Bank of America CEO: Blockchain is attractive because of its innovation

Yesterday, Bank of America CEO布莱恩•莫伊尼汉talked about blockchain technology in a speech at the Banking and Financial Services Conference, using the innovation as an example of how the bank is meeting the challenges of various disruptive forces emerging in the financial sector.

Then, during the question-and-answer session, Moynihan was asked whether financial services might be disrupted by another new technology, just as offline physical stores were replaced by online virtual stores.

Moynihan responded that to guard against this risk, he planned to foster a culture of innovation at Bank of America:

“The key is to keep the habit of innovation, to make all the people in the company feel the pressure from the outside world, to keep curious about new things, and to keep learning new things. Learn what happened to all these companies and why, what is Bitcoin, what is blockchain, and how competitors are doing wealth management, such as using robo-advisers.”

However, compared with financial groups such as UBS and Goldman Sachs, Bank of America rarely expresses opinions or attitudes on Bitcoin or blockchain technology. However, in September this year, the bank announced a partnership with blockchain startup R3 to explore corporate use cases of blockchain technology.

Moynihan said he acknowledged that the company had to keep an eye on changes outside, but he also warned that market observers might underestimate how long the transition would take.

He continued:

“We must constantly challenge ourselves and always remember the lesson that pride makes people fall behind.”

Elsewhere, he spoke about reducing costs through automation and the power of mobile technology, which he said has changed the needs of banking customers.

However, he believes that U.S. banks would be wise to learn from new entrants into the financial services market:

“I know there are a lot of people trying to disrupt our business. But what they’re doing is interesting and exciting, and we’re learning from them.”

Original article: http://www.coindesk.com/bank-of-america-ceo-blockchain-interest-is-about-innovation/
By Pete Rizzo
Translator: printemps
Editor: printemps
Source (translation): Babbitt Information