Technology

Bank of America CEO: Technology is keeping major banks relevant

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Some of us remember the day you would get a $10 check from your grandmother for your birthday and would have to trek down to the nearest branch of your bank to deposit it into your account.

Now, the ability to deposit checks remotely from the comfort of your couch has changed the way banks do business, Bank of America chairman and CEO Brian Moynihan told FOX Business’ Jack Otter on “Barron’s Roundtable.”

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Moynihan said more than a third of his bank’s customers deposit checks digitally, but he expects that number to increase.

“The idea is that these services still have a lot of room to grow, to have an impact on the company,” Moynihan said.

Bank of America CEO Brian Moynihan speaks at the Boston College Chief Executives Club in Boston on Nov. 8, 2018. (Pat Greenhouse/The Boston Globe via Getty Images)

His goal is focusing his company’s efforts on taking the cost structure typically associated with tasks like taking a check from a customer and running it through the system and placing that into “new and exciting things.”

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“We’ve gone from probably 5, 6 million mobile banking customers to 29 million digital customers [in the last decade],” Moynihan said.

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He said nearly a third of Bank of America’s sales are done digitally, and now, there are even more ways to interact through mobile banking.

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“You can make a payment off your Apple Watch through our CashPro mobile app,” Moynihan said. “You can spend money and not spend it wisely. So, we spend money where you can bring great products and services to the customer, but also scale them across a base.”

Moynihan reiterated his commitment to get “rid of a lot of stuff” he finds not as important as future endeavors and opportunities.

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