Bank of America searches for the future of banking?

Bent on uncovering what the future of banking will look like, Bank of America has inked a 5-year deal with MIT's media Lab, that calls for the big bank to pony up $3-$5 million annually. The goal is to understand how technology will shape consumer banking. Executives will work alongside Media Lab researchers starting this summer. The emphasis will actually be on inventing technologies that can allow for better interaction. One goal is to better understand consumer behavior. Hopefully, revolutionary services will emerge. Bank Technology News cites something called "affective computing," which was developed for autistic children to better communicate, as something that will be explored for customer applications. We'll have to see what bubbles forth. Citigroup, take note.  

For more:
- here's the Bank Technology News article