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Bank of America CEO to Address Digital Investing, Cryptocurrencies and More at Congressional Hearing

2022-09-21 22:49:05Sina Finance-Blockchain

Bank of America(BAC.US) CEO Brian Moynihan will discuss topics including the bank's deep involvement in digital investing and cryptocurrency research at a House Financial Services Committee hearing on Wednesday.According to prepared testimony, Moynihan will highlight Bank of America's $3.5 billion investment plan in 2022 aimed at enhancing the bank's platform, funding next-generation projects and extending its digital leadership into the future.

Customer acceptance and engagement on Bank of America's digital banking platform continues to grow, with more than 1 billion users logging in in July, and Moynihan's testimony noted that "this is the largest in our bank's history.monthly logins".

In 2018, the bank launched Erica, an AI-powered virtual assistant for financial services.In 2021, Erica's total customer interactions will triple to 427 million.Meanwhile, Zelle, the digital payments product of Early Warnings Services, is jointly owned by Bank of America and several other large U.S. banks.Zelle's 2021 active users climbed 23% to 15.8 million, Moynihan said.

In the cryptocurrency space, he said: “By carefully screening clients, we are in dialogue with select companies that are integrated into the digital asset ecosystem on financing, mergers and acquisitions and other banking services.Exploring the use of this blockchain technology in a variety of areas, including tokenizing internal customer documents, instant cross-border payments, bank accounts. And also looking for ways to let employees earn money faster.”

Additionally, Moynihan's testimony highlighted Bank of America's efforts to reduce overdraft fees for customers.In January, Bank of America lowered overdraft fees and eliminated fees for insufficient funds, as fintechs scrambled for customers.

His testimony also wrote that by 2023, new solutions and enhanced programs introduced over the past decade will reduce consumer overdraft fees by 97% compared to 2009 levels.” JuneAnd in July, overdraft fees for consumer checking account customers have fallen 90% year over year.

Editor in charge: Guo Mingyu

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