David Darnell s Remarks at the Center for Financial Services Innovation Underbanked Conference Miami, Fla. June 6, 2013

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1 David Darnell s Remarks at the Center for Financial Services Innovation Underbanked Conference Miami, Fla. June 6, 2013 Final as prepared for delivery Thank you, Jennifer, and it is great to be with you today the CFSI conference is a great forum for all of us to come together and discuss the different perspectives and ideas about how to move our industry forward. And I commend you and everyone here for your thoughtful participation on these important issues. We have been very fortunate at Bank of America to have a relationship with Jennifer that extends beyond today s event.jennifer and others at CFSI have been great counselors to us over the years they have provided customer perspectives and have acted as strong advocates for innovation across this space we have truly enjoyed the partnership. Some of my Bank of America teammates who have worked with Jennifer and the team are here in the audience today: Andrew Plepler, Angie Lathrop, Jackie O Garrow from Corporate Social Responsibility team, Kevin Condon, Jon Wolf, Jason Martin, Mike Daly from Consumer Banking team some of you may have seen Mike on the credit panel yesterday. Today, I d like to spend a few minutes talking about how the latest financial crisis has reshaped banking in America and what we and others in the industry have learned from it and what we are doing about it. When I talk to large groups of people, both inside and outside Bank of America, I am often asked what keeps me awake at night? by the time I have finished speaking this morning, you all should have a pretty good idea of what keeps me up it may be keeping you up at night, as well. We have experienced the most challenging economic times any of us have had to manage through. The economic crisis and its aftermath brought significant change to a financial services industry that many would argue, badly needed it. We are now at a crossroads in our industry financial services firms are seeing fundamental changes across the industry changes in the needs of customers the addition of new rules and new enforcers and, a competitive landscape that seems to grow with every new technology.

2 To continue serving consumers and providing reasonable return for our shareholders, we need to rethink our purpose and our role in a new economic reality the old way of doing business will not work in the new environment. There are three key drivers of the change that will impact our relationship with our customers: Regulatory Environment, Changes in Technology and Changes in Consumer Behavior. All three are importantly intertwined. First, changes in regulations. The regulatory changes enacted over the past few years have had a significant impact on banks ability to generate revenue. The new rules have been successful in moving the industry away from hidden and punitive fees to a model that is grounded in deepening and broadening relationships with customers at Bank of America, we removed many types of fees over the past few years in fact, we were the first bank to eliminate overdraft on debit cards at the point of sale. This was recently acknowledged as a best practice in Pew s study on the safety and transparency of checking accounts out of 36 banks reviewed by Pew, BAC was one of only two of the big banks that made the top five (No. 5 behind Citigroup). The revenue impact from these and other changes, like the debit interchange rule, have caused banks to take a closer look at costs, and start to invest more heavily in new technology. Second, technology will have a significant impact on our ability to serve broad customer groups to meet their needs and improve cost to serve, enhancements in technology over the past few years that have created new opportunities for banks and consumers. These enhancements deliver new ways for customers to interact with banks through online banking and mobile capabilities that are significantly less expensive than traditional branch or telephone services. In March of this year, WSJ reported that online banking now accounts for more than half of all banking transactions, compared with approximately 15 percent occurring in branches this is consistent with changes we are seeing in other traditional banking features, as well for example, fewer than half of our deposits customers still write checks, opting instead to use plastic or online and mobile capabilities to make purchases. Other benefits, like instant communications and broader access to information, have helped customers make better financial decisions overall they can now find the highest values and lowest prices with a minimal effort and, they can act on that information with a few clicks

3 of a mouse or swipes of an iphone, customers are now able to make purchases, payments and investments. Speaking of iphones today, 50 percent of adults in the U.S. carry mobile phones and 75 percent of those adults use them to help with purchase decisions. Mobile banking has been the fastest growing area of our company over the past few years we are seeing more than 50,000 new users each week currently, we have 13MM users in total and, if this growth rate continues, we expect mobile banking to surpass online banking in the next few years. Third, we are seeing changes in the way consumers make choices and lead their lives that will impact the way they want to interact with financial service providers. I know a number of you in this room have spent years observing consumers as they change the way they think about and interact with financial services. From our standpoint, the changes in behavior in the past few years can generally be characterized as consumers retaking control of their financial situation. Previously, customers trusted the monetary systems and financial institutions to manage their money they were happy to let banks deliver products, services and expertise to handle all aspects of their financial lives. Now, innovative do-it-yourself capabilities and a lingering lack of confidence in financial institutions have driven consumers to take greater ownership of their financial situation. When you look at the impact of these changes on revenue and cost-to-serve across financial services combined with today s low-interest rate environment and high regulatory capital requirements the challenges we face as an industry become clear. And, while I believe that we are better off as an industry today than we were under the old way of thinking, we are now challenged to rethink how we grow our business more organically, transparently and responsibly how we provide fair and convenient access to financial products and services for all of our customers and how we earn a fair return for our shareholders. The notion of building long-term relationships with customers continues to be our primary goal. But we have moved away from a product-focused model that drives growth from a transactional perspective towards a model that focuses on deepening relationships with existing customers...and in doing so, we spent a lot of time learning more about what customers want from financial institutions. The fundamental issue here is that you must know and understand your customer. I m sure many of you have participated in some form of focus group. Focus groups are an important way to gather feedback they give great insight into what people think and say about products but they don t always tell the full story of what customers actually do

4 when it comes to living their financial lives they don t go far enough in understanding customer needs. So, last year, we kicked off an innovative customer research initiative to better understand how our low-moderate income customers, those who make less than $50,000 per year, think about money within the context of their daily lives. We gave customers a series of activities that were designed to explore their relationships with money from every angle from simple, every-day transactions, like buying a cup of coffee, to philosophical questions about money as source of happiness or stress, to emotional connections that people make with physical tools of finance, like the different types of credit cards they carry in their wallets. We learned customers are much more astute about their financial lives than some may think that, in the absence of a banking product, customers will find a way manage their money in the way that best suits their needs: As difficult as it is us to admit, most of the customers we spoke with consider banks a utility, rather than a service while interacting with their accounts is a daily reality, they rarely think about their banking relationships and they re not willing to pay for services they believe should be free. People still believe in saving for a home or retirement they want to save for their futures and they want us to help many customers will go to great lengths to stop themselves from raiding their savings accounts, including destroying debit cards and checks we actually heard people tell us that money in the bank is easier to spend than cash in the house for these people, simple and convenient access can be a negative product feature. Customers living paycheck-to-paycheck want predictability and no surprise fees...they will frequently engage with their banks to (e.g., call the call center, deposit a check in person, check their balance twice a day online) to ensure that no mistakes cause them unexpected fees. But, at the heart, customers want trust and security they are concerned about fraud and worried that they will not be protected they want to see the place and meet the people that manage their money they want to know that the bank cares about them and their financial situation. The most important takeaway for us was not the valuable insight that our customers shared it was the reinforcement of our belief that we can effectively serve these customers. There are many in the industry today who believe that the economic challenges and regulatory restrictions of the day make it impossible to bank certain groups within the population we disagree.

5 We know there is a long-term profitable business in banking America one that starts with earning back the trust of consumers and small business owners and leads to a high-quality branded experience that helps make the financial lives of our customers better, every day. Our research has given us tremendous insight into how to make this happen for our customers we have organized the findings across five key areas. Full-featured banking: In today s environment, customers expect their banks to provide standard access features these include access to ATMs, tellers, banking specialists and telephone representatives they also include free online and mobile banking access in fact, in other customer research that we have conducted, nearly half of all smart-phone owners say mobile banking is one of the top reasons that they would switch banks. No surprises: As mentioned earlier, customers do not want to be surprised they are comfortable with a flat, low monthly fee, as long as that fee does not fluctuate based on their behavior as such, things like overdraft, insufficient funds and other penalty fees are a concern for them they do, however, like text or alerts when their balances are low to that end, today we are sending 20MM balance alerts each month. Security: the safety of their money and identity is critical they want assurances that they are not liable for fraudulent transactions they also want help tracking their accounts through things like customized activity alerts. Help with savings: People like compartments they like the idea of having a savings account that is separate from their checking account, but that can be accessed through all the same channels as described above they also like convenient rewards automatic savings features and cash-back deals through programs like BankAmeriDeals and Keep The Change. Help with credit and money management: Finally, they want help with managing their financial lives many need credit card options to help establish or rebuild credit, like secured or partially secured cards they also appreciate the different tools and resources to help them manage their money we have recently partnered with the Khan Academy to launch a site called BetterMoneyhabits.com that houses a series of short videos on a variety of financial topics you should have a one-page summary of this site at your seat for future reference. What we learned from all this is, despite the profitability challenges within the industry, there is a path to shared success with the right approach, we can start building relationships with these customers that will deliver value in the future. As the financial picture of these customers improve, they will do more business with us, use more of our products and fewer of them will leave this is shared success it is a good business strategy and a good customer strategy.

6 Using some of these ideas, we are rethinking our approach and devising new ways to help our customers live better financial lives there is a significant amount of work underway inside our company today, and we have made great progress since we kicked this work off last year, but we still have a ways to go. Fortunately for us, there are a number of people, including all of you, who are also thinking about the future of financial services industry we are all working on solving these issues together. I think the issues that we face are captured perfectly in CFSI s Compass Principles they help bring focus to issues that all financial institutions should be considering as they look ahead to the future of banking and they ask some important questions: Embracing Inclusion: how can we provide banking products in a responsible way to as many consumers as possible? Building Trust: how do we ensure our products and services deliver what consumers need and are simple to understand and easy to use? Promoting Success: how can we promote responsible financial behavior through smart products and clear communication? Creating Opportunity: how can we help consumers get to a better financial future? These were the same types of questions we asked ourselves a few years ago when we made the decision to end debit overdraft at the point of sale. The Compass Principles not only provide the framework for how financial institutions can help improve consumers lives, but they acknowledge the need for a bank to operate a profitable business model... it is easy to overlook the fact that a fair return is essential to the sustainability of any future banking model nothing changes without it. The ideas described in the Compass Principles provide the road map for a successful banking business based on shared success and long-term relationships. In conclusion, the issues of the past five years have been a wake-up call, a reset of the entire banking system. Without a doubt, we are better today for having lived through it, but there is still a lot for all of us to do the next 24 months will be enlightening as the future of banking in America begins to emerge from the turbulence of the past five years. I opened with the question of what keeps me up at night? the answer should be clear. We are at an inflection point in our history in this evolving marketplace, we face questions every day about how to serve more customers responsibly and in a way that is profitable, and therefore sustainable.

7 The penalty fees and favorable economic environments of the past that enabled free checking for every customer are gone the new calculus of responsible access and sustainable revenue is new ground for all of us we are committed to getting it right, but still face a number of challenges. So, this is what keeps me awake at night this question of how to rebuild a consumer banking model in an increasingly competitive marketplace within an evolving regulatory environment But it all comes back to understanding your customer and using resources Human, Technology, and Collaboration to deliver the appropriate experience, at the right value, to help improve the financial lives for all our customers. Thank you.

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