rtmark
LearnBonds.com

Bank of America CEO Brian Moynihan Shares His Vision for a Cashless Society

Bank of America CEO Shares His Vision for a Cashless Society

Brian Moynihan, the CEO of Bank of America, recently shared his vision for a cashless society while speaking at the Brainstorm Finance Conference by Fortune.

Digital money is the future

Moynihan lauded and acknowledged the idea of digital money and said that Bank of America has “more to gain than anybody” as trends indicate a growing preference for non-cash transactions. He said, “We want a cashless society,” making a bold statement for digital transactions as the head of the second largest bank in the US.

Bank of America CEO Shares His Vision for a Cashless Society

He suggested that more than 50% of all money transactions are already non-cash transactions, i.e., they are being processed electronically. This is especially because of existing payments systems like Zelle and PayPal, digital wallets, and even cryptocurrencies. Moynihan says that the banking sector has “already digitized” and this business will continue to make a digital move. He also said that the industry has only started to figure out how to provide more value in digital transactions.

Cash is still the king

According to a San Francisco Federal Reserve Report published in 2018, cash was still the most frequently used instrument of payment. It represented about 30% of all transactions a whopping 55% of all transactions under $10. However, digital payment options like cryptocurrencies and electronic wallets from tech giants like Apple Pay and Google Pay are making it easier to make cashless transactions. Mobile banking is also becoming more popular, and consumers are using debit cards more regularly.

Some businesses and countries like Sweden have also pushed for a cashless future, disrupting the very need for hard currency and creating a better use case for digital payments. A 2018 study by BNP Paribas and Capgemini indicates that noncash transactions could grow at a compound annualized growth rate of 12.7% till 2021. Financial intermediaries processing these transactions will be vastly benefitted for processing these transactions.

Bank of America is also adopting emerging technologies like artificial intelligence. It already has a voice-activated virtual assistant application called Erica with 7 million customers.  Moynihan noted that several emerging technologies, like machine learning, robotics, voice recognition, and artificial intelligence, applied to the banking industry.

He said that the bank had spent about $30 million in the past eight years to improve and develop its technological infrastructure further. It helps in reducing the size of the company and apply new technology to all procedures. The bank already has 27 million mobile customers and 37 million digital customers.

Trusted & Regulated Stock & CFD Brokers

Rating

What we like

  • 0% Fees on Stocks
  • 5000+ Stocks, ETFs and other Markets
  • Accepts Paypal Deposits

Min Deposit

$200

Charge per Trade

Zero Commission

Rating

64 traders signed up today

Visit Now

75% of investors lose money when trading CFDs.

Available Assets

  • Total Number of Stocks & Shares5000+
  • US Stocks
  • German Stocks
  • UK Stocks
  • European
  • ETF Stocks
  • IPO
  • Funds
  • Bonds
  • Options
  • Futures
  • CFDs
  • Crypto

Charge per Trade

  • FTSE 100 Zero Commission
  • NASDAQ Zero Commission
  • DAX Zero Commission
  • Facebook Zero Commission
  • Alphabet Zero Commission
  • Tesla Zero Commission
  • Apple Zero Commission
  • Microsoft Zero Commission

Deposit Method

  • Wire Transfer
  • Credit Cards
  • Bank Account
  • Paypall
  • Skrill
  • Neteller

Rating

What we like

  • Sign up today and get $5 free
  • Fractals Available
  • Paypal Available

Min Deposit

$0

Charge per Trade

$1 to $9 PCM

Rating

Visit Now

Investing in financial markets carries risk, you have the potential to lose your total investment.

Available Assets

  • Total Number of Shares999
  • US Stocks
  • German Stocks
  • UK Stocks
  • European Stocks
  • EFTs
  • IPOs
  • Funds
  • Bonds
  • Options
  • Futures
  • CFDs
  • Crypto

Charge per Trade

  • FTSE 100 $1 - $9 per month
  • NASDAQ $1 - $9 per month
  • DAX $1 - $9 per month
  • Facebook $1 - $9 per month
  • Alphabet $1 - $9 per month
  • Telsa $1 - $9 per month
  • Apple $1 - $9 per month
  • Microsoft $1 - $9 per month

Deposit Method

  • Wire Transfer
  • Credit Cards
  • Bank Account
Users should remember that all trading carries risks and users should only invest in regulated firms. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.
Avatar

Viraj loves to write and express his views on anything related to Finance, Crypto, or Fintech. He has been covering Finance & Crypto for more than five years now. He likes Tesla. He also writes on Healthcare, and Technology among other stuff.