Bank of America’s CEO Wants a Cashless Society

Bank of America CEO Brian Moynihan said, “We want a cashless society,” at Fortune’s Brainstorm Finance conference this week.

According to Moynihan, Bank of America has “more to gain than anybody” from non-cash transactions.

The CEO noted that most money transactions are already processed electronically, with the rise of cryptocurrencies, and payment systems like PayPal (PYPL), Zelle, and digital wallets.

The banking sector has “already digitized,” Moynihan remarked. “The business has moved digitally and it will continue to move that way. It’s just figuring out how to add the value.”

75% of Bank of America deposits are no longer made through the bank’s branches. He said, “We have to drive down both avenues at once and build products and services that appeal to the entire customer base.”

Moynihan also believes the financial institution has “probably spent $30 million on code” over the past eight years to develop and improve its technological infrastructure.

“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,” he said. “That’s how we reduce the size of our company, [by] applying technology across all procedures.”

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.