What Bank Innovation Means for You
Dominic Venturo, Chief Innovation Officer and Coach, U.S. Bank
Innovation is nothing new. Humans have been innovating to advance new ideas since the dawn of time. Take communication for example — the spoken word turned into stone carvings. Stone carving turned into ink on parchment, eventually making the way for the printing press and ultimately the internet.
Innovation, simply stated, makes life better. We dream big ideas about how great thing could be, and then we make it possible.
Adapting to new ideas and innovation usually requires two things — a leap of faith and a coach to get you there. We created the U.S. Bank Coaches program for that very reason. My colleagues and I are tackling topics that are the most promising and important, and sharing what we know in ways that are most relevant and meaningful to our customers.
Take EMV as an example. EMV is an acronym that stands for Europay Mastercard and Visa. If you have used a card to pay for something in the last few months, chances are you’ve spent more time than usual looking at the card reader to figure out what you need to do. Improvements in payment security are the reason you’re being asked to pay a different way. The EMV chip — that silver or gold rectangle on your card — is one way we’re working to keep fraudsters away from your data. The chip creates a security code each time you use your card making it nearly impossible for criminals to capture and reuse your card data.
There’s a delicate balance between security and convenience — to stop a transaction when you’re trying to buy dinner while on vacation may be secure, but definitely would not be convenient. What if we could tell that you are actually present with your card, based on the location of your mobile device? With your permission, we could keep you safe, and avoid an embarrassing moment with your waiter. It’s possible! Visa Mobile Location Confirmation is one of the things we’ve piloted and are looking to make available to customers later this year.
Fast forward even further and consider how the interconnectedness of our devices could work to our advantage. It’s what the industry refers to as the Internet of Things. Imagine your car knowing when it’s time for service and alerting you to deals near you. Imagine if it could make an appointment and pay when the job is done? Or, consider a scale that knows when you’ve hit your weight loss goal and triggers a financial reward to be deposited in your bank account? Our innovation team focuses on the realm of possible and considers “what if”. Our goal is to make life easier for our customers.
We do this in our innovation lab by testing in pilots (usually with employees), working out the kinks and trying again until we have something we feel confident is ready for customers. We ask ourselves tough questions, and push ourselves to make us stronger. We collaborate with others in the FinTech sector to learn and test new ideas that inspire tomorrow’s possible.
Our innovation process had proven itself time and again, and now, we add the element of making our work even more relatable to our customers through the U.S. Bank Coaches program. I’m excited to share what’s in store for bank innovation, and to be your coach and guide along the way.
