Bank of America's P2P Payments Business Almost Doubled in October

Last week, I was seated on an airplane next to a student in his final year at Vanderbilt. He was on his way to Seattle to interview for a position with Microsoft, after already interviewing at a number of other big-name technology companies.

We got to talking about the technological upheaval that's going on in the bank industry. What I found most interesting was that his perception of the future of banking corresponds closely to something that Hugh McColl, the legendary former CEO of Bank of America (NYSE: BAC), once told me -- namely, that the banks that are best positioned to dominate in the future are those that give current and future generations of consumers more control over their money.

Image source: Bank of America.

Source: Fool.com