Here are the top 10 banks in the USA by assets, with key insights as to how they got there, where they plan to go in the future, and how smaller banks can compete in the industry.
|Total Equity Capital:||$256,755,000,000|
|Total Domestic Deposits:||$1,311,219,000,000|
|Quarterly Net Income:||$7,980,338,000|
JP Morgan is first in Top 10 Banks in USA. JPMorgan is playing the long-game by acquiring millennials through digital channels — and hopes to convert them to higher-value customers later on.
Additionally, JPMorgan is investing heavily in banking technology and boasts the most important tech budget of all banks in 2019 with $11.4 billion. A key focus of those funds is distinctive use cases to implement artificial intelligence, like sanctioning investment banking purchasers to access analyst reports and stock data through voice assistants.
|Total Equity Capital:||$212,590,000,000|
|Total Domestic Deposits:||$1,353,687,000,000|
|Quarterly Net Income:||$7,411,000,000|
Bank of America is 2nd in Top 10 Banks in USA.Bank of America’s digital-only services Zelle and Erica have also re-defined what the company offers its retail banking customers. Zelle allows users to digitally send real-time payments to friends and family, and by integrating this feature into its mobile app, Bank of America has opened the door for increased consumer engagement.
Bank of America Erica app
Since formally launching in 2017, Erica has surpassed a vast 7 million users per annum. Android Community
Bank of America has conjointly seen success with its voice-enabled assistant, Erica that provides customers the flexibility to conduct peer-to-peer payments yet as bill payments. Since formally launching in 2017, Erica has surpassed a vast 7 million users per annum.
|Total Equity Capital:||$168,759,000,000|
|Total Domestic Deposits:||$1,291,135,000,000|
|Quarterly Net Income:||$6,155,000,000|
Wells Fargo is 3rd in Top 10 Banks in USA. Wells Fargo is following the lead of top competitors by targeting millennials through mobile banking services. Pay with Wells Fargo is a mobile service where users can access their most used payment features before signing into the app. Additionally, Wells Fargo’s app Greenhouse helps customers simplify their bills and track spending.
Joining the contactless payment market has also bolstered Wells Fargo’s position as a leading bank. With 78% of the top 100 US merchants accepting contactless transactions, providing contactless credit and debit cards helps attract users who prefer digital banking methods.
|Total Equity Capital:||$150,289,000,000|
|Total Domestic Deposits:||$529,527,000,000|
|Quarterly Net Income:||$4,277,000,000|
Citi group is 4th in Top 10 Banks in USA. For three years in a row, Citibank has been named the “Best Bank for High-Net-Worth Families” by Kiplinger’s Personal Finance. For customers that maintain $200,000 in deposit, retirement, and investment accounts, the bank grants they access to its Citi gold Package.
Business Insider Intelligence’s Mobile Banking Competitive Edge study also shows that Citi took the top spot for mobile banking features, as rated by consumers. Citi saw a massive increase in digital banking users in 2019 – up 11.3% year-over-year – and its mobile users grew twice as fast at 22.4% YoY.
5. U.S. Bank
In this part of the series, we’ll offer an outline of the U.S. Bank. It’s the fifth-largest retail bank within the US—by deposits and assets. Bank’s company trades on the exchanges as U.S. Bancorp.
U.S. Bank (USB) provides commercial and shopper loans, deposits, and cards to its customers. It additionally provides mortgage banking, trust and investment management, and brokerage services.
U.S. Bank is the largest bank outside of the massive four banks. The massive four banks area unit Wells urban center (WFC), JPMorgan Chase (JPM), Bank of America (BAC), and Citibank (C). However, the gap between the massive four and U.S. Bank is giant.
This large distinction in size has a control on U.S. Bank’s ability to vie with the massive four on all fronts. As a result, U.S. Bank selected to specialize in a restricted geographical region across the U.S.A. U.S. Bank is additionally a crucial part of the financial Select Sector SPDR (XLF).
6. PNC Bank
|Total Equity Capital:||$41,245,784,000|
|Total Domestic Deposits:||$269,409,234,000|
|Quarterly Net Income:||$1,156,704,000|
PNC Bank is known as a top bank in the US because it offers specialized perks and services to customers while developing original products. In 2017 PNC began offering mobile payment options to corporate clients who hold Visa commercial cards — allowing them to leverage popular mobile wallets like Apple Pay.
Additionally, in 2019 PNC piloted credit cards with card verification values that periodically refresh, in the hopes of combating fraud. Fraudsters are able to guess three-digit CVV codes relatively easily due to the limited number of permutations, but periodically changing CVVs makes stolen data less valuable.
7. Capital One
|Total Equity Capital:||$42,183,801,000|
|Total Domestic Deposits:||$249,355,393,000|
|Quarterly Net Income:||$853,763,000|
Despite its recent data breach, Capital One still managed to make the list of top US banks, likely due to its ongoing commitment to digital transformation.
Capital One increased its technology staff from 2,500 in 2011 to 9,000 in 2019, launched Eno – its AI-powered chatbot, similar to Bank of America’s Erica – and is in the midst of a multi-year migration of its back-end software development tools to the cloud.
Capital One also acquired fintech United Income in 2019, a digital platform that offers wealth management services for people moving into retirement. The fintech combines both technological capabilities with human facets, like providing access to a team of wealth managers — making it attractive for consumers who still desire human interaction.
|Total Equity Capital:||$26,006,000,000|
|Total Domestic Deposits:||$140,976,000,000|
|Quarterly Net Income:||$672,000,000|
It fully was formed on July 1, 2007, as a result of the merger of The Bank of new york and Mellon monetary Corporation.
Through its Bank of New York forerunner, it’s one among the 3 oldest banking companies within the us, and among the oldest banks within the world, having been established in June 1784 by a bunch that enclosed yank Founding Father Alexander Hamilton, and Aaron burr had been supported in 1869 by the Mellon family of Pittsburgh, including Secretary of the Treasury Andrew W. Mellon.
9. TD Bank
|Total Equity Capital:||$40,536,130,000|
|Total Domestic Deposits:||$258,573,086,000|
|Quarterly Net Income:||$715,713,000|
In addition to having extensive influence abroad, TD Bank has become one of the largest banks in the US due to its integration of artificial intelligence and utilization of digital technology.
TD Bank partnered with to launch Clari, an AI-powered chatbot, in Canada. Clari answers customers’ questions via text message and notifies them when credit card payments are due or how much they spent at a certain store. Chatbots cut down on call volume, and Clari’s success in Canada will likely influence TD Bank to develop a chatbot for its US branches.
In another partnership, TD Bank teamed up with fintech provider Amount to leverage its digital lending technology, which comes with a suite of tools including fraud detection and account verification.
|Total Equity Capital:||$20,776,000|
|Total Domestic Deposits:||$194,917,000|
|Quarterly Net Income:||$918,000|
State Street Bank and financial organization just State Street is that the most important defender bank inside the planet organized as a Massachusetts financial organization specializing in services to mutual funds and their advisers, collective investment, company, and public pension funds, insurance companies, operational companies, and non-profit organizations. it is a subsidiary of the State Street Corporation and used to put together offer retail banking and business disposition product until it sold off that division in 1999 to voters monetary cluster, of Providence, Rhode Island.
State Street, and its sister company State Street world Advisors (SSgA), maybe a leading registered adviser, along with comprise the principal in operation firms at intervals parent company State Street Corporation.
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