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US - Bank - Q3 - Earnings - Consumer
US Bank's Q3 2019 earnings revealed that of its Consumer Banking customers active in at least one channel in the previous 90 days, 72% are active digital customers, up 2 percentage points from Q3 2018. The bank also revealed that a majority of its active customers (51%) are active mobile banking users — a 13% year-over-year (YoY) spike — making Q3 the first quarter in which this was the case; for context, 50% were mobile active customers in Q2 2019.
Digital channels are also dominating US Bank customers' transactions. Digital accounted for 67% of customer transactions in Q3 — up 3 percentage points from Q3 2018 — leaving just 33% of transactions conducted through branches, ATMs, phone, and interactive voice response (IVR).
Popularity - Channels - Bodes - US - Bank
The growing popularity of digital channels bodes well for US Bank's bottom line, considering digital transactions are more cost effective than in-person or phone transactions: Customer interactions with a teller or call agent incur a variable cost...
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