Bank of America’s tech chief says nothing new about the Apple Card

Victor J. Blue | Bloomberg | Getty Images

Catherine Bessant, Bank Of America

Bank of America’s technology and operations chief Cathy Bessant isn’t losing sleep over Apple’s new credit card.

Bessant, who has led the bank’s tech division since 2010, was asked by CNBC’s Deirdre Bosa what her reaction was to Apple’s Monday announcement. Keep in mind that Bank of America, the second biggest U.S. lender by assets, is a financial giant with relationships with 66 million consumers and small businesses.

“My reaction when I saw the announcement was, first competitively, all of the features that are in that card are offerings we have today,” Bessant said on Squawk Alley. “The card plastic for swiping itself all the way through to the mobile and electronic wallet.”

Bessant joins a few industry voices, including analysts at Goldman Sachs, the bank partner for the Apple Card, to downplay the innovation that Apple CEO Tim Cook boasted about on Monday. The new service relies on Apple Pay for mobile payments and includes a titanium card for situations where Apple Pay isn’t yet accepted.