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BofA Has $3 Billion to Pour Into Innovation as Banks Are Swarming Around FinTech Startups

With the financial industry heating up, banking giants are looking to catch the innovation wave and leverage the opportunities FinTech startups create. One of the largest American banks, Bank of America—along with other banking industry giants—is taking steps to embrace FinTech and innovation in a wide range of financial services.

One of the ways Bank of America is looking for prosperous partnerships is the annual Bank of America Merrill Lynch Technology Innovation Summit in the Bay Area, which is aimed to provide an opportunity to have entrepreneurs meet with bank’s teams. Largely closed from the press, the event took place in Menlo Park, Silicon Valley, right next to some of the most successful venture capitalists.

As Cathy Bessant, BofA's COO and CTO, said in an interview with the San Francisco Business Times at the summit ...

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