Bank of America's Tech Leadership Gives It an Edge

In today's age of advanced technology on every front, even stalwart institutions need to ride the digital wave to enhance the customer experience and generate innovation to stay ahead. Bank of America (NYSE: BAC) is leading its industry toward the digital transformation as it expends its energy on keeping up to date with technology.

At first glance, Bank of America's third-quarter earnings looked disappointing. Total revenue stayed flat, and net income declined from $7.2 billion to $5.8 billion.

But the dry numbers don't tell the whole story. Revenue beat expectations on Wall Street, and without a $2.1 billion hit it took from ending a merchant services joint venture, earnings would have shown a 14% increase from the third quarter of 2018.

Source Fool.com