MARIA: MAKING BANKING MORE
CONVENIENT, THAT'S WHAT
AMERICANS WANT, 40% OF CUSTOMERS
PRIMARILY GO ONLINE TO ACCESS
BANK ACCOUNTS WITH 30 PERSON
TURN TO GO THEIR PHONES.
BANK OF AMERICA ANSWERING THOSE
DEMANDS, REDESIGNING FINANCIAL
CENTERS TO FOCUS ON DIGITAL AND
MOBILE, JOINING US CONSUMER
BANKING AND MERRILL LYNCH, GOOD
TO SEE YOU, AARON, WHAT
CUSTOMERS ARE AND WHAT THE
OFFERINGS ARE AT B OF A.
>> WHAT OUR CLIENTS WANT
CONVENIENT AND SAFETY AND SAFETY
IS IMPORTANT PART OF IT.
TECHNOLOGY AND DIGITAL ONLINE IS
CRITICAL BUT DOES NOT MEAN THAT
THEY STILL WANT TO HAVE PEOPLE
AND ADVISING GUIDANCE.
SO WE HAVE BEEN REALLY FOCUSED
ON A HIGH-TECH AND HIGH-TOUCH
STRATEGY SO DELIVERING
EVERYTHING THAT YOU NEED OUT OF
YOUR PHONE BUT ALSO PUTTING
SPECIALISTS INTO THE FINANCIAL
CENTERS, MORGAN SPECIALISTS,
SMALL BUSINESS, FINANCIAL
SOLUTION ADVISERS BECAUSE THE
DIGITAL IS NOT REPLACING THE
NEED FOR ADVICE AND GUIDANCE.
MARIA: DO YOU ALL DO DIGITAL
BANKING?
I WONDER WHAT THE RISKS ARE IN
TERMS OF HACKING, IN TERMS OF,
YOU KNOW, SECURITY?
>> WHAT'S GREAT IS YOU CERTAINLY
A COMPANY LIKE BANK OF AMERICA
WE GIVE CYBERSECURITY PEOPLE A
BLANK CHECK, WE MAY PROTECT
EXPENSES, CYBERSECURITY WE TAKE
SERIOUSLY, WE ABSOLUTELY FEEL
VERY STRONG ON HOW SECURE AND
KEEP PROVIDE AGO DISCUSSIONAL
TOOLS FOR FOLKS, FRAUD ALERT,
IT'S AN IMPORTANT WAY FOR
CLIENTS TO PROTECT THEMSELVES
CERTAINLY WITH THEIR CREDIT
CARDS SO SECURITY AND SAFETY ARE
REALLY NUMBER ONE PRIORITY
BECAUSE THAT'S THE WHOLE KEY TO
THE TRUSTING RELATIONSHIP ON
USING DIGITAL AND WE HAVE BEEN
VERY FORTUNATE THAT WE HAVE BEEN
ABLE TO PROTECT OUR CLIENTS.
KEVIN: WHAT IS YOUR THOUGHT
BEHIND THE NEW PUSH WHERE YOU
HAVE AI DRIVEN VIRTUAL
ASSISTANT, IT'S SIMILAR TO AN
ALEXA, YOU COULD SAY BUT AT THE
SAME TIME FOCUSED ON MORE OF A
CUSTOMIZED APPROACH TOWARDS EACH
CUSTOMER?
>> SO WE ARE PROUD ONE THE
LAUNCH AN OFFERING LIKE THAT AND
IT'S ALL ABOUT CONVENIENCE,
CLIENTS SAYING I WANT TO MOVE
MONEY AND THEY CAN DO THAT BY
SPEAKING INTO THE PHONE AND VERY
ERIC TRANSFER MONEY AND MORE
IMPORTANTLY GIVING FINANCIAL
TRIPS, ERA KNOWS THAT YOU HAVE
BEEN SPENDING X AMOUNT, SAVINGS,
SUGGESTION WHERE YOU MIGHT PUT
THAT MONEY, THINKING ABOUT HOW
YOU'RE PLANNING YOUR FINANCIAL
LIFE BECAUSE FOR US IT'S ALL
ABOUT HELPING EDUCATE AND
PROVIDE PLANNING TIPS AND SO
ERIKA TAKES US ON THE
GENERATION, SHE CERTAINLY
DOESN'T REPLACE WHEN YOU WANT TO
HAVE REPLACE CONVERSATION ABOUT
RETIRING.
YOU HAVE ADDITIONAL MONEY, WHY
DON'T YOU MAKE APPOINTMENT IN
THE SPECIALIST.
DAGEN: MAKING SURE THAT THEY
DON'T MIGRATE SOMEWHERE ELSE FOR
BROKERAGE SERVICES, INVESTMENT
ADVISORY GUIDANCE.
THE ONLY PROBLEM AND DO YOU SEE
THEY WILL HAVE BRICK AND MORTAR
STORES, THEY NEED TO BE THERE IN
ONE CASE OF EMERGENCY OR THINGS
THAT PEOPLE MUST HAVE IN PERSON
LIKE A NOTARY AND IF YOU GO TO
MY LOCAL BANK BRANCH THEY CLOSE
WHEN THE WEATHER GETS BAD,
NUMBER ONE, EVERYBODY GOES HOME
IF THERE'S A SIGN OF SNOW
OUTSIDE AND YOU WILL GO IN SOME
BRANCHES AND THEY'RE OPERATED
WORSE THAN A WALGREENS, THEY
DON'T HAVE -- YOU NEAT A NOTARY,
WE DON'T HAVE ONE, THEY'RE OFF
TODAY, IT'S THAT KIND OF THING
AND THAT'S REALLY TRYING --
IMPORTANT TO MANAGING THE
CUSTOMER EXPERIENCE AS WELL IT'S
NOT BANK OF AMERICA.
>> THANK YOU VERY MUCH.
[LAUGHTER]
>> WE HAVE INVESTED HEAVILY IN
BANKING CENTERS AND WE BELIEVE
IT IS ABOUT PUTTING PEOPLE AND
ADVISING GUIDANCE, NOT JUST
NOTARY BUT LIFE-PRIORITY
MOMENTS, I'M SAVING FOR
EDUCATION, WE MOVE TO
APPOINTMENT CULTURE, MOST OF OUR
CLIENTS, MANY OF THEM ARE
ACTUALLY MAKING THE APPOINTMENT
ONLINE AND THEN GOING IN TO THE
CONVENIENCE OF SAYING I WANT TO
SIT DOWN WITH A SPECIALIST AND
WE ARE SEEING MORE AND MORE OF
OUR CLIENTS START ON LION AND
TALK ABOUT ALL KIND OF IMPORTANT
ISSUES.
MARIA: DO YOU SEE SEEING BITCOIN
BEING USED AT ALL, CRYPTO
CURRENCY FROM 30 CENTS TO
$20,000 LAST YEAR, ARE PEOPLE
USING THAT, TELL US ABOUT THAT?
>> LOOK, BITCOIN IS HERE TO STAY
AND A LOT OF PEOPLE THAT USE IT.
FOR US WE BELIEVE THAT WE
PROVIDE DIGITAL CURRENCY, OUR
ZELLE PAYMENTS, I CAN DO THAT
VERY QUICKLY --
KEVIN: PARTNERSHIP WITH OTHER
BANKS?
>> YEAH, WITH OTHER BIG BANKS AS
A WAY TO MAKE SURE OUR CLIENTS
HAVE THAT ABILITY TO TRANSFER
FUNDS AND GO CASHLESS.
SO I THINK THAT WELL, BITCOIN
HAS PLACE IN INVESTMENT SIDE IN
TERMS OF TRUE DIGITAL CURRENCY
IT'S STILL THE TRUE BANK CASH
CURRENCY, IT'S JUST ALL DONE
DIGITALLY.
MARIA: INTERESTING 10 YEARS'
OLD.
IN TERMS OF CONSUMER BANKING
BUSINESS, WHAT DOES IT TELL US
ABOUT THE ECONOMY RIGHT NOW?
>> IT'S GREAT, WE FEEL CONSUMER
BANK IS SHOWING GREAT RESULTS
AND I THINK THERE'S A LOT OF
CONFIDENCE, I THINK CONSUMERS
ARE EXCITE ABOUT THE HOLIDAY
SEASON, WE WILL SEE A GOOD
SEASON IN TERMS OF SPENDING
BECAUSE CORPORATE EARNINGS IS
VERY STRONG AND UNCERTAINTY AS
ALWAYS AND UNEMPLOYMENT RATES
VERY SLOW AND WE ARE EXCITED,
OUR CLIENTS AND OUR PEOPLE WILL