often led the way . I ’ m sure many of us here tonight agree that capitalism is without a doubt the best model to generate wealth and to lift people out of poverty .
But I think many of us would also agree that capitalism is not perfect . Many people feel left out of a system that seems to produce tremendous and unequal benefits for relatively few , and frankly far more modest benefits for everyone else . And , listen , we really need to fix that .
Business leaders much embrace a new definition of capitalism that puts a greater emphasis on social responsibility and equity . The Business Roundtable took meaningful steps towards that goal when it redefined the purpose of the corporation to include a commitment to all stakeholders . [ JPMorgan Chase Chairman & CEO ] Jamie Dimon was in the lead in that Business Roundtable effort .
That was a great start , but companies now need to move beyond aspiration . We need to set clear goals and take specific actions . Therefore , in December , I joined with chief executives of several dozen companies , including my co-honoree Brian Moynihan , to launch the Council on Inclusive Capitalism with the Vatican . The Council was created as a partnership to foment true systemic change , with each member organization making commitments to develop a more equitable , sustainable , just and , ultimately , trusted economic system .
TIAA , for example , has made commitments ranging from the expansion of diversity and inclusion to tackling climate change through our investments and our business practices . But even with the massive commitments already underway , all of us can and should do more . We have to learn a lasting lesson from the recent crises : a more inclusive , a more equitable , a more just capitalism is better for business ; it ’ s better for Americans ; it ’ s better for the world . So , I encourage leaders at every level to use your power , use your platform , use your resources to help your employees and your communities overcome the challenges that we face . And build a better world for all of us . We must ensure that capitalism is representative of — and responds to the needs of — real , everyday people across the country by creating opportunities for wealth for a much broader cross-section of society , creating jobs that pay well and give people dignity , and keeping communities strong .
I ’ m close to the end of my career in financial services . I ’ m going to retire at the end of March . So I ’ ve started to reflect on the great good fortune that I ’ ve had in my career , including the opportunity to talk about and lead the push , making the changes I ’ ve just discussed with you . And , one of the great opportunities and one of the joys in my career is the opportunity to be recognized with this great Whitehead Award .
BRIAN MOYNIHAN Chairman and CEO , Bank of America
Thank you to the Museum of American Finance . I am humbled to receive this award among so many distinguished past recipients . To start off , I want to make it clear — I accept this award not for me , but for the 210,000 + teammates at Bank of America , for my management team who lead them well , and for the Board of Directors who invest in us to help make us successful .
I also want to send a special thanks tonight to my teammates who work in our financial centers . They have done an extraordinary job in helping clients with their day to day financial needs during this health and humanitarian crisis . The efforts of those teammates underscore over the past year the essential , empowering role that financial services plays in society every day . I also want to acknowledge and celebrate the Museum ’ s important work to build awareness around the critical role that finance and banking plays in society . So , tonight , I ’ m honored to receive this award for financial innovation .
I thought I ’ d talk about what financial innovation means to me , and what it means to our company . Financial innovation is essential for what we call responsible growth . That ’ s how we deliver for our teammates , our clients , our communities and our shareholders . It ’ s how we connect and create and support lifetime relationships for our clients and customers . It ’ s how we empower clients — letting them choose how to engage with us in a personalized experience for themselves .
Now we spent the past decade focusing very heavily to make all of this happen . We ’ ve invested over $ 30 billion in the last decade on innovation . For our clients , this allows us to deliver a full range of capabilities across integrated high tech , high touch experiences . We want them to have it any way they want it . They can do things faster , they can do more things and they can do them more securely . It takes the friction out of transactions . At the end of the day , it also drives new consumer behavior . On our end , it may create efficiencies , which help us deliver further to our clients and shareholders .
Digital lending is one of the examples . Innovation has changed digital lending in the last few years . From just a start a couple of years ago , we now have 80 % of our direct consumer loans come through digital channels . The payments area is another area of innovation . Our Zelle product — which we in the industry drive P to P ( person to person ) payments and P to B ( person to small business payments , in particular )— has 13 million active users . They sent out $ 140 billion last year in payments . That grew at 80 %. Now that ’ s interesting , but what you might find more fascinating is that Zelle payments are currently running about 40 % of the amount of charges made on credit cards at Bank of America . That ’ s 35 million credit card customers , with behavior that ’ s been built up over the years .
That shift doesn ’ t just happen on the consumer side to innovation ; it happens on the commercial side . A chief financial officer can use our CashPro mobile platform to manage accounts and make payments from her desktop machine , her laptop , her phone and even her watch in the same way I could for our personal accounts .
One of the most important developments of the past year has been the evolution and integration of artificial intelligence into our business . We have an artificial intelligence-based assistant
8 FINANCIAL HISTORY | Winter 2021 | www . MoAF . org