“In order to stay atop the world of financial services, the Bank of America is forced to be very innovative especially given the rise of mobile banking services and financial cybersecurity risks. Recently, Samsung announced BofA as a launch partner of its Samsung Pay mobile pay service along with JPMorgan Chase, Citigroup and US Bancorp; all four of these banks are also members of Apple Pay as well. Much of BofA’s ability to innovate comes from strategic startup acquisitions and its most recent Technology Innovation Summit identified 30 startups out of the 200 which presented technologies to the banking giant that the company will add to its roster of vendors. This focus on identifying useful innovation from outside of the company is a trend in the banking industry that extends far beyond the Bank of America.”
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