New U.S. Bank Mobile App Delivers Unprecedented Personalized Insights
April 02 2019 - 8:01AM
Business Wire
Rebuilt banking app removes key barriers to
money management with practical, intuitive features and
personalized insights powered by artificial intelligence
U.S. Bank unveiled its entirely rebuilt U.S. Bank mobile app,
co-created every step of the way with its customers. The resulting
app is one of the most comprehensive and useful mobile banking app
experiences, fueled by extensive research on how people use their
mobile apps and an analysis of consumer needs.
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the full release here:
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Busy customers will enjoy the many
intuitive features of the new U.S. Bank mobile app. Users can see
their entire financial portfolio, from deposits and cards to
investments and loans, in one place. (Photo: Business Wire)
“We developed every feature of the new U.S. Bank mobile app from
insights that our customers shared with us,” said Tim Welsh, vice
chairman of Consumer and Business Banking at U.S. Bank. “Using our
customer-obsessed mindset, we included all of the tools identified
by consumers that would help them quickly, confidently and securely
manage their finances at their fingertips.”
KEY FEATURES OF THE NEW U.S. BANK MOBILE APP:
The new app helps customers make smart financial decisions
through new features, like:
- Money Mentorship: In research,
consumers said they wanted a banking experience they can trust and
that helps them through any financial situation. Through a
personalized dashboard, the app analyzes spending habits in real
time to help users understand where their money is going. The app
saves customers time and money by notifying them when recurring
payments have changed, reminding them of upcoming payments due and
helping them track their cashflow and spending habits.
Additionally, the app contains a new savings education feature,
assisting consumers who are not actively saving and encouraging
them to begin.
- Face ID: Users with compatible
iPhones can log in via Face ID, reflecting increased demand for
added security features.
- Easy Banking: Busy customers
will enjoy the many intuitive features of the app. Users can see
their entire financial portfolio, from deposits and cards to
investments and loans, in one place. Card management needs, like
setting travel notifications and freezing a debit card are easily
accessible in the app.
- Money Movement: Research showed
that consumers are looking for easier ways to send money to family
and friends. Get paid back faster with Zelle®, which is now even
easier to access within the app.
- New Accounts: For many people,
opening new accounts and applying for mortgages can be complicated.
It’s easy and very quick to open new checking and savings accounts,
apply for loans and credit cards, and open investment accounts, all
directly in the app.
FINDINGS FROM THE U.S. BANK MOBILE MONEY MANAGEMENT
SURVEY
In addition to qualitative research with customers, U.S. Bank
also conducted the U.S. Bank Mobile Money Management Survey, which
looked at the financial habits and needs of 1,000 U.S. adults. The
survey showed that Americans are looking for help when it comes to
managing their money.
One in three Americans said they “wing” their finances, the
recent survey revealed. According to the findings, the top barriers
for people struggling to manage their finances are money (45
percent) and time (27 percent).
When asked what types of advice they seek on their smartphone,
financial management/budgeting advice was No. 2 (34 percent), just
behind exercise and physical training (40 percent). Financial
management and budgeting advice ranked higher even than dieting or
diet-friendly recipes (27 percent), mental health or meditation (17
percent) and dating or relationships (14 percent).
“One of the key things we learned from this survey is that, in
general, people aren’t getting the help they need from their mobile
banking apps,” said Gareth Gaston, executive vice president of
Omnichannel at U.S. Bank. “The primary obstacles that people are
facing, time and money, are problems that well-designed apps can
solve. We know that three-quarters of people use a banking app, so
by building powerful tools directly within our mobile app we can
help our customers better control their finances. We built the new
U.S. Bank mobile app from the ground up to address the needs of
today’s consumer.”
The U.S. Bank Mobile Money Management Survey also revealed
Millennials, in particular, struggle to manage their money: 36
percent of millennials claimed to wing their finances. Among
millennials who wing their finances, 37 percent say they don’t
understand personal finance—that’s almost twice as many as Gen X
(19 percent) and three times as many as Baby Boomers (10 percent).
However, millennials are more likely to have a mobile banking app
(84 percent vs. 74 percent of the general population).
“The new U.S. Bank mobile app provides time-saving banking
features along with personalized insights that help us be central
to the financial lives of our customers,” said Ankit Bhatt, senior
vice president of Omnichannel Experience at U.S. Bank. “For
example, the new app helps customers better see their spending
habits and cash flow. Additionally, educational tools like spending
quizzes, a visual display of information, and guided help
functionality allow our customers to grasp complicated financial
terms and helps them to take action and better manage their
finances.”
The new U.S. Bank mobile app is available for iPhone. To
download it, visit the App Store and search for U.S. Bank. The new
app will be updated automatically for customers who have the U.S.
Bank mobile app installed on their device and have enabled
automatic downloads. The Android version is coming soon.
About U.S. BankU.S. Bancorp, with 74,000 employees and
$467 billion in assets as of Dec. 31, 2018, is the parent company
of U.S. Bank, the fifth-largest commercial bank in the United
States. The Minneapolis-based bank blends its relationship teams,
branches and ATM network with mobile and online tools that allow
customers to bank how, when and where they prefer. U.S. Bank is
committed to serving its millions of retail, business, wealth
management, payment, commercial and corporate, and investment
services customers across the country and around the world as a
trusted financial partner, a commitment recognized by the
Ethisphere Institute naming the bank a 2019 World’s Most Ethical
Company. Visit U.S. Bank at usbank.com or follow on
social media to stay up to date with company news.
About the SurveyThe U.S. Bank Mobile Money Management
Survey was conducted online by Wakefield Research among 1,000
nationally representative U.S. adults between Feb. 27 and March 5,
2019. The margin of error was +/- 3.1 percent.
Loan approval is subject to credit approval and program
guidelines. Not all loan programs are available in all states for
all loan amounts. Interest rates and program terms are subject to
change without notice. Visit usbank.com to learn more about U.S.
Bank products and services. Mortgage, Home Equity and Credit
products are offered by U.S. Bank National Association. Deposit
products are offered by U.S. Bank National Association. Member
FDIC. ©2019 U.S. Bank
Zelle and the Zelle related marks are wholly owned by Early
Warning Services, LLC and are used herein under license.
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version on businesswire.com: https://www.businesswire.com/news/home/20190402005582/en/
Antoine J. LaFromboiseantoine.lafromboise@usbank.com
612-303-0793
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