Niti Badarinath of U.S. Bank Named Digital Banker of the Year
June 02 2014 - 2:37PM
Business Wire
Niti Badarinath of U.S. Bank was named “Digital Banker of the
Year” today by American Banker. Badarinath, senior vice president
and head of mobile banking and money movement, joined U.S. Bank in
2009 and has helped cement its position as an industry leader in
mobile banking.
“We recognized early on that mobile banking was an enormous
opportunity to gain market share and deepen customer
relationships,” said Kent Stone, vice chairman of consumer banking
sales and support for U.S. Bank. “Under Niti’s leadership, we’ve
become top-of-mind for industry observers and customers seeking a
full-service mobile banking experience. His guidance, insight and
drive for success in the mobile channel certainly make him a
deserving ‘Digital Banker of the Year.’”
Recognized by the industry for being one of leading innovators,
U.S. Bank regularly ranks among the top banks for functional
richness, superior customer experience, and ensuring customer
security and privacy. Badarinath is responsible for all aspects of
U.S. Bank’s mobile channel, including driving the innovation
agenda, defining the bank’s long-term strategy and roadmap,
defining the business case, setting investment priorities, and
managing delivery to U.S. Bank customers. He is also responsible
for running the bank’s mobile channel – its adoption and usage
growth goals, and meeting revenue commitments.
“Adding value and improving the customer experience are the core
drivers of U.S. Bank’s mobile strategy,” said Badarinath. “Our
innovations address key customer pain points or provide new,
differentiated value to our customers. Our customers seem to love
them, as seen by the rapid adoption and use of these new features.
A few years ago, paying your cable bill by taking a picture of it
with your phone would’ve been unheard of, but now we’ve seen mobile
bill pay more than double since the introduction of Photo Bill Pay.
The ease of mobile check deposit has driven almost 90 percent of
the checks deposited electronically to be done via mobile.”
Notable mobile innovation initiatives at U.S. Bank include:
- Photo Banking: “Photo Banking”
has become a common term across the banking industry, thanks to the
leadership of U.S. Bank and Badarinath’s mobile banking team. What
began in 2010 when U.S. Bank was one of the first major banks in
the nation to bring mobile check deposits to customers, has grown
to include other ways of using imaging to enhance the customer
experience, and provide innovative new capabilities: U.S. Bank
launched Mobile Photo Bill Pay in March 2013, and Mobile Photo
Balance Transfer in November 2013.
- Pay-a-Person: U.S. Bank has made
significant customer experience and functional enhancements to its
person-to-person (P2P) product. Called “Pay-A-Person,” this builds
on the core P2P capability, delivered using Fiserv’s POPMoney, and
adds key features like “Send-to-Account” “Request Money,” and
“e-Greetings.” U.S. Bank also introduced faster ways of moving
money, adding the “Next Day Payments” feature in November 2013 and
“Real-Time” or Instant P2P in February 2014. This last feature, the
first of its kind among major banks, delivers funds to the
recipient instantly.
- Mobile Payments: In
collaboration with our payments innovation team, Badarinath’s team
has worked on recent advances in mobile payment innovations
including pilot projects in voice biometrics, augmented reality to
provide location-aware offers from participating merchants, digital
tokenization that increases the security of personal data when
making purchases via mobile device, mobile wallets, and streamlined
m-commerce through the bank’s up-and-coming app, Peri.
American Banker and Bank Technology News noted a number of these
initiatives as determining factors for the award, stating in its
article today:
“In the past year, no bank in the country has
innovated in mobile banking as much as U.S. Bank. It was one of the
first out of the gate with mobile photo bill payments, in March
2013, and late last year it launched an app that allows consumers
to apply for a balance transfer to a U.S. Bank credit card simply
by taking a picture of a credit card statement. Its pilots of voice
biometrics for customer authentication and voice-activated mobile
banking are among the first. And a unique app the bank launched
this year called Peri is one of the few bank offerings to offer a
plausible take on mobile commerce.”
About U.S. BankU.S. Bancorp (NYSE: USB), with $371
billion in assets as of March 31, 2014, is the parent company of
U.S. Bank National Association, the 5th largest commercial bank in
the United States. The Company operates 3,083 banking offices in 25
states and 4,878 ATMs and provides a comprehensive line of banking,
brokerage, insurance, investment, mortgage, trust and payment
services products to consumers, businesses and institutions. Visit
U.S. Bancorp on the web at usbank.com.
Teri Charest, U.S. Bank Public Relations(612) 303-0732,
teri.charest@usbank.com
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