Fox Business reports that Bank of America CEO Brian Moynihan stated during Fortune’s Brainstorm Finance conference in New York this week that his company “will continue to move” toward digital banking transactions as services such as Zelle, Google Pay, and Apple Pay become more popular.
“We want a cashless society,” Moynihan stated. “We have more to gain than anybody from a pure operating cost (perspective).” He further explained that Bank of America spends approximately $5 billion just for “checks and cash to move around the company.” Moynihan further noted that many deposits to the bank are often not made at the bank’s physical branches anymore.
(Read more)
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Fox Business reports that Bank of America CEO Brian Moynihan stated during Fortune’s Brainstorm Finance conference in New York this week that his company “will continue to move” toward digital banking transactions as services such as Zelle, Google Pay, and Apple Pay become more popular.
“We want a cashless society,” Moynihan stated. “We have more to gain than anybody from a pure operating cost (perspective).” He further explained that Bank of America spends approximately $5 billion just for “checks and cash to move around the company.” Moynihan further noted that many deposits to the bank are often not made at the bank’s physical branches anymore.
(Read more)
