How to Answer: What are the differences between Bank of America and other competitors in the market?
Advice and answer examples written specifically for a Bank of America job interview.
20. What are the differences between Bank of America and other competitors in the market?
How to Answer
The interviewer is testing the scope of your industry knowledge and their competitors. They hope to gain insight into how engaged you are in your career. Share the scope of your knowledge and explain how BofA rises above its competitors. Going above and beyond in your interview is a good indicator that above and beyond is your performance standard.
Written by Kevin Downey on February 6th, 2023
What You Need to Know
This is how they distinguish themselves on their website: "What is so special about Bank of America? Bank of America is one of the world's leading financial institutions, serving individuals, small- and middle-market businesses, large corporations, and governments with a full range of banking, investment management and other financial and risk management products and services."
However, a fun fact about Bank of America is that they funded many of Disney's early feature-length animated films. In fact, they funded the world's first feature-length animated film, 'Snow White and the Seven Dwarfs.' They even funded the construction of Disneyland.
Written by Kevin Downey on February 6th, 2023
Experienced Example
"Part of what separates BofA from their competitors is that they have more noninterest-bearing deposits than any other bank within the USA. They also have the top wealth management market share and the top share of personal trust assets and high-net-worth client assets."
Written by Kevin Downey on February 6th, 2023
Answer Example
"It's one of the reasons I switched to BofA. My old bank had zero ATMs near me, and anytime I left town, I was getting ATM withdrawal fees left and right. But, BofA has the largest network of branches and ATMs in the U.S."
Written by Kevin Downey on February 6th, 2023