Tag Archive | "America"

It Takes Both High-Touch and High-Tech, Says Bank of America CEO

Bank of America has gone massively digital and it is now powering their growth. “We had a billion and a half logins to our apps last quarter,” says Bank of America CEO Brian Moynihan. “This is not theoretical. We are one of the largest digital companies. We are also one of the largest physical companies. It takes both high-touch and high-tech.”

Brian Moynihan, CEO of Bank of America, discusses the digitalization of banking with Fox Business at Davos 2019:

Consumers Have a Branch in Their Pocket

On the consumer side, they have a branch in their pocket. Anything you can do at a branch, in the traditional banking sense, or over the phone, you can do in your app. There are 36 million digital users, 26 million mobile users who are not digital users growing at 10-15 percent a year. Sales are at the 20 percent level and 25 percent of all sales are digital. Our digital mortgage product is growing. Our digital auto product is growing. What you can do is do everything.

Half of the checks we have are deposited at the ATM and a little over 25 percent of deposits are by people taking pictures of them with their phone. It’s the exact same activity but you don’t have to go anywhere. You can do everything.  

Then you have Erica. We have five million Erica users and it only started a little over a year ago. That’s where people can just talk and ask questions and it learns about you. It’s artificial intelligence voice recognition program. When you pay your bills you just say, “I need to pay X.” It will say, “You want to pay X, here is the amount.”  Think about how easy it is versus writing out checks or even going into digital bill payment. The technology enables consumers to do more faster and easier.

Apps on the Institutional Side Getting Interesting Too

The applications on the institutional side are getting interesting too. Believe it or not, corporate treasurers want mobile capabilities also. With Cashpro Mobile they can initiate a $ 5 million wire on a mobile device while sitting in a meeting with all the controls around it and all of the foreign currency features.

To me, it was… really? But absolutely, that’s the way they want to do it because that’s the way they are used to operating.

It Takes Both High-Touch and High-Tech

We had a billion and a half logins to our apps last quarter. This is not theoretical. We are one of the largest digital companies. We are also one of the largest physical companies. It takes both high-touch and high-tech.

What have we learned? We are always a curious company and always out their learning. When we go and talk to fintech companies or observe what they are doing, more importantly, we’re trying to learn what does the customer see in that activity that they don’t see in our activity? Then we look at how we can adapt to that.

Are we interested in acquiring fintech companies? There will be no acquisitions, we just work.

Small Business Still Very Optimistic About the Economy

We do more small business than most of the people in the world. When you think about small business, what’s interesting is that the business community in the United States is very optimistic still. Even though they are not as optimistic as they were at the highest point they’re still very optimistic on a relative basis.

In our small business surveys late last Fall they are saying, “We’re going to invest more. We’re going to hire more. We can’t get people.” Those are the common themes.

I think it is a good year for investment as long as we solve a couple of key issues. We have to get the sutdown done. The incremental impact of the workers is important but it’s also just the process of getting approvals and stuff is being held up. Then ultimately the trade situation has to be solved. I’m not giving you any news, everybody says that, but it’s time to get some of this stuff done.

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Bank of America CEO: Digitalization Is Not Something That’s Coming, It Already Exists

Digitalization is not something that’s coming, this is something that already exists, says Bank of America CEO Brian Moynihan. He says that 25 percent of their sales are done on digital. Moynihan says his goal is to bring the whole banking system to the digital age to make it more efficient for customers.

Brian Moynihan, Bank of America CEO, discussed the digitalization of banking and much more during an interview on CNBC:

Digitalization is a Big Boon for Everybody

Digitalization is a big boon for everybody in a sense in that you can continue to provide better service for the customer and take the cost structure down which then can pass through to the customer. The way to think of all this work on a consumer side is that we have 26 million mobile customers, 25 million digital customers, about 1.5 billion logins last quarter. This is not something that’s coming, this is something that already exists. About 25 percent of our sales are done on digital.

Digitalization Improves Service and Reduces Costs

All this is extremely important in how we run our franchise. What that has done for the customer is give them better services on their time, the way they want to do it, 24/7. At the same time, it reduced our operating costs so we can take out overdraft fees on point of sale debit, ten years ago now almost. What allowed us to afford that was to change the operating structure. That makes this very good.

Small banks and larger banks are participating in digitalization. We helped small banks to drive digital payments. The volumes are growing 100 percent per year for us with that and across the board.

Bringing the Whole Banking System to the Digital Age

The goal is to bring the whole banking system more and more to the digital age and make it more efficient for the customers. The key is that on the commercial side it also goes on. Everyone talks about consumers, but on the commercial side, the same impacts going. CashPro Mobile, a product we have, is up and operating very efficiently. When you think that a treasurer of a company would sit down at their desk to do an interface to send it, they want their mobile interface because that’s their daily life. It’s all good for all of the companies.

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SEC Chairman: We Want America to Lead the World in 5G

FCC Chairman Ajit Pai recently talked about the upcoming White House meeting which Verizon, AT&T, and Sprint are all expected to attend. The FCC Chairman says that it’s vital that we eliminate the local regulatory hurdles that are currently preventing 5G from being implemented in the US.

FCC Chairman Ajit Pai via CNBC’s Squawk on the Street:

We Want America to Lead the World in 5G

We want America to lead the world in 5G just as we led the world in 4G. That, of course, takes private sector initiative but also requires government to set the stage in terms of getting the tools for the industry to use out there into the marketplace.

First, we want to outline a cross-government strategy, not just the FCC, but the entire Trump Administration is going to be on the same page in terms of asserting US leadership in 5g. We hope to learn from the industry is what are some of the necessary building blocks for 5g? We want America to be the home for innovation and investment for the next generation of wireless connectivity. We need to know what policies are needed in order to promote US leadership and I’m hoping it’ll be a very productive exchange.

I think there’s a strong case for optimism about it being sooner. We already see some of the nation’s biggest companies doing 5G trials and cities like Indianapolis. We see a lot of investment and innovation in some of the tech sectors but there’s also a reason to be concerned because we see a lot of the regulatory barriers to 5G deployment in terms of the infrastructure that is needed to get out there into the marketplace.

Local Government Regulations and Fees Holding Back 5G

These regulations are holding back the case for a 5G deployment. That’s part of the reason why the FCC has been focused on what I call our 5G Fast Plan – Facilitating America’s Superiority in 5G Technology. If we get the spectrum out there, incentivize infrastructure deployment, and modernize our regulations, I’m confident that we can hasten the day when Americans can turn to 5G just as they’ve come to rely on 4G.

We want to set the table so that every company, big and small, and regardless of where they happen to be trying to put deploy these 5G services, will be able to do so at scale in order to serve American consumers.

By far the biggest barrier is the domestic regulatory barriers that we face. For example, it takes one to two hours to install a small cell on a utility pole that’s necessary for 5G. In some cases, it can take a year or two years to get the regulatory approval for deploying that small cell. That by far is one of the greatest barriers to getting the wide-scale deployment of 5G technologies in the future.

Additionally, the spectrum that is necessary to get out into the marketplace has been a barrier. We’ve been working aggressively to fix that and we’ve already teed-up over the next year or so more spectrum for the commercial sector use then all of the mobile broadband providers today hold combined. I think those building blocks domestically are much more important for 5G in order to be deployed at scale.

We Don’t Want to Cede the Mantel of Wireless Leadership to China

China saw the success that the United States had in 4G and they want to claim that success for themselves. When it comes to 5G we want the United States to be the haven for innovation and investment not just out of some parochial concern but because we truly believe in a free and open Internet and the power of innovation and in the importance of the private sector leading this revolution. We think that this market-based approach is a superior one.

We, of course, don’t want to cede the mantle of wireless leadership to any other country and our concern is that if China is the first mover in 5G that they will be able to draw some of that capital, some of that talent, and ultimately some of that innovation to their shores.

I think about some of the applications here in terms of precision agriculture and telemedicine and the Internet of Things and all kinds of other applications we can’t even conceive today. All that could be on tap if we make the right decisions here in the United States and I think that’s going to be a boon for American consumers and for our Internet economy.

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James Corden Prepares For His Big Move To America

British actor James Corden was recently chosen as Craig Ferguson’s replacement for The Late Late Show. As he prepares to take over the reins of the talk show, he is also preparing his family for the big relocation to Hollywood. Corden has been in America on and off for film shoots as well as performances of his hit Broadway show One Man, Two Guvnors, but this time he will be setting up camp in America with his wife and two children for good. Corden is slated to take over the talk show in March.

“I think I will be stimulated beyond anything I’ve ever done in my career,” Corden said in an interview with CBS News’ Mark Phillips. “Here, every day, an hour of TV. Whether you like it or not, there’s another show tomorrow. If I could have told my 12-year-old self that at this stage in my life I would be offered one of these chairs, one of these five chairs, his head would explode!”

With the success of One Man, Two Guvnors, Corden admits that he’s not worried about whether or not his brand of humor would translate well to American audiences. He tells Phillips, “If it’s good it travels. There’s a weird thing with us in Britain that we would go, ‘Oh, will this work in America?’ No one in America is ever going, ‘I wonder if this’ll work in Britain!’”

In an interview with Express, he revealed that he was surprised after being picked for the hosting job. “I can’t believe it,” said Corden. “What am I doing there? I’m terrified. What’s the chance of a chubby guy going to America, doing a talk show every night and being anything other than a complete mistake?”

However, Corden is welcoming the challenge head-on. After all, his stock has been rising recently especially after being cast in the Disney adaptation of Into the Woods alongside Emily Blunt, Johnny Depp, and Meryl Streep.


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Interactive 4th of July 2013 Google Doodle Takes You on a Road Trip Across America

It’s Independence Day in the U.S., which observes the signing of the Declaration of Independence. America has celebrated every July 4th for 237 years. Today’s Google Doodle once again marks the 4th of July, as Google has done every year since 2000.
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Email Deliverability: Global stats show North America leads — but we have work to do

Last week, we had the pleasure of co-presenting a webinar on email deliverability with Tom Sather, Director of Professional Services at Return Path, the webinar’s sponsor. Sather noted the average inbox placement rate (the percentage of emails sent that make it to the inbox) is somewhat low across the globe. As you can see from the webinar slide below, emails in North America fared a little better in the study.
Marketingsherpa Blog

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Google Owns 90% Of Search Market In Latin America, comScore Says

It’s pretty well known that Google’s market share is even higher elsewhere than the roughly 65%-70% share it has inside the US. But we don’t often see just how dominant Google’s position is in other countries. Today, comScore is shedding some light with a new report that…

Please visit Search Engine Land for the full article.

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