Following the rather turbulent couple of weeks on the cryptocurrency market, more good news keeps on rolling out. The CEO of the second largest bank in the US has openly said that he’s in favor of a “cashless society” which can be propelled by the rise of digital assets, cashless payments, and electronic wallets.
Bank Of America CEO: “We Want a Cashless Society”
Attending Fortune’s Brainstorm Finance Conference, the CEO of Bank of America, Brian Moynihan, revealed his stance on the current developments in the field of finance.
According to him, the banking industry, in general, will continue to head toward digital and tech-enabled models. The main reason for this is because they are more efficient and cheaper compared to traditional methods.
"If you think about the major types of technology that people talk about—voice recognition, artificial intelligence, machine learning, robotics—all of those apply to our industry. […] That’s how we reduce the size of our company, [by] applying technology across all procedures." – Said Moynihan