Rebuilt banking app removes key barriers to money management with
practical, intuitive features and personalized insights powered by
artificial intelligence
MINNEAPOLIS--(BUSINESS WIRE)--Apr. 2, 2019--
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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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. Bank
U.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 Survey
The 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
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Services, LLC and are used herein under license.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190402005582/en/
Source: U.S. Bank
Antoine J. LaFromboise
antoine.lafromboise@usbank.com
612-303-0793