Bank of America CEO Brian Moynihan kicked off Fortune’s inaugural Brainstorm Finance conference in Montauk, New York as of Wed. June 19th, 2019. The conference discussed the tech-driven strides made by one of the country’s largest financial institutions.
After speaking with Fortune editor-at-large Shawn Tully, Moynihan touched on Bank of America’s embrace of artificial intelligence-driven technology via applications like Erica, a voice-activated virtual assistant used by 7 million customers. Moynihan estimates that the financial institution has “probably spent $30 billion on code” over the past eight years to develop and improve its technological infrastructure.
However, there were alarming statements made by Moynihan at this conference… “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… That’s how we reduce the size of our company, [by] applying technology across all procedures.”
And also, this one: ““We want a cashless society… We have more to gain than anybody from a pure operating costs [perspective].”
But what could a cashless society mean for America, and for the rest of the world? Considering how Sweden has already practically gone cashless, what are the BIGGER Implications of such a move?
What are the spiritual implications, and could this be the precursor to the shutdown of America, martial law, bail-ins, bank shutdowns, and ATM shutdowns?