Case Study: Bank of America

Take Ownership

Overview

Client

Bank of America

Industry

Consumer, Commercial, Investment Banking, Financial Services

Project

Take Ownership: Web-based internal stock options trading solution

Impact: Supporting 100,000+ employees globally

Contribution

Business Consulting, Creative Direction and Design, UX/UI, Software Development, Project Management, Dedicated Hosting Design and Implementation

Goals

They asked for a stock options calculator, but...

Bank of America wanted their real-time stock price and an options calculator available for their employees. We get that this sounds basic and perhaps not worth publishing a Case Study for, but Take Ownership led to a solution that would be an unexpected and valuable benefit to operations and employee satisfaction.

When BofA contacted us, they were in the midst of a global initiative to heighten network security. They had realized that by not having the real-time BofA stock price and a stock options calculator available to their employees, some of their tech-savvy employees were motivated to create their own calculators on BofA’s internal networks. Although the rogue techies’ intentions were innocent enough, these disparate websites did not meet the standards of BofA’s new security initiatives.

“We called on Soup Group to design and build Take Ownership to help us meet our global network security initiatives, but we got a lot more than expected. They delivered an amazing solution that not only was part of tightening network security, but the solution created unexpected and welcomed efficiencies. Human Resources was relieved and incredibly happy that exercising employees’ stock options was no longer their responsibility.”

– Doug Lawrence
Executive Director of Production, Bank of America

Soup Group's Solution

Creating greater Value: Leveraging Data, Internal Branding, Building a Complete Solution

Like many things that seem simple, they become more and more complex as you dig deeper to uncover the comprehensive requirements and possibilities. Our team explored the layers of human interaction and technical requirements to make “Take Ownership” a successful solution.

Making sure that employees used the new tool was an important piece of the project. To ensure the application was sticky, we went beyond the single-function tool to building one that allowed employees to view and exercise their stock options, while eliminating transaction fees. Not only was the tool very sticky, but it unexpectedly built employee morale.

Beyond helping BofA make their network security initiatives a reality, they saved Human Resources enormous amounts of their valuable time.

Leveraging Data

Much more than expected

Building the options calculator went a long way in helping BofA achieve their goals. As it was being built, we saw more potential and couldn’t stop thinking about how the calculator could be leveraged to achieve optimal operational efficiencies.

We designed a system that leveraged the calculator wherein employees created their own efficiencies. The expanded functionality of the Take Ownership calculator’s capabilities went far beyond its original specification, goals, and purpose.

BofA welcomed our suggestions and the expanded plan for building Take Ownership to allow employees to buy, sell, and receive stock, without transaction fees. Building this would also eliminate the once-necessary interaction between Human Resources and employees to understand their vestment schedule, exercise pricing, and any other stock-options-related information.

Internal Branding

Make sure that 
they use it

By adding rich UI with animation when accessing Take Ownership, an immediate bond was created, the sort of nice thing that users looked forward to. Employees loved it and never seemed to tire of the window washer climbing an old wooden ladder to expose the stock option price with his squeegee.

As engaging as the animation was, the functionality of Take Ownership was a far more important piece of the internal branding. This is truly what made it sticky.

A Complete Solution

Heightened security and easier access ​

To maximize its availability and further ensure complete adoption, we built Take Ownership into BofA’s new digital workspace, My BofA, where employees started their day.

To support the integration with My BofA and in accordance with BofA’s network security initiatives, we built a single sign-on system using multi-tiered verification to ensure security across all of My BofA’s applications and internal networks. As a result, employees could securely and easily access Take Ownership at any time and from anywhere in the world.

Results and Nuance

Maximized Collaboration

To support tight timelines and create a more collaborative project, Take Ownership stakeholders were onsite at Soup Group offices nearly full-time during the entirety of the project. 

The close proximity of the entire team made everything easier, timelier, and our work more effective. The net effect was that decision making was easier and faster, the project was delivered on time and on budget, all of which were a large part of making Take Ownership an outstanding success.

Collaboration

Employee Benefits

Take Ownership was a huge morale booster that led to increased employee satisfaction and greater adoption rates of future internal Web based applications.

The most notable benefits were the minimal amount of time required to retrieve stock option values and vestment periods, and to exercise their options at-will with no transaction fees, all from their offices, home, or while enjoying a cappuccino at the café down the street.

Employees benefit from Soup Group's Solution

Satisfied Employees, a Thriving Company, 
and more Opportunity

During a difficult time for employee retention in Corporate America, BofA was able to keep their employees satisfied, in place, while continuing the company’s upward trajectory. Take Ownership was only a part of why they were experiencing this and was instead a part of a larger strategy to ensure their employees had the tools they needed and continued to be engaged and remained satisfied.

BofA’s next step in this greater employee initiative was a larger undertaking, and a highly tactile project. It was due to Take Ownership’s success that they hired Soup Group for “My BofA,” their new digital workspace.

Happy BofA Employees
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