Banks tend to pull back in times of crisis by tightening credit and focusing on collections efforts. But consumers, and not returns, must be the focus during the coronavirus pandemic.
State Farm struggled to make its bet on banking pay off and decided like other insurers to exit the business. U.S. Bancorp swooped in to add deposits and credit card accounts at little cost or risk.
U.S. Bank wants to disrupt the way consumers pay their bills by offering billers a new platform fit for faster payment rails, new messaging formats and digital assistants.
U.S. Bank has hired payments veteran Peter Gordon to fill a new post as head of emerging payments product and strategy, tapping his years of experience developing real-time payments technology.
The Minneapolis bank said it will provide $8.2 million in grants to nonprofits that arm potential workers with cutting-edge skills and promote small-business growth. Banks say the investments will help them and their commercial customers close the skills gap.
Facebook's plans to launch its Libra cryptocurrency dominated much of the discussion at American Banker's Digital Banking conference last week, but attendees also debated what big tech company might strike next and what future digital innovations are in store.
