamping its product and services offerings to promote their broader financial health.
Andrew Plepler, Global Corporate Social Responsibility and Consumer Policy Executive at Bank of America said BofA is "making better decisions" by listening to consumer groups instead of simply looking at revenue projections.
"Today decisions don't get made without talking to communications, consumer policy and [finding out] how this is going to be received by external audiences," he said. "What the industry needs to recognize is that change is coming to America and change is also coming to banking and the company that seizes this opportunity will clearly win in the marketplace."
Plepler pointed to BoA's "clarity commitment" which provides terms of mortgages and credit cards on one page with simple language, not repricing in advance of the CARD Act and principle reduction programs as examples of its new direction. The bank also endorsed the creation of a CFPA and replaced its overdraft program with point of sale debit card rejection as the default for its customers.