U.S. Bank is prioritizing digital banking to build deeper relationships with clients and meet the demands of younger clients as they enter the workforce.
“About 80% of all of the transactions that happen, we’re doing digitally,” Dominic Venturo, senior executive vice president and chief digital officer, said at the Fintech Meetup event in Las Vegas.
Digitalizing transactions “means we enable the retail bankers, the sales folks, to spend more time consulting with customers, less time doing transactions,” he added.
The $665 billion bank has digitalized the following transactions on its mobile and online banking platforms:
- Account opening;
- Card replacement or freezing;
- Charge disputes;
- Check deposits; and
- Credit product applications.
The remaining 20% of transactions take place in branches or through call centers as some consumers still prefer human interaction, Venturo said.
“When somebody calls a call center and says they don’t know how to do something in the mobile app,” bank representatives can guide them through the process “to empower them to self-service next time,” Venturo said.
Mobile app supremacy
Financial institutions are focusing on digital channels to improve customer service because often that is the primary interaction they have with customers, Alyson Clarke, principal analyst at think tank Forrester, told Bank Automation News.
Many banks are improving their mobile banking apps by providing AI-powered chatbots to solve everyday transaction issues for customers, Clarke said.
“In 2025, we predict there will be a breakthrough for conversational banking,” Clarke said. “Leaders will use AI capabilities to make their in-app bots smarter and more useful to customers.”
Interactive banking improved last year because virtual assistants in mobile apps increased consumer loyalty and satisfaction, according to financial services consultancy Keynova Group’s Mobile Banker Scorecard published today.
U.S. Bank topped the report’s list of 17 major financial institutions that have the best mobile banking experience for the first quarter, followed by $2.4 billion Bank of America and $1.7 trillion Wells Fargo.
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