This summer, an international electronics company completed a $1.6 billion payment by mobile phone, the biggest transaction ever on the bank's CashPro app, according to Bank of America.
Consumer banking is expected to offset the banks’ underperforming Wall Street units; the defections of Visa, Mastercard and Stripe threaten the cyrpto project’s viability before it starts.
The bank's innovation arm is developing a mobile-only account for gig-economy workers, and a real estate service to help companies analyze the long-term viability of properties.
Despite the growth of digital advice, there's resistance to the business inside banks because of internal politics and a lack of data sharing, the company's CEO says.