This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Bank of America CEO's Desperate Mobile Banking Pitch

Mobile payments is a match made in heaven for the technology and banking industries. It allows banks to say they are innovating, and not just by creating Frankenbets on exploding mortgages, and it gives Silicon Valley a desperate, deep-pocketed client willing to finance whatever innovation it can come up with.

The only question is whether U.S. consumers care about this technology. The fact that not just South Korea, but even Kenya and Afghanistan are ahead of the U.S. in this area suggests they may not. And developing a mobile payments market may require a level of government involvement in the industry that U.S. businesses aren't willing to accept. Just because Bank of America is sending 22 million texts and emails, it doesn't mean the bank is getting any revenue. But at least it gives the CEO something cool to talk about.

-- Written by Dan Freed in New York.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.
2 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
BAC $15.70 0.93%
GOOG $553.93 -0.26%
AAPL $131.06 -1.20%
FB $80.88 -1.30%
TSLA $230.34 -0.52%


DOW 18,108.07 +70.10 0.39%
S&P 500 2,113.02 +4.10 0.19%
NASDAQ 5,056.6410 -3.6050 -0.07%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs