Bank Of America: A Big Fintech
Without much hype, Bank of America (BAC) is slowly becoming the worlds biggest fintech. In Q4, the large bank saw P2P payment volumes nearly double.
The banks have finally transformed to digital and mobile channels, hence the ability to improve efficiency in the system each and every quarter. The Zelle numbers could become a problem for Square (SQ) Cash.
The bank saw operating leverage improve 7 percentage points in Q4. No real surprise BAC beat estimates by a solid $0.07. The stock is up 7% for good reason and is headed much higher.
More research: Bank Of America: A Good Crush
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