(Yahoo) – Bank of America CEO Brian Moynihan kicked off Fortune’s inaugural Brainstorm Finance conference in Montauk, N.Y., on Wednesday by discussing the tech-driven strides made by one of the country’s largest financial institutions. Speaking with Fortune editor-at-large Shawn Tully, Moynihan touched on BoA’s embrace of artificial intelligence-driven technology via applications like Erica, a voice-activated virtual assistant used by 7 million customers. By his estimation, the financial institution has “probably spent $30 billion on code” over the past eight years to develop and improve its technological infrastructure.
With 27 million mobile customers, 37 million digital customers, and more than half of its transactions already “digitized” via methods like payments application Zelle, Moynihan said the banking industry “will continue to move” toward a digital, tech-enabled models—which, as he noted, are cheaper and more efficient than traditional methods. “If you think about the major types of technology that people talk about—voice recognition, artificial intelligence, machine learning, robotics—all of those apply to our industry,” he said. “That’s how we reduce the size of our company, [by] applying technology across all procedures.” READ MORE
