The Bank of America Crappy News Trifecta: Bank Outage, Pay Raise Shenanigans, and Training Employees in VR
The Notorious Banker
English - October 07, 2021 21:33 - 1 hour - 59.6 MB - ★★★★★ - 54 ratingsBusiness Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
So much crappy Bank of America stories today:
First, a nationwide outage of all things BofA: Online and Mobile Banking, ATMs, Teller Systems, and Debit Cards all stopped working early Last Friday, on the 1st of the month when banks are usually full with clients who only show up 1x a month. I discuss how stunning it was that BofA acknowledged it to the media, the weird length they went to to emphasize that "Your Information is Secure" when no one was asking about it, and how an event like that actually makes my page really popular.
Here are articles I reference in the segment:
Then we tackle Bank of America kissing its own ass for the 2nd time in a year by announcing a pay raise via press release. Keep in mind, it had already announced the $1 increments earlier. I discuss how the increments is really meant to give them a free PR pop yearly until $25, and why associates should feel outraged that they may never see the end of the pay raise rainbow, because in 4 years, many jobs may go away. I discuss how $200,000,000 of a $30B net profit this year can get a huge chunk of employees to $25/hr now and boost morale
Articles:
October 2021 BofA Press Release
Finally, I laugh at how 4,300 branches are going to be receiving VR headsets to train tellers and bankers on how to strengthen and deepen relationships with people and how to resolve problems with customers. I discuss the limitations of VR tech (including its disappointing use for porn...disappointing in the sense that it was overhyped and underperformed), plus I discuss the weirdness of using analytics that are downloaded from the training session to tailor further training based on an associates strengths and weakness, putting more on the plate of a poor branch manager. The photo used in the press release is hilarious, and yes, they used the word, "Immersive" in the release
TNB Has recovered nearly $2 Million from big banks back to consumers, and about $500k of it was Zelle fraud!
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