US BANCORP
In a new Q&A with the Minneapolis/St. Paul Business Journal, U.S. Bank Chairman, President and CEO Andy Cecere discussed a wide range of topics including our digital transformation, expansion strategy, diversity, equity and inclusion work, cryptocurrency initiatives, economic outlook, his own career journey, and more.
He reflected on how banking has changed since he joined our company in 1985, saying, "What's changed most, and most of that change occurred in the past couple of years, is the whole digital evolution of how people interact with banks. It's so much more digitally focused. Now, 80% of transactions occur on digital devices. Over 60% of loans are now originated in a digital fashion. Also, what a branch is has migrated from a place where transactions took place to one where consultation, advice and sales take place."
Cecere also noted how we have grown organically and via M&A throughout his career, from around $20 billion in assets (as First Bank System) to now over $550 billion. When asked about M&A going forward, he said, "A deal to increase scale, to increase our geographic presence and acquire customers is ideal. And it would have to be meaningful in terms of moving the needle."
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U.S. Bancorp published this content on 20 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 June 2021 08:23:02 UTC.
