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TRANSCRIPT
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Global Consumer &Small Business BankingLiam McGeePresidentGlobal Consumer & Small Business Banking
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Forward Looking StatementsThis presentation contains forward-looking statements, including statements about the financial conditions, results of operations and earnings outlook of Bank of America Corporation. The forward-looking statements involve certain risks and uncertainties. Factors that may cause actual results or earnings to differ materially from such forward-looking statements include, among others, the following: 1) projected business increases following process changes and other investments are lower than expected; 2) competitive pressure among financial services companies increases significantly; 3) general economic conditions are less favorable than expected; 4) political conditions including the threat of future terrorist activity and related actions by the United States abroad may adversely affect the company’s businesses and economic conditions as a whole; 5) changes in the interest rate environment reduce interest margins and impact funding sources; 6) changes in foreign exchange rates increases exposure; 7) changes in market rates and prices may adversely impact the value of financial products; 8) legislation or regulatory environments, requirements or changes adversely affect the businesses in which the company is engaged; 9) changes in accounting standards, rules or interpretations, 10) litigation liabilities, including costs, expenses, settlements and judgments, may adversely affect the company or its businesses; 11) mergers and acquisitions and their integration into the company; and 12) decisions to downsize, sell or close units or otherwise change the business mix of any of the company. For further information regarding Bank of America Corporation, please read the Bank of America reports filed with the SEC and available at www.sec.gov.
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Competitive Differentiators
• Our size & scale matter
• We have a proven track record of growth
• We will continue to grow
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Our Size & Scale Matter
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We are Where Customers are
Our Size & Scale Matter
In our footprint…• 76% of U.S. population• 75% of small businesses• 93% of Hispanic households• 86% of Asians• 77% of African-Americans
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We are Where Customers are
In our footprint…• 76% of U.S. population• 75% of small businesses• 93% of Hispanic households• 86% of Asians• 77% of African-Americans
Through…• 5,700+ banking centers• 17,000+ ATMs• No. 1 online bank• 5,000+ affinity relationships
Our Size & Scale Matter
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We Are Where Customers Are
Through…• 5,700+ banking centers• 17,000+ ATMs• No. 1 online bank• 5,000+ affinity relationships
In our footprint…• 76% of U.S. population• 75% of small businesses• 93% of Hispanic households• 86% of Asians• 77% of African-Americans
Our Size & Scale Matter
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Ease of Doing Business – Customers Choose
3,275Customer
Touches per Second
BankingCenters
Phone
ATM
e-Commerce
AffinityGroups
Merchant SalesForce
2 billion onlinesessions
2.6 billioncall centercontacts
1 billion transactions
1.1 billion teller transactions
1.3 billion transactions
8.1 billion merchant
transactions
Our Size & Scale Matter
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Customer Delight
Our Size & Scale Matter
2001 2005 2006
17% improvement
42.5%
49.6%50.3%
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Integrated Operating Model
Product Distribution
• Banking centers• e-Commerce• Mortgage sales
force
• Affinity groups• ATM channel• Phone channel• Mobile access
• Card• Deposits• Mortgage, HELOC,
consumer loans
• Insurance• Investments• Small Business
products
Our Size & Scale Matter
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Innovation
Our Size & Scale Matter
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National Franchise – Earnings Across our Markets
Seattle 1.5%
San Francisco 4.5%
Los Angeles 8.5%
San Diego 1.7%
Phoenix 2.6%Dallas/
Ft. Worth 2.9%
Houston 2.1%Miami/
Ft. Lauderdale 5.4%
Atlanta 3.6%
Washington, D.C. 3.4%
Philadelphia 1.3%New York 5.4%
Boston 3.5%
Chicago 1.3%
Baltimore 2.1%
50% of NIBT driven by 15 large metro markets
Our Size & Scale Matter
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Efficiency – Improving Efficiency While Growing
51%
49%
45%
2004 2005 2006
Pro forma with Fleet and MBNA
Our Size & Scale Matter
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2005 2006 2007 Target
Efficiency – Lowering Origination Costs
Note: Home Equity cost represents end to end origination and fulfillment.
Credit Card – Cost to Acquire
2005 2006 2007 Target
$717
$484$421
Home Equity – Cost to Originate
$100
$84
$70
Our Size & Scale Matter
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Brand – Critical to Growing a Retail Business
Source: Brand Research & Analytics, Fortune, FT
Unaided Brand Awareness
23%
43%
• Wells Fargo – 19%• Citibank – 19%• Wachovia – 16%• Chase – 20%
2006 Competitor Data
2000 2006
Our Size & Scale Matter
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We Have a Proven Track Record of Growth
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Top Line and Revenue Mix Growth
$41.7
$38.8$37.0
2004 2005 2006
Pro forma with Fleet and MBNA ($B)
6% CAGR
Revenue
We Have a Proven Track Record of Growth
8% Noninterest income CAGR
Revenue Mix
$37.0 $38.8$41.7
4% Net interest income CAGR
$17.5 $18.7 $20.6
2004 2005 2006
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Bottom Line Growth
Pro forma with Fleet and MBNA
14.9%15.8%
17.7%
2004 2005 2006
Return on Equity
$8.7$9.4
$11.2
2004 2005 2006
13% CAGR
Net Income ($B)
We Have a Proven Track Record of Growth
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Growing Customer Relationships
2002 2003 2004 2005 2006
Net New Checking Accounts (MMs)
0.4
1.2
2.02.3 2.4
2002 2003 2004 2005 2006
New Debit Cards (MMs)
2.53.2
4.14.8
5.3
2002 2003 2004 2005 2006 2002 2003 2004 2005 2006
Home Equity Production ($B) New FranchiseConsumer Credit Cards* (MMs)
30.038.0
61.072.0
80.8
1.21.6
1.82.2
3.1
*MBNA is not included 2002-2004
We Have a Proven Track Record of Growth
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Deposits – Success at Balancing Profitability and Growth
0%
6%
12%
3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q060%
40%
80%
Cumulative % of FedFunds Increase Passed on to Customers
Growing Deposits While Lagging Rates Paid
CumulativeConsumer
DepositGrowth
Cumulative Consumer Deposit Growth (ex MBNA)
We Have a Proven Track Record of Growth
Cumulative Pass Through % of Fed Funds Increase (since Q204)
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Proven Execution – Sales Growth
2004 2005 2006
CAGR = 13.8%
34.3
41.544.4
2001 2002 2003 2004 2005 2006
Net New Checking Accounts (MM)
0.4
1.2
2.12.3
2.4
0.2
Total Sales Units (MM)*
We Have a Proven Track Record of Growth
*Pro forma with Fleet and MBNA
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We Will Continue to Grow
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Legacy BAC Legacy BAC and Fleet Legacy BAC, Fleet and MBNA
Household Growth
17.8
Multi-Product Households
Single-Product Households
Hou
seho
lds
(MM
s)
19.7
14.0
27.6
39.4
55.7
We Will Continue to Grow
41% Multi-Product Household Growth
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Franchise Opportunities
All Information as of 3Q06 – Includes MBNA Customers
We Will Continue to Grow
And yet…
12.5 million Deposit HHs with a deposit product only
2 million Small Business HHs with one product only
Card customers have $250B of balances with competitors
77% of BAC HHs get their HELOC elsewhere
94% of BAC HHs get their Mortgage with others
#61st Mortgage Originations
#1HELOC Originations
#1Credit Card Balances
#1
#1
Deposit Balances
Small Business Deposits
Market Share
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Innovation and Integration – Driving Execution
• Saying “yes” more to our customers Consumer Lending
We Will Continue to Grow
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0%
17%
38%
Apr 06 Dec 06 Dec 07
% of Loans* Ready to Close in 1 Hour
*Of apps <$250k, not in SC/TX, not multi-family, in a trust or a flood zone (81% of apps)
Innovation – “Cup of Coffee” Home Equity
43%
64%75%
Apr 06 Dec 06 Dec 07
% of Applications With Instant Decision
We Will Continue to Grow
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First Mortgage
We Will Continue to Grow
First Mortgage Market
3.3%2.9%
3.4%3.0%
4.1%
$250
$350
$450
$550
$650
$750
4Q05 1Q06 2Q06 3Q06 4Q06
Mar
ket S
ize
Bill
ions
Market Size $BMarket Share %
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Innovation and Integration – Driving Execution
• Saying “yes” more to our customers Consumer Lending
• Growing through combined capabilities Card / Affinity
We Will Continue to Grow
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Card/Affinity Banking
2005 2006
2.8
4.1
U.S. Franchise Card Sales – (MM)(Banking Center and e-Commerce)
46% increase
We Will Continue to Grow
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Innovation and Integration – Driving Execution
• Saying “yes” more to our customers Consumer Lending
• Growing through combined capabilities Card / Affinity
• Increasing revenue as a full-service providerSmall Business
We Will Continue to Grow
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Small Business Banking Growth Opportunity
Small Business Customer Penetration
18.2%
20.8%
22.4%
2003 2004 2005
We Will Continue to Grow
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Innovation and Integration – Driving Execution
• Saying “yes” more to our customers Consumer Lending
• Growing through combined capabilities Card / Affinity
• Increasing revenue as a full-service providerSmall Business
• Attacking market-specific opportunitiesMarket Optimization
We Will Continue to Grow
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Optimizing Market Opportunities
1 Source: June 2006 FDIC /(MSA defined geographies)
Retail Deposit Balance Share1
Ret
ail B
alan
ce S
hare
27%25%
24% 24% 23% 23% 23% 22%
17% 17% 16%14%
9%
4%
1%
Seattle
San Fran
Baltim
ore
Boston
Phoenix LA
Miami
Dallas DC
San D
iego
Atlanta
Houston
New York
Philly
Chicago
We Will Continue to Grow
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Los Angeles and Washington, D.C.
42%62%BAC Deposit HH Penetration
WachoviaSunTrust
BB&T
Wells FargoWashington Mutual
Citigroup
Top 3 Competitors
43%64%Ethnic Diversity
1.8MM4.2MMTotal Market Households
Washington, D.C.Los Angeles
We Will Continue to Grow
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Outpacing the Market
Deposit Household Growth
HELOC Origination Growth
4%
1%
26%
-9%
Deposit Household Growth
HELOC Origination Growth
9%
-24%
8%
2%
Los Angeles Washington, D.C.
All Information as of 3Q06
BAC Total Market
BAC Total MarketBAC Total Market
BAC Total Market
We Will Continue to Grow
4%
1%
26%
-9%
9%
-24%
8%
2%
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Los Angeles Opportunity – Deepen Relationships
All Information as of 3Q06 – Includes MBNA Customers
Card customers carry $13B of balanceswith competitors
#1Credit Card Balances
73% of BAC HHs get their HELOC elsewhere ($17B)
#1HELOC Originations
96% of BAC HHs get their Mortgage with others ($102B)
#81st Mortgage Originations
And yet…Market Share
We Will Continue to Grow
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Washington, D.C. Opportunity – Acquire and Deepen
1 million households do not have a deposit relationship with us
#1Deposit Balances
Card customers carry $5.5B in balanceswith competitors
#1Credit Card Balances
75% of BAC HHs get their HELOC elsewhere ($5.4B)
#1HELOC Originations
And yet…Market Share
We Will Continue to Grow
All Information as of 3Q06 – Includes MBNA Customers
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Optimizing Market Opportunities – Community Division
We Will Continue to Grow
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Total Sales Growth in the Community Division
2005 2006
3.4MM
4.0MM18% Growth
We Will Continue to Grow
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Innovation and Integration – Driving Execution
• Saying “yes” more to our customers Consumer Lending
• Growing through combined capabilities Card / Affinity
• Increasing revenue as a full-service providerSmall Business
• Attacking market-specific opportunitiesMarket Optimization
We Will Continue to Grow
• Diversity, population shifts, technologyMegatrends
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Megatrends
• Customers are taking controlTechnology
• Education and healthcare emerge as growth sectorsPopulation Shifts
• Demographic changes create opportunity Diversity
We Will Continue to Grow
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Hispanic Segment – GCSBB Results and Opportunity
We Will Continue to Grow
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Megatrends
• Customers are taking controlTechnology
• Education and healthcare emerge as growth sectorsPopulation Shifts
• Demographic changes create opportunity Diversity
We Will Continue to Grow
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Aging Population
2005 2014
68MM
55+ Population Growth
2005 2014
Average Out-of-pocket Health Care Expenses for Seniors
$1,658
$3,588
86MM
26% increase
115% increase
Source: US Census, US Department of Health and Human Services, McKinsey & Company
We Will Continue to Grow
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Healthcare Solutions
Providers(e.g. clinic, Drs,
hospitals)
Payors(e.g. Insurers)
Employers
• Health Savings Accounts
• Health-themed affinity credit card
• Health Insurance
• Long-term care insurance
• On Line Health Insurance Solutions (eHealth)
• Discounted Pharmacy Benefit Program
• Receivables Management
• Electronic Eligibility Verification
• Imaging
• Cash flow management
• Investment banking services for healthcare industry
Mass Customers/ Affluent
Employers Providerse.g. clinic, doctors,
hospitals
Payorse.g. Insurers
Total Industry Profit
Opportunity $10B+ Annually
GCSBB, GWIM and GCIBGCSBB and GWIM
We Will Continue to Grow
Source: BAC Analysis, McKinsey & Company; note – industry opportunity represents annual pre-tax operating profit
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College Enrollment & Cost Projections
Current + 10 Years
$70K
$120K28% of HH
Income
43% of HH Income
Current +10 Years
17.4MM
19.5MM12% Increase
Source: National Center for Education Statistics; The College BoardAverage annual cost of a public 4 year institutionAverage time to complete a bachelor’s degree: 5.5 years
Cost to Earn a DegreeCollege Enrollment
We Will Continue to Grow
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Education Opportunity
Vision: Become the “Provider of Choice” for Education Financial Solutions
• 529 College Savings Plans
• Government & Private Student Loans
• Alumni Cards (Collegiate Affinities)
• Financing and Cash ManagementSolutions
• Financing and Cash Management Solutions
• Checking With Online Account Transfers & “Keep The Change” for maximizing college savings
• Student Checking, Savings and Card Solutions
• Endowment Management
• Asset Securitization
• Consolidation of Student Loan Debt
Parents Students Alumni EducationInstitutions
SpecialtyFinance
Companies
GCSBB, GWIM and GCIBGCSBB and GWIM
We Will Continue to Grow
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Megatrends
• Customers are taking controlTechnology
• Education and healthcare emerge as growth sectorsPopulation Shifts
• Demographic changes create opportunity Diversity
We Will Continue to Grow
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Online Banking Growth
2003 2004 2005 2006
CAGR = 42.9%
7.2
21.2
Bill Pay users
LoanDepositBalances Balances
Profitability
15%
28% 27%
Incremental Online Customer Relationship Value*
*Three years after going online, combined access-onlyand bill pay customers
Online Banking Active Users
12.414.7
We Will Continue to Grow
Access Only
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Mobile Banking
• 215MM handsets across the U.S.• More than 85% of mobile phone subscribers have access to
mobile Internet
We Will Continue to Grow
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Customers Take Control
We Will Continue to Grow
Customer
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Competitive Differentiators
• Our size & scale matter
• We have a proven track record of growth
• We will continue to grow
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In Summary
Our size and scale matter
• Unmatched national franchise
• Integrated operating model
• Customer information enables continuous innovation
We have a proven track record of growth
We will continue to grow
• 6-9% earnings growth
• Unlimited opportunity in our markets
• Consumer Credit and Small Business
• Marketplace megatrends
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Consumer CreditBruce HammondsGlobal Consumer & Small Business BankingPresident Card Services
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Consumer Credit: Why we are Positioned to Grow
• Strong customer base
• World class products and services
• Broader distribution
• Industry leading risk adjusted margins
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Consumer Credit: Strength With Room to Grow
30%15% 7% 16% 10%
70%85% 93% 84% 90%
Credit Card Home Equity Mortgage Unsecured Total Credit
On Us Off Us
Total Credit of BAC Customers
$4.5 trillion opportunity
within existing customer base
$455B $518B $4,050B $80B $5,100B
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Credit Solutions Continuum
Customer credit needs
Relationship-based Common Decision Engine
Home Equity
StudentLending
Unsecured Credit Card
UnsecuredLines
FirstMortgage
SecuredCredit Card
Delivery channels
Banking Centers
Client ManagedE-Commerce Call
Centers ATM Mobile Banking
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$60
$70
$80
$90
3Q05 4Q05 1Q06 2Q06 3Q06 4Q068.0%
8.5%
9.0%
9.5%
10.0%
Ending Balance Market Share
Home Equity Leader With Room to Grow
• Net credit losses are expected to range between 10 and 25 bps
• Average refreshed FICO score of 724
• Current cumulative LTV of 63% for overall portfolio
BA
C B
alan
ces
($B
)
BA
C M
arke
t Sha
re
Footnote: 4Q06 Market Share is estimated
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First Mortgage
• Net Credit Losses are expected to range between 5 and 9 bps
• Average refreshed FICO score of 729
• Current LTV of 57% for overall portfolio
First Mortgage Market
3.32.9
3.43.0
4.1
$250
$350
$450
$550
$650
$750
4Q05 1Q06 2Q06 3Q06 4Q06
Mar
ket S
hare
%
Mar
ket S
ize
($B
)
Market Size $B Market Share %
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Top U.S. Credit Card Issuers 2006
Source: Ending loans based on company reports (excludes international and private label)
Bank of America is the leading credit card issuer in the U.S. with $152 billion in managed loans.
$34
$152$147
$108
$54 $54$46
$17
BAC CardServices
JP MorganChase
Citi AmericanExpress
Capital One Discover
$ in
Bill
ions
$203
International
Consumer Finance
Total Card Services
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Sales & Service Delivery Channels – U.S. Card• Leveraging banking center and Internet channels• Greater convenience, lower cost, higher return
CTA* $109 $100 $84 $70
* Actual 2006 CTA by channel was utilized to calculated 2004-2005 estimates shown and are not actual historical values . The value will therefore reflect change in mix only.
16% 12% 11% 10%
5% 8% 12% 11%
21% 19% 13% 13%
41%37%
27%23%
17%24%
37% 44%
2004 2005 2006 2007 Plan
FranchiseDirect MailOtherInternetMedia Marketing
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Asset Quality
• Industry losses ranged between 5% and 6% from 2000 through 2005
2005 data is pro forma and includes combined BAC and MBNA managed consumer credit card charge-offs
$1,950
$2,881
$1,246
$1,748$1,906
$1,994
$1,474
$1,907
4.79%3.67%
4.23% 4.56%
3.12%
7.07%5.08% 5.20%
$3,500
1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06-2.00%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
Managed Consumer Credit Card Charge-offs ($MM)
Managed Consumer Credit Card Charge-off Ratio
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Channel Diversity Leverages Value of Relationships
Yr 2 Avg Bal $1,140 $2,133 $2,902 $1,965
7.6%
4.9%3.7%
8.9%
13.9%
11.4%
9.1%8.9%
2%4%6%8%
10%12%14%16%
Stores/Online Customer DM Affinity/Cobrand Non-Customer
$100
$200
Yr2 NCL 5 Yr Avg RAM CTA (Pre-Tax)
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Emerging Markets - HispanicMarketing to our Customers
• Hispanic Family Dream Campaign
• Offer unsecured, partially secured and fully secured cards
• In-Culture marketing and product development
• Thin / no file credit modeling– Alternative credit scores combined
with relationship scores
– Unsecured card offers to the right existing relationship customers
• End-to-end in-language service & fulfillment
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New Products
Keep the ChangeTM &Credit Bundle
Ownership Rewards
Caremark
In Market 1Q07
Bank of America American Express
MLB Extra Bases
GWIM Amex VIP
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Affinity Marketing
“Success is gettingthe right customers…and keeping them”
• Affinity marketing – selling to people with a strong common interest…
• Who have a strong propensity to accept other endorsed products
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Have a propensity to accept multiple endorsed products.Have a propensity to accept multiple endorsed products.
Example:
National Education Association
• More than one-third of teachers nationwide carry Bank of America cards
• 3.1 million members
• $2.5 billion in credit card loans
• $925 million in other consumer loans
• $4.4 billion in deposit balances
Affinity Marketing Customers
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International
• $34 billion in loans
• 12% growth in 2006 (excludes impact from FX)
• No. 1 Market Share in the U.K.
• 1,500 endorsements
• Exploring other international opportunities
Spain
United Kingdom Ireland
Canada
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Our Unique Model
• More customers
• More data
• Broader distribution
• Leading risk-adjusted margins
• Industry leading profitability
• Unmatched growth opportunities
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Mass Market Small BusinessMark HoganGlobal Consumer & Small Business BankingSmall Business Banking President
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• Why focus on Small Business?
• Why is Bank of America unique in the Small Business market?
• How are we executing to deliver growth?
Mass Market Small Business
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Small Business Customers
* 2003 Census & IRS sole prop data & market research (Market Share Monitor)
• Revenue under $2.5MM
• Owners wear many hats
• Credit exposure under $250K
• Non-client managed customers
• Integrated personal and business finances
• Frequent banking centers
Small BusinessLess than $2.5MM Sales
23 million in footprint
Business Banking
$2.5MM – $20MM Sales322,000 in footprint
Commercial$20MM – $2B
Sales
GCIB ClientManaged
Corporate> $2B Sales
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Building MomentumDeposits ($B)
$53.4$50.5
2005 2006Avg. Balances
Loans ($B)
$24.3
$29.5
2005 2006Avg. O/S
Sales (units in millions)
2.4
1.9
2005 2006
Income Statement Trends
NIBT ($B) Revenue ($B)
$2.3$2.8
$4.5$5.3
2005 2006
6% Growth 21% Growth
27% Growth19% Growth
23% Growth
2005 2006
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• Large revenue opportunity
• Total market revenue growth 5 – 8% each year
• Claiming natural Bank of America share
Small Business Revenue Opportunity
* 2003 Census & IRS sole prop data & marketresearch (Market Share Monitor)
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Small Business Revenue Opportunity
* 2003 Census & IRS sole prop data & marketresearch (Market Share Monitor)
$49 Billion Revenue Opportunity• Large revenue
opportunity
• Total market revenue growth 5 – 8% each year
• Claiming natural Bank of America share
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Small Business Revenue Opportunity
* 2003 Census & IRS sole prop data & marketresearch (Market Share Monitor)
$49 Billion Revenue Opportunity
Current BAC Share
$5.3B
• Large revenue opportunity
• Total market revenue growth 5 – 8% each year
• Claiming natural Bank of America share
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Small Business Revenue Opportunity
* 2003 Census & IRS sole prop data & marketresearch (Market Share Monitor)
$49 Billion Revenue Opportunity
Natural BAC Share
$8B
• Large revenue opportunity
• Total market revenue growth 5 – 8% each year
• Claiming natural Bank of America share
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We are Where Customers are
* 2003 Census & IRS sole prop data & marketresearch (Market Share Monitor)
• No one dominates Small Business market
• 30% in NY, FL, TX, CA –significant Bank of America retail presence
• 23MM Small Businesses in our geography
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Growth Sectors of the Market
Source: Small Business Administration and Census Bureau firm data for 1998 to 2003
1.1%
3.4%
3.7%
4.5%
5.6%
7.8%
U.S. Household
Small Business
Women Owned
Asian Owned
Hispanic Owned
African-American Owned
Annual growth rates in the number of Small Businesses
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Voice of the Small Business Customer
• More likely to aggregate personal and business wallet
• Don’t want to be bogged down by administrative tasks
• Want to grow his or her business
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Consumer Model for Small Business
Integrated and Accountable
Small BusinessLeadership
Business Integration
DistributionChannelsProducts
Customers
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How we will Grow
22%
50%
Smallbusiness
householdpenetration
Consumerhouseholdpenetration
Market research (Market Share Monitor)
Penetration Opportunity• Increasing penetration
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16%
5% 6%
2005 creditshare
2006 creditshare
Benchmark(BAC
businessdepositshare)
Credit Share – Market Opportunity
How we will Grow
• Increasing penetration
• Deepening relationships through credit
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How we will Grow
• Increasing penetration
• Deepening relationships through credit
• Simplified products and processes
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How we will Grow
• Increasing penetration
• Deepening relationships through credit
• Simplified products and processes
• Innovative products and processes
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How we will Grow
• Increasing penetration
• Deepening relationships through credit
• Expanded sales and service capabilities
• Simplified products and processes
• Innovative products and processes
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How we will Grow
• Increasing penetration
• Deepening relationships through credit
• Expanded sales and service capabilities
• Enabling associates
• Simplified products and processes
• Innovative products and processes
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• Expanded channel capabilities
2005 – 2006 Sales by Channel
Total Small Business
27%
Telephone*
70%
e-Commerce
324%
* Excluding debit
How we will Grow
• Increasing penetration
• Deepening relationships through credit
• Expanded sales and service capabilities
• Enabling associates
• Simplified products and processes
• Innovative products and processes
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• Well positioned to capture Small Business revenue opportunity
• Unique customer-centric structure enables integration, innovation and execution
• Using technology to offer simple package solutions and credit, expand capabilities
Capturing the Small Business Opportunity