Webster Bank Competitive Landscape

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Bank Of America, Part 1

Three of the key issues or areas of expertise that Bank of America claims a leadership position include equality, diversity, and inclusion; financial technology and digital banking; and environmental, social and governance (ESG). In 2018 alone, Bank of America "mobilized, conservatively, more than $50 billion that impacted a key subset of the Sustainable Development Goals." Further details on these key issues/areas of expertise have been added to row 3 of the project spreadsheet.

Bank of America Areas of Expertise

  • In the past 10 years, the company has deployed over $2 billion of philanthropic capital towards sectors and issues such as workforce development and education, community development, and basic needs.
  • Bank of America has been ranked seven times in a row on the Dow Jones Sustainability Index (DJSI) North American Index. It has also been given awards by the U.S. Environmental Protection Agency (EPA) and the American Council on Renewable Energy (ACORE) for its efforts on green and renewable energy.
  • As at March 2019, the Bank of America held 82 patents related to the blockchain and distributed ledger technology space, more than any other financial services firms including PayPal and MasterCard.
  • Bank of America ranks second in terms of spending on banking technology, having budgeted $10 billion on IT spend for 2019 with $3 billion earmarked for new technology initiatives.
  • Women's salary and compensation are on the average same as that of men 99% of the time for the same role. Similarly, the compensation received by minority staff members was 99% of the time similar to the compensation by non-minority staff members for the same role.

Research Strategy

Key issues and/or areas of expertise that Bank of America claims a leadership position in were selected after a thorough examination of its website and annual report. The research team looked out for keywords such as "market leading," "leader in," "best in class," "top," and "award-winning," among others. Through this strategy, we were able to identify three key areas that the Bank of America's expertise shone through either through awards, investments in such areas, or the results achieved.

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Bank Of America, Part 2

The executives in charge of Equality, Diversity and, Inclusion; Financial Technology and Banking; and Environmental, Social, and Governance at the Bank of America are Brian Moynihan, Catherine Bessant, and Anne Finucane respectively. The messaging they used for each key issue/area of expertise is available below. The information included here is also available in the attached spreadsheet and screenshots of how they are promoting their efforts are available in the attached Google document.

Equality, Diversity, and Inclusion

  • The Global Diversity and Inclusion Council of the Bank of America is headed by its Chief Executive Officer, Brian Moynihan.
  • The Bank of America touts itself as a "bank for everyone" and having an inclusive culture. They state that by embracing what makes each employee unique, they are better able to serve the needs of their stakeholders. They continue to place importance on the inclusive nature of their workforce by positioning it as their strength and as one of the reasons for their success as a company.

Financial Technology and Digital Banking

  • Catherine Bessant, the Chief Operations and Technology Officer of the company, is in charge of bringing end-to-end technology to the employees and contractors of the Bank of America in more than 35 countries. In 2019, she received the Women in Technology and Data Trailblazer (Lifetime Achievement) Award from WatersTechnology.
  • The Bank of America positions itself as a "technology company" that happens to also be a bank. The company states that its technological edge as an advantage over its competitors and intends to continue investing in financial technology to meet the demands of its customers as they believe that this trend will continue for the years to come. The Bank of America states that they are committed to giving their customers new features that will "simplify their banking" as more and more consumers turn to digital to manage their finances.

Environmental, Social and Governance

  • Anne Finucane, aside from being the Vice Chairman of the Bank of America, is also the chairperson for its Global ESG Committee.
  • The Bank of America is stated to be "committed to improving the environment" through their global business strategy to ensure that the growth of the company is sustainable. Their financial commitment is said to be focused on providing capital to the development of solutions to pertinent environmental issues such as climate change as well as advances into energy efficiency, renewable energy and transportation, and water conservation. They talk about the important role they play in assisting their customers through the transition into a "low-carbon, sustainable economy."

Research Strategy:

We were able to determine the executives in charge of each key issue/area of expertise in the Bank of America by looking through the company's leadership team pages. Our analysis of the messaging that the company uses for each key area of expertise was based on a thorough review of the content included on the company's website and advertisements that it has run on each area. How the Bank of America promotes each area of expertise was also readily available on their website and in articles where they talked about these key issues.
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People's United, Part 1

As highlighted on the attached spreadsheet, three key areas of expertise where People's United claims a leadership position include community-based banking, community giving and commercial specialization.

Community-Based Banking

  • Community banking was identified as perhaps the most significant area of expertise for People's United bank given the fact that the regional banking network highlights its community-based and customer-centric approach across the majority of its media channels and reporting.
  • For example, People's United highlighted "caring for customers" and its local Northeast relationships as one of the company's guiding principles within the opening message of its 2018 annual report.
  • Similarly, the regional banking network emphasizes its local presence and community-based offerings withing its corporate website, press releases and other media campaigns.
  • Meanwhile, even third party media coverage of the bank appears to recognize that People's United is a community banking expert, and highlights this within reporting of the institution.

Community Giving

  • Community giving was similarly selected as a key area of leadership for People's United bank, both because of the prevalence of related messaging by the bank on this subject, as well as the magnitude of its local donation initiatives.
  • In addition to highlighting "supporting our communities" as another guiding principle within the opening message of its 2018 annual report, the company reinforces this key message on advertising including its website.
  • Additionally, the company recently received coverage for its ten-year, $10 million partnership with Quinnipiac University.
  • This discussion and media coverage, meanwhile, is more than substantiated by the bank's strong track record of giving, including the fact that the People’s United Community Foundation and People’s United Community Foundation of Eastern Massachusetts have donated more than $32.5 million to the Northeast since their inception.

Commercial Specialization

  • Finally, commercial specialization was identified as another area of leadership by People's United given the fact that the bank's specialized expertise is widely highlighted by both People's United as well as ongoing media coverage.
  • As with its leadership in community-based banking and community giving, People's United highlighted its commitment to commercial specialization throughout its 2018 annual report, particularly related to its specialization in financial services.
  • Similarly, a wide variety of media outlets have covered People's United unique expertise in a number of financial services specialties, as well as the bank's latest investments and hires to further establish its dominance in this space.


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People's United, Part 2

Row 3, columns E-H, K-N, and Q-T of the attached spreadsheet have been completed. The executives associated with People’s United Bank’s areas of expertise are Arthur Casavant, Karen Galbo, and Mike Maiorino. Screenshots illustrating how the bank is promoting their efforts in the areas of expertise have been provided in the attached Google document.

Community-Based Banking

Community Giving

Commercial Specialization

Sources
Sources