Moynihan Says Bank Industry Must Learn From Digital Disruptors
- BofA CEO says his board, management team listen to new ideas
- Moynihan cites block chain technology, peer-to-peer lending
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Lenders must learn from financial technology startups and closely monitor customer preferences to avoid the fate of other industries being squeezed by new entrants, Bank of America Corp. Chief Executive Officer Brian Moynihan said.
From block chain technology that may ease institutional transactions to retail banking data aggregators and robo-advisers in wealth management, the Charlotte, North Carolina-based bank must remain open to new ways of doing business, Moynihan said Tuesday at a conference in New York sponsored by his firm.