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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“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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