EXCLUSIVE: US Bank's Timothy Welsh On Powering Human Potential At Utah Fintech Conference

In light of the disruptive innovation in finance, customers are finding it difficult to bank with only one provider. Fintech offers increased access — democratization – while banks have the human capital to personalize. 

The key to maximizing value for customers is merging human and digital experiences.

That's according to U.S. Bancorp’s USB U.S. Bank vice chair of consumer and business banking Timothy Welsh, one of the many financial executives, influencers and fintech leaders in attendance at the Money Experience Summit at Snowbird Resort, Utah.

In learning how U.S. Bank powers human potential, Benzinga spoke with Welsh at the event.

About: Founded in 1863, Minneapolis-based U.S. Bank is the fifth-largest retail bank in the United States.

Over the years, the institution has evolved, honing in on financial experiences, as well as digital products and services.

“U.S. Bank powers human potential,” Welsh, who spent 27 years consulting at McKinsey & Company, told Benzinga.

Welsh was drawn to U.S. Bank, a client of his at McKinsey, for its focus on people and technology, he said. 

“We talk a lot about the fact that if we’re going to power human potential, we need to do that in a combination of digital-plus-human because every one of us wants to do everything we can on our phones, simply,” he said.

“There are a lot of people who are amazing at digital and there are a lot of people who are great at the human side. We’re trying to combine the two.”

Focus: Advances in market structure and technology made it possible for people to interact with their finances in ways only dreamed of of decades ago.

At the same time, disparities in social and economic justice worsened due to dynamics like the COVID-19 coronavirus pandemic.

“When you live in the community where George Floyd was murdered, that’s a giant wake-up call,” Welsh said.

Over the past year, U.S. Bank, alongside other financial institutions, announced it would help Detroit-based and Black-owned First Independence Bank expand operations to new markets, like Minneapolis, bolstering wealth-building initiatives across minority communities.

“If we’re going to build wealth in the Black community, we need to help bring a Black-owned bank, here.”

Additionally, in aiding businesses financially during the pandemic across areas like the Paycheck Protection Program, U.S. Bank honed in on person-to-person interactions, he said. 

“We are privileged to be able to be in this profession and to be able to make a difference in the lives of so many.”

Outlook: When asked about vision and approach, Welsh explained U.S. Bank’s intent to outwork and beat the competition on customer-driven innovation.

This comes alongside the institution’s acquisition of fintech innovators Bento and talech, as well as the launch of a cryptocurrency custody service, a clear nod to the digital disruption in finance.

“The only thing that matters for us is how the consumer or small business wants to work with us,” Welsh said, giving the example of the bank’s work with personalization.

“We’ve been investing for a while in our set of tools to help consumers and small businesses be able to manage their money more effectively. We rebuilt our app from scratch and, as part of that, we provide personalized insights.”