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U.S. Bank gets customer improvements from idea to launch by tying the work to business priorities, bringing risk in early and setting success measures before work starts, and banks and credit unions of any size can copy the method.
Jim Marous is often asked which U.S. banking organization has the most impressive innovation culture, and he never hesitates to say U.S. Bank. Anyone who has changed banks knows the autopayments are what take the time. This Banking Insights episode looks at how U.S. Bank chooses which customer problems to solve and organizes itself to deliver. Two recent announcements, Protect 360 and Payment Switch, came 12 days apart, and Keynova and American Banker have recognized the results.
Drawing on his interviews with Dom Venturo, senior executive vice president and chief AI, data and innovation officer, and Don Relyea, Chief Innovation Officer, Jim explains the operating details. Work is tied to business priorities, risk partners get involved while ideas are still taking shape, success criteria are set before work starts, and a clear handoff moves a proven idea to the line of business that will own it. Dom says about 80% of what a new product needs can come from existing tools.
Jim also covers what a smaller bank or credit union can take from this. That includes questioning every step customers are asked to complete, putting providers and risk in the first meeting, learning what existing providers already support, and telling employees and customers when something launches. Jim also explains why the recognition U.S. Bank collects goes mostly to improvements customers can see and use, and how the bank tells people what it builds. The episode closes with one question every institution can use to find its next improvement.
About: Banking Transformed is hosted by Jim Marous, top five banking industry influencer and Co-Publisher of The Financial Brand. Banking Insights episodes deliver the most important strategic ideas in under ten minutes, for the executive who wants the takeaway without the deep dive. Subscribe to the Digital Banking Report at digitalbankingreport.com.
