U.S. Bank’s Innovation Leaders Identify Potential Tech Trends at the Consumer Electronics Show
Each year, the Consumer Electronics Show (CES) serves as a platform for tech enthusiasts and innovators to explore the latest technological trends. Among the attendees are Don Relyea, Chief Innovation Officer, and Todder Moning, Head of Research and Development, Innovation at U.S. Bank. Their mission is to identify new technologies that could potentially have an impact on the bank’s operations and services. This year, the focus was on determining the next areas of concentration for the bank’s innovation team, following the recent launch of two business units — an AI Center of Excellence and a Blockchain Center of Excellence.
Looking for the Next Big Thing
With a keen eye on emerging trends, Relyea and Moning are continually on the lookout for the next significant innovation that could shape the bank’s future direction. “I’m looking at all these trends to try and figure out what’s the next big thing we’re going to gear up to launch in the next couple of years,” Relyea said. Their exploration at CES resulted in several ideas around credit cards, payments, and customer experience enhancement. They also identified potential partnerships in fintech, payments, wealth, and other areas.
Embracing Augmented and Virtual Reality
Augmented and virtual reality devices, specifically smart glasses, caught the attention of the U.S. Bank executives. They saw the potential of these devices to revolutionize data visualization and interaction. “Could I look at my portfolio in a more 3-D data visualization rather than reading?” Relyea mused. This presents an exciting opportunity for the bank to enhance its customer experience through more interactive, data-driven conversations.
Recognizing the Potential of Age-Tech Products
Another area of interest was age-tech products. One such product was a smart mirror that scans a person’s face for biomarkers related to heart, brain, emotional, and cardiac health. “It would give you an indication of roughly what age you might live to,” Moning explained. The health markers provided by these products have significant implications for financial planning, especially concerning retirement. This intersection of health and finance presents a unique opportunity for U.S. Bank to help customers understand their financial health better, leading to improved health-care outcomes.
Subscription Management and Agentic Commerce
Many of the showcased gadgets come with subscription services, providing an opportunity for the bank to manage these subscriptions. In October, U.S. Bank introduced a subscription management tool for credit card holders, allowing them to view and modify subscriptions within the bank’s app and online banking system.
Most of the on-display devices, including rings and pens, had embedded AI that could potentially interact with agentic commerce and agentic finance. Relyea believes that the expectations for automation and ‘do-it-for-me’ services will rise significantly over the next few years. To this end, U.S. Bank is integrating agentic, automated services into its apps and online banking through its AI Center of Excellence and partnering with companies like Mastercard on agentic commerce.
As U.S. Bank’s innovation leaders, Relyea and Moning continue their quest to identify and implement the next big thing in banking technology. Their observations and insights from CES provide a glimpse into the future of the banking industry, where technology and innovation play a crucial role.
Source: Here
