U.S. Bank Sees 200% Increase in Checking Accounts with Digital Accounts
N
Last updated 04/08/2024 by
NewsSummary:
U.S. Bank, a major banking institution that offers everything from credit cards to auto loans to business lines of credit, announced today that it has seen an incredible growth in the number of checking accounts after introducing a redesigned digital application.
U.S. Bank has recently redesigned the process of opening digital accounts, making it faster and more efficient for customers. As a result, the time it takes to complete an application has been reduced by more than half. This has led to a 200% increase in digital checking account openings within the first few months, with digital becoming the highest share of total checking accounts opened in December in U.S. Bank’s history.
The new application process is easy and intuitive, with pre-populated information for existing customers and features such as address autocomplete to save time and reduce errors. The redesign also significantly shortened the application, reducing the number of screens by nearly two-thirds.
The new platform was developed and launched in just six weeks by a small in-house team, and is now being scaled across the company for other products such as Business Checking and Personal Line of Credit. The strategy behind this is to create a strong digital product once and then deploy it in multiple areas, resulting in a cohesive user experience and cost efficiency.
Key Takeaways
- U.S. Bank has redesigned the process of opening digital accounts, making it faster and more efficient for customers.
- As a result of the redesign, there has been a 200% increase in digital checking account openings within the first few months.
- The new application process is easy and intuitive, with pre-populated information for existing customers and features such as address autocomplete to save time and reduce errors.
Compare Checking Accounts
Compare checking accounts. Discover your best option.
About U.S. Bank
U.S. Bank, with nearly 70,000 employees and $554 billion in assets, is the parent company of U.S. Bank National Association, the fifth-largest commercial bank in the United States. The Minneapolis-based bank blends its relationship teams, branches and ATM network with digital tools that allow customers to bank when, where and how they prefer.
U.S. Bank is committed to serving its millions of retail, business, wealth management, payment, commercial, corporate, and investment customers across the country and around the world as a trusted and responsible financial partner. This commitment continues to earn a spot on the Ethisphere Institute’s World’s Most Ethical Companies list and puts U.S. Bank in the top 5% of global companies assessed on the CDP A List for climate change action.
Share this post: