According to Brian Moynihan, CEO of Bank of America (BoA), one of the largest banks in the U.S., BoA wants a cashless society. Moynihan also said the heavy reliance on modern payment/money transfer technologies has changed the way money works, reports Fortune on June 19, 2019.
Per the report, Brian Moynihan while in a conference in Montauk, New York on June 19, 2019, outlined the technological steps BoA has taken so far. According to the CEO, BoA has adopted artificial intelligence-driven technology through the use of applications such as Erica. The latter is a voice-activated virtual assistant currently used by 7 million customers.
In the same vein, the CEO was quick to note the importance of technology, hinting that it has changed the way money works. It has helped in improving the customer experience while also saving banks billions of dollars of costs. As a consequence, BOA is embracing a shift to a cashless society.
Asides from these comments, recent events have shown that the banking industry and several others are looking into cryptocurrency technology. JPMorgan Chase, one of the largest banks in the U.S. unveiled its JPM coin in February this year. It said the digital currency enables instant payment transfers between institutional clients.