"The numbers are just rolling"

Digital banking is a key strategy to appeal to millennial consumers, Brian Moynihan, CEO of Bank of America, told CNBC on Thursday.

He estimates that the bank serves 16 million millennials, aged 25 to 41, who have about $ 200 billion in deposits, investments and loans from the bank.

"They have, you know, between $ 60 and $ 70 billion in check deposit … and then General Z adds another piece on top of that," Moynihan said in a face-to-face interview with Jim Cramer of "Mad" Money ". "As a millennium bank only, it would be one of the largest banks in the country."

Technology has transformed the way most industries operate, and the financial industry is particularly affected by the growing popularity of peer-to-peer digital payment services. Mobile banking, with the boom of application-based financial technology services, such as PayPal's Venmo and Square Inc.'s Square Cash, has forced traditional banks to adapt over the past year. decade.

Last year, Michelle Moore, LAC's director of banking at the time, said leaders wanted to "get money out of the system." Later in 2018, Moynihan said the bank has been able to cut 100,000 jobs in less than a decade since the start of its 2008 digital strategy strategy to cut costs.

In the interview, Cramer asked Moynihan if it was correct to call Bank of America a successful technology in the banking sector. Mobile banking users grew 10% in the second quarter of Bank of America. Digital sales also account for 25% of all personal banking sales, according to its earnings report.

"It's a perfectly fair statement," Moynihan said, noting that the bank had about 37 million digital customers and 28 million mobile customers. "The numbers are just rolling."