Our technology investments are designed to give us an industry leadership position with the capability to effectively manage risk, operate more efficiently, communicate more easily, deliver quality products and services and improve multichannel delivery.
Every line of business is dependent upon our ability to support, deliver and interact with our customers on a day-to-day, even minute-to-minute basis. Here are just a few of the most impactful investments in technology in the past year.
With more than 30 million “hits” a month, our online banking is a delivery channel that must meet customer demand for ease, simplicity and responsiveness. We are investing $130 million to deliver a superior online and cross-channel experience that deepens customer relationships through sales, self-service and retention capabilities.
We are building an online and mobile platform that helps customers understand their financial situation and take action when necessary. This customer advocacy includes alert services notifying customers when they need to pay bills or when they may be low on funds. It includes showing customers we know and value them by offering tailored services and solutions and streamlined account opening processes.
With more than 18 billion smart phone apps downloaded through 2010, it’s clear that mobile banking apps and other innovative mobile systems are the delivery channels of the future. U.S. Bank has become a leader in product innovation, and we have implemented or are piloting a variety of banking and payments emerging technologies, including support for mobile phone wallets and contactless payment technologies. Mobile wallets and contactless payments are rapidly moving from the experimental and trial stage to broad commercial acceptance.
In our branches, we are making franchise-wide technology investments that will immediately elevate the customer experience. Our bankers have faster, easier access to information and transactions, allowing them to focus on customer service and understanding customer needs. Where in the past it might have taken up to 30 “clicks” to complete an application or account opening, now it can take as few as two. Technological improvements in 2010 included the addition of e-signature pads for Consumer Lending to allow online electronic signatures, eliminating repeated in-person visits.
Other major investments in technology include a new Business Center in Kansas, our Home Mortgage origination platform, Call Center telephony and distribution channel integration. We invested $856 million in our franchise in 2010, including technology enhancements.
Leading the way in internet and mobile banking
Internet and mobile channel usage continues to grow dramatically, and U.S. Bank is building new capabilities to meet customer needs. The key driver of our investment priorities is listening to our customers to understand how internet and mobile capabilities make it easier to do business with U.S. Bank. Our focus is on building a seamless experience across our channels to serve customers wherever and however they want to do business.
Investments in technology are evident at the branch level, a reflection of our goal to make banking at U.S. Bank easy and to build deeper customer relationships. We are investing nearly $300 million in new hardware and software to serve our consumer and small business customers better.
