US Bank reports 80% of transactions and two-thirds of loan sales are digital

Digital activity and technology investments remain high at U.S. Bank despite a dip in year-over-year technology spending. [caption id="attachment_182879" align="alignright" width="300"] Image via U.S. Bank[/caption] Digital transactions account for 80% of total bank transactions and digital loans make up two-thirds of all loan sales, according to the $587 billion bank’s first-quarter earnings presentation today. Combined digital engagement rose 3% YoY to 81%. The bank’s technology push is far from finished, said Andy Cecere, chief executive at the Minneapolis-based bank. “We are pleased with the progress we have seen so far but believe there is further opportunity to increase customer engagement through digital adoption,” Cecere said during the call. “We are continually adding and enhancing digital features and functionality and applying a digital-plus human approach.” U.S. Bank touted several recent technology projects during the call, including: Co-browsing technology for video banking, which allows customers to share their screen with a digital banker; Talech Point of Sale, a digital platform that automates banking and payments for small business customers; ExtendPay, a buy now, pay later solution available to bank cardholders; Request for Payment technology that sends bills directly to consumers, which are then paid back to businesses via real-time payment rails; and Cloud services via Microsoft Azure . Tech investments at the bank have led to concrete business results, and the expectation is for these trends to continue, said Chief Financial Officer Terry Dolan. “Three years ago, our tech-led revenue represented about 15% of our overall merchant acquiring revenue,” Dolan said. “Today, it represents 30%. And we would expect that to continue to accelerate because of investments that we're making.” While technology was a major focus of the earnings call, actual Q1 technology spend fell 3% YoY to $349 million. Reasons for the decline were not disclosed. [stock_market_widget type="inline" template="generic" assets="USB" markup="Shares of {name} ({symbol}) were trading at {price} ({change_pct}) as of {last_update}." api="yf"] Help shape our agenda for the Bank Automation Summit by applying to join the speaker roster here . Potential speakers will be contacted and confirmed directly by the editorial team, and only qualified submissions will receive a response. Learn more about Bank Automation Summit Fall 2022 .

US Bank reports 80% of transactions and two-thirds of loan sales are digital

Tech spend fell 3% YoY to $349 million

Transactions: Challenger bank chooses Temenos cloud, Jack Henry wins at community bank

Citi to spend $11B on tech in 2022

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US Bank reports 80% of transactions and two-thirds of loan sales are digital

Tech spend fell 3% YoY to $349 million

Transactions: Challenger bank chooses Temenos cloud, Jack Henry wins at community bank

Citi to spend $11B on tech in 2022

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