Community growth and customer loyalty

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Improving Business Performance - Discussion

In applying Werhane's model, Bank of America can take the following actions:

Question 1. Reframe Existing Assumptions: Instead of perceiving the closure of branches in marginalized communities as merely a cost-saving measure, BoA could recognize these decisions as missed opportunities for long-term investment in community growth and customer loyalty.

Question 2. Empathize and Innovate: Through moral imagination, BoA can place itself in the position of underserved populations, better understanding the structural barriers they face. This empathetic approach could inspire innovative solutions such as mobile banking services, digital access initiatives, or strategic partnerships with local organizations. Looking for last-minute assignment help? Grab it now!

Question 3. Create Inclusive Business Models: Moving beyond profit-centered models, BoA could implement hybrid strategies that merge financial performance with social impact. For instance, initiatives that combine financial literacy programs with affordable microloans could empower individuals and foster economic resilience, while also expanding BoA's reach in underserved markets.

Reference no: EM133878612

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