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U.S. Bank is seeing operational efficiencies as it deploys AI and invests in technology. “We are maintaining our expense discipline through sustainable process automation and we are executing on our payments transformation with greater focus and strategic investments,” Chief Executive Gunjan Kedia said during the bank’s third-quarter earnings call today. “The outcomes of our efforts […]
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Vaidik Trivedi
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U.S. Bank is expanding its small business offerings with launches of two embedded solutions this month. On Sept. 4, the $673 billion bank announced the following offerings for its 1.4 million small business (SMB) clients: U.S. Bank bill pay for businesses; and U.S. Bank payroll. “With these two [launches], we are now essentially investing a […]
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Whitney McDonald
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U.S. Bank is expanding its small business offerings with launches of two embedded solutions this month. On Sept. 4, the $673 billion bank announced the following offerings for its 1.4 million small business (SMB) clients: U.S. Bank bill pay for businesses; and U.S. Bank payroll. “With these two [launches], we are now essentially investing a […]
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Whitney McDonald
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U.S. Bank is looking to manage expenses without cutting corners on technology, and its steadily decreasing efficiency ratio is proof of the effort. Efficiency ratio is a key indicator of financial institutions’ cost effectiveness in their operations. “We are making steady progress on our medium-term profitability and efficiency targets,” Chief Financial Officer John Stern […]
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Whitney McDonald
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U.S. Bank increased its technology spend in the third quarter to further digitalize capabilities within its branch network. “Our strategy focus is to create density in the highest growth areas within our current footprint, rather than use branches to expand out of our footprint,” U.S. Bank President Gunjan Kedia said during today’s Q3 earnings call. […]
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Courtney Blackann
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U.S. banks are investing in health care payments technology companies to diversify revenue. The points of convergence between fintechs and healthtech companies are increasing, especially in the United States. Employing fintechs with billing or insurance capabilities, for example, can limit middlemen and costs in the health care payments system, Asaf Charnilas, principal investor at Tel […]
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US Bank is offering a bonus of $400 or $900 for new business checking accounts. You can open the account online, but you need to be in US Bank’s footprint to do so. If you’re in a state with no US Bank branches you could still apply if you have an existing relationship with the bank. This $500 bonus for the US Bank Business Triple Cash card could be a good way to start a relationship. Let’s take a look at the details of this latest offer.
In order to earn the bonus, you need to open an eligible account using promo code Q4AFL24. Here’s how it works:
This bonus has now increased from a maximum of $800 to $900 while the deposit requirements are still the same. However, you now need to open a Platinum Business Checking account to earn the $900 bonus.
With the new $900 bonus you need to deposit $30,000, while the $400 bonus only requires a deposit of $5,000. You will need to keep the money in the account for about 30 days.
Bank bonuses are a great way to earn some extra income, often from the comfort of your home. You can take a look at my bank bonus results for 2022 where I made over $6,000. If this bonus is not for you, then you can check our full list of available bank bonuses. And, if you’re new to bank account bonuses, you can learn more about churning bank accounts here.
Found a great Bank Offer? Share it with us, so we can share it with our readers!
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DDG
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Financial institution leaders have prioritized innovation and efficiency efforts in 2024 while navigating continually evolving technologies.
This year, bank executives have been tasked with keeping up with generative AI and boosting their cybersecurity efforts in a fraud-ridden environment. And they have done so while maintaining compliance as they await impending regulations.
The year has required a balancing act — and banks have stepped up to the challenge.
Bank Automation News presents 11 bank technology executives who we expect to lead innovation in 2025.
Rohit Dhawan is the first to take on the director of AI role at Lloyds Banking Group. He is responsible for scaling Lloyds’s AI capabilities throughout operations while leading its new AI Centre of Excellence.
Dhawan’s appointment is part of the bank’s efforts to accelerate use of digital technologies and data to improve the overall customer experience, according to an Aug. 5 Lloyds release. This year, the bank also added 1,500 technology and data specialists to support these tech-driven efforts.
London-based Lloyds Bank has been using AI to streamline operations and aims to save $901 million in 2024 through tech and AI deployment, according to the bank’s second-quarter earnings report. The $1.1 trillion bank reported that it has nearly 800 AI use cases it plans to deploy in the coming quarters.
Before joining Lloyds, Dhawan served as head of data and AI strategy across the Asia-Pacific region at Amazon Web Services.
Ian Eslick returned to his tech roots in August when he began work at $27 billion digital lender SoFi, leaving his role at U.S. Bank.
SoFi, one of the largest online lenders for student and unsecured lending, is investing in its product pipeline, especially in a lower rate environment, Chief Executive Anthony Noto said earlier this month at Goldman Sachs Communacopia & Technology Conference 2024, noting that SoFi wants to launch more core products in financial services.
Eslick joins the SoFi team with an innovative and entrepreneurial background. Before his U.S. Bank stint, he founded multiple startups including health care company Vital Labs and data and analytics company Compass Labs, which has raised more than $12 million since its inception, according to Crunchbase.
Steve Hagerman will join Truist Financial as its CIO in October from Wells Fargo, where he served as CIO for consumer technology since April 2023.
Hagerman was the “right person at the right time for our enterprise technology team,” a Truist spokesperson previously told BAN, noting that selecting a new CIO was a “thorough process.”
His move to the $511 billion Truist follows turbulence on the bank’s leadership team as the bank lost multiple executives in the past year, including former CIO Scott Case, who Hagerman will replace.
“Steve brings 25 years of broad technology experience in the financial services industry to Truist and will be a key driver in our efforts going forward,” CEO Bill Rogers said during Barclays Financial Services Conference earlier this month, noting that the bank is investing in its digital products with efficiency at the forefront.
At Wells Fargo, Hagerman has his hand in the bank’s multi-cloud strategy, approach to generative AI, and AI and machine learning efforts.
Based on his experience, Hagerman is expected to “accelerate how we think about our go-to-market strategy,” Sherry Graziano, head of digital, client experience, and marketing at Truist, told BAN.
Tracy Kerrins is leading generative AI efforts as Wells Fargo prioritizes bankwide efficiency efforts.
At the $1.7 trillion bank, Kerrins will identify how AI can be deployed in each area of business, CEO Charlie Scharf said in a July 30 Wells Fargo release.
“Generative AI can help us transform our businesses, improve our customer and client experiences, and enhance the way we work,” he said, noting that Kerrins has experience deploying technology and modernizing operations.
As Kerrins takes on generative AI, the bank has established its own generative AI council to ensure it approaches the technology responsibly.
Prior to her July appointment, Kerrins was the bank’s CIO for consumer technology and enterprise functions, according to the release.
The $40 billion, Jacksonville, Fla.-based EverBank is undergoing a digital overhaul during a two-year window led by COO Lindsay Lawrence.
Lawrence is looking to third-party vendors to update manual processes, improve the consumer banking platform and implement an API-first strategy at the regional bank.
Over the next year, the bank plans to continue its modernization strategy with fintech partners including fraud prevention software from Actimize, FIS’ consumer platform Digital One and payment processing system Finzly, Lawrence previously told BAN.
Don Muir, of fintech Arc, plans to expand operations in the United Kingdom and the European Union. The fintech currently provides banking and financial services to small- and medium-sized businesses in the United States.
The fintech recorded 12 times growth in loan origination after the Silicon Valley Bank collapse in March 2023. The banking crisis “was really the catalyst and the inflection point for our business and things haven’t slowed down since that,” Muir told BAN.
Founded in 2021, Arc has raised a total of $181 million in funding from Left Lane Capital, Atalaya Capital and others, according to Crunchbase.
Sathish Muthukrishnan joined Ally in 2020 as CIO after more than a decade at American Express. At Ally, he has been tasked with developing and deploying AI products and strategies for the $181 billion bank.
Under Muthukrishnan’s leadership, Ally has deployed AI within customer relations and marketing, with the aim of launching one new gen AI feature each month until the end of 2024.
To ensure an ethical approach to gen AI, the bank recently joined the Responsible AI Institute as its first U.S. bank member, according to the institute’s Sept. 18 release.
“Joining the Responsible AI Institute shows our commitment to continue advocating for high standards in the use of AI while also thoughtfully leveraging its potential services,” Muthukrishnan said in the release.
As CPO of business banking, Shruti Patel is responsible for delivering an integrated product strategy that connects banking, payments and software for business clients with up to $25 million in revenue.
Under Patel’s leadership, the $657 billion U.S. Bank is developing new technologies, such as AI-driven financial insights for SMBs along with faster and automated payment channels to manage finances.
Before joining U.S. Bank, Patel served as head of global product partnerships and monetization at Shopify and as head of embedded payments and partnerships at JPMorgan Chase.
Carl Slabicki, of BNY Treasury Services, is tasked with keeping up with global payments trends.
Slabicki’s team is responsible for innovating to bridge instant payment capabilities across networks through BNY’s smart routing solution , he told BAN.
The automated smart routing solution determines which payments rail is used for a given transaction. The $428 billion BNY is working to add capabilities to the router to keep up with the global demand for payments rails, he said.
Small businesses are looking to their financial institutions to provide digital solutions that will help them keep up with evolving market needs and Jameson Troutman, of $3.9 trillion JPMorgan Chase, is closely monitoring small business trends to innovate based on specific needs within his business unit, he told BAN.
To remain current on digital demands from small business clients, Chase for Business, under Troutman, has recently launched the following products:
Troutman joined JPMorgan in 2002 as an analyst in the private bank and held roles within Chase Card Services and the Agile Product Office before moving into his current role, according to LinkedIn.
Jess Turner, of Mastercard, is focused on driving the global adoption of open banking.
Open banking applications are on the rise globally. In fact, by 2028 the market value of open banking is expected to reach $75.4 billion, up from $24.7 billion in 2023, according to the Business Research Company.
To boost adoption, especially in the U.S. where the market awaits a decision on the Consumer Financial Protection Bureau’s 1033 ruling, Mastercard is tapping AI and open banking for transaction monitoring, data standardization, and fraud and security efforts, Turner told BAN.
While Turner aims to drive adoption, she recognizes there is hesitation around open banking and is working to educate financial institutions about its benefits including improved access to data and capital through secure APIs.
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Whitney McDonald
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BNY has joined forces with Commonwealth Bank of Australian to provide its customers with near real-time payments for cross-border transactions.
By working with CBA, BNY customers can make and receive payments in about 60 seconds, an Aug. 22 BNY release stated.
BNY will connect its existing international payments services network to CBA’s New Payments Platform to make transactions faster in the last stretch of the payments lifecycle, the release stated.
There are 90 real-time payments networks across the globe, Carl Slabicki, co-head of global payments at BNY Treasury Services, said during an Aug. 13 roundtable hosted by the $30 billion financial institution.
And 80% of businesses plan to increase their cross-border payments in the next one to two years, according to BNY’s Emerging Payment Trends research shared at that event.
BNY aims to serve as the connector for as many global networks as possible — Australia’s New Payments Platform and U.K.’s Faster Payments, for example — to facilitate quicker and secure payments, Slabicki said.
“We can now build that into our capability to say that we can clear [payments] in 100-plus currencies, and we can move money all over the world and in the markets that allow it,” he said.
Wealth management provider Edward Jones has selected U.S. Bank to provide its customers with checking, saving accounts and credit solutions, according to an Aug. 22 release.
“U.S. Bank has a longstanding relationship with Edward Jones, including maintaining its credit card program,” Arijit Roy, head of consumer and business banking products at U.S. Bank, told Bank Automation News. “Given Edward Jones’ footprint, with more than 15,000 branch offices in the U.S., this partnership will extend our geographic reach beyond our 26-state branch network.”
The strategic alliance allows Edward Jones to deeply integrate customers into its ecosystem while U.S. Bank can increase its deposit base and grow customer acquisition, Roy said.
Edward Jones entered into an agreement with Citi in August 2023 to provide the same services to its Edward Jones’ clients but Citi backed out of the deal, declining to provide details to BAN.
DeLand, Fla.-based Surety Bank has selected fintech Apiture to improve its digital and mobile banking, according to an Aug. 22 Apiture release.
Apiture will deliver the Apiture Digital Banking Platform to Surety Bank via APIs and will include features like online account openings, money transfers and checking balances, Jennifer Dimenna, Apiture’s senior vice president of product, told BAN.
Apiture’s API infrastructure also allows it to provide Surety Bank with services from more than 200 fintech partners, including a family banking and financial literacy tool from Greenlight and a real-time fraud detection solution from DefenseStorm, Dimenna said.
“We’re seeing strong demand [for digital banking tools] from both community and regional banks and credit unions as they seek to level the playing field with the largest banks,” Dimenna said. “Consumers and businesses are fueling this demand, expecting the same modern, personalized and intuitive experience in banking as they encounter in other digital experiences.”
Digital account opening and financial wellness capabilities that enable consumers to manage spending and monitor their credit score as well as instant payment services like Zelle are some of the most sought-after digital banking services, Dimenna said.
It will take Apiture six to nine months to bring Surety Bank onboard, and the bank is expected to be live on the platform by the end of October 2024, Dimenna said.
Global payments service provider Adyen has joined forces with invoicing and B2B payments provider InvoiceASAP to offer its customers the ability to generate and pay invoices from a single platform, according to Adyen’s Aug. 21 release.
The Adyen for Platform solution and Adyen’s Cash Out feature will allow customers to make payments and instantly access funds, reducing the multiday waiting period, the release stated.
The solutions will be provided via API and will include a fraud detection and prevention solution powered by network-wide insights and machine learning technology, an Adyen spokesperson told BAN.
“Businesses are always on the lookout for faster and more efficient ways to move money,” Davi Strazza, president of Adyen North America, told BAN. Adyen’s instant payments are one of the main selling points for InvoiceASAP and a growing trend that Adyen is seeing with current and prospective customers, he said.
Visit Bank Automation News’ Transactions Dashboard, which lists the technology selected or acquired by companies in the financial services industry, with a focus on technology that enhances automation.
Early-bird registration is now available for the inaugural Bank Automation Summit Europe in Frankfurt, Germany, on Oct. 7-8! Discover the latest advancements in AI and automation in banking. Register here and apply to speak here.
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Vaidik Trivedi
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U.S. Bank is developing AI-driven solutions for its business clients, with its latest efforts targeting the launch of an AI-driven cash-forecasting tool. Major financial institutions like Bank of America, Citizens Bank and PNC Bank have already deployed cash-forecasting solutions. The $669 billion bank is working with cloud-based fintech Kyriba on the tool, which will help […]
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Vaidik Trivedi
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U.S. Bank expects revenues from its payments segment to continue to climb as it develops and deploys technology for small- and medium-sized businesses. The $669 billion bank reported $1.1 billion in payments revenue in the second quarter, up 2.7% year over year, according to the company’s earnings report. Merchant payments processing revenue accounted for 84.3% […]
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🔃 Update: This offer is back again through September 26, 2024, with promo code 24DMC07. Here are the new bonus tiers:
Plus you can still get $85 from Swagbucks.
US Bank is offering a bonus of up to $500 for new checking accounts. But you can also get another $85 from Swagbucks, which gives you a total bonus of $585. The checking account can be opened in a branch, online or over the phone. But you need to be in US Bank’s footprint to do so, or you need to have a prior relationship if your state doesn’t have a branch Check out the details of this offer below.
Open your checking account online through this page, in a branch or over the phone by June 27, 2024 with an opening deposit of $25. Then, within 90 days of account opening, enroll in the U.S. Bank Mobile App or online banking and make at least two direct deposits.
Use the Apply button in the promotion page and the promo code will be applied automatically. If you apply for an account from a different page, you’ll need to manually enter promo code 2024APR to account application.
You will see a bonus of up to $700 in the promotion page, but that includes a $200 savings bonus that’s not worth it with current interest rates.
Here are the eligibility details for this bonus:
Members of the military (requires self disclosure) and customers ages 24 and under and those 65 and over pay no monthly maintenance fee. All others can have the $6.95 fee waived by meeting any one of the following criteria:
We have seen this bonus in the past and now you can also get an extra $85 when going through Swagbucks. The Swagbucks requirements are just a $25 opening deposit, which makes it super easy to earn. But to earn the $500 bonus from US Bank, you will need to make at least two direct deposits. Those deposit must total $10,000 or more for the maximum bonus of $500. But the good thing is that you are not required to keep that balance at US Bank.
Bank bonuses are a great way to earn some extra income, often from the comfort of your home. You can take a look at my bank bonus results for 2022 where I made over $6,000. If this bonus is not for you, then you can check our full list of available bank bonuses. You can also access bonuses available in your state by visiting dannydealguru.com/tag/NY-bank-bonus/. Just replace NY with your state or with “nationwide”.
And, if you’re new to bank account bonuses, you can learn more about churning bank accounts here.
Use the social media buttons below to share this article. Your support ad engagement is always greatly appreciated.
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DDG
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U.S. Bank is looking to fintechs to provide back-office management for its small-business clients. The $669 billion bank listens to feedback from business clients to understand what they are looking for and whether to develop solutions in house or team with a third party, Shruti Patel, chief product officer for business banking, told Bank Automation […]
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Vaidik Trivedi
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U.S. Bank has teamed with debit fintech Greenlight Financial Technology to help parents teach financial literacy to their children. “U.S. Bank is the first financial institution to offer Greenlight through an embedded mobile app experience,” Brandon Horne, general manager of partnerships at Greenlight, told Bank Automation News. “We were able to have Greenlight’s tech embedded […]
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U.S. Bank is working on AI-driven solutions for its small and medium-sized business clients to improve their operations. “By no means is it as easy as just deploying AI into the ecosystem without taking into consideration some of the challenges it comes with,” Shruti Patel, chief product officer for business banking, told Bank Automation News. […]
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U.S. Bank is realizing gains from the $8 billion it has invested in technology since 2019 as it remains focused on developing its payments technology. “We’ve invested a lot in the company in digital and technology capabilities over the last five years that are starting to pay off,” Chairman and Chief Executive Andy Cecere said […]
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U.S. Bank’s investment in payments technology contributed to growth and higher payments revenue in the first quarter. “We are maintaining our through-the-cycle underwriting discipline and seeing the benefits of our multiyear investments in [the] digital, technology and payments ecosystem in the form of strong fee growth across our business lines,” Chief Executive Andrew Cecere said […]
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Update 4/8/24: Reader Shawn reports that you can open a CD to become eligible for their checking and card products
Update 1/13/24: Reports are this no longer works
Original Post:
You can open a self-directed US Bank investment account to make yourself eligible for their checking bonuses and credit cards.
For those outside of the US Bank footprint, the bank allows us to apply online for their lower tier credit cards, but does not approve us via online application to apply for their checking account and their Altitude Reserve card.
Typically, the workaround is to apply for a lower tier card, and that gets you into their system as a customer, and you can subsequently get the checking account or Altitude. That does require using up a 5/24 spot on a card you don’t necessarily want.
Reddit user sherpderp1 gives a tip to help get in their system. US Bank offers a self-directed brokerage account which can be opened by anyone nationwide. Once the bank sees you as a customer, they’ll allow you to open their checking account and credit cards.
Note: this method does not seem to be working for everyone. YMMV.
This $300 checking bonus will be interesting to some. The Altitude Reserve signup bonus will interest some people as well. You should be able to apply for the checking bonus soon after opening the brokerage (worth waiting 24 hours to allow the system to update); to apply for the Altitude Reserve requires being a customer for 5 business days.
Note: the brokerage account gets hit with a $40 fee at year’s end if there were no trades on the account; set yourself a reminder to cancel that before year’s end or try to create some activity there. See also this comment and this comment.
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Chuck
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U.S. Bank has launched a new Bonus Days promotion today, offering double rewards on all purchases made through the Shopping Deals website or Chrome browser extension. Check out more details about this promotion below.
During the Shopping Event (March 27 through March 30, 2024), in addition to the base cash back your card earns, you will earn the extra bonus listed for the merchant on the Shopping Deals site or Chrome browser extension, and that extra bonus will be doubled for every $1 in eligible net purchases (net purchases are purchases minus credits and returns).
You can search for U.S. Bank Shopping Deals here. Just make sure you activate a specific offer before making a purchase with that merchant.
Bonus Days bonus earned will not be reflected in the My account section of the Shopping Deals site or Chrome browser extension.
Participating merchants and offers of the Shopping Deals site may vary and are subject to change without notice. But some of the better offers there will get even better, and you can possibly find some money makers. Just keep in mind that extra cash back is not earned on tax, shipping, handling, or any special services.
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DDG
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