The financial world is constantly evolving, and US Bank knows that modernizing isn't an option, but a necessity. Over the past six years, the institution has been transforming its internal systems and customer service.
Its goal is to offer a faster, more transparent, and safer experience. All of this is part of a firm commitment to keep the trust of those who trust its services.
US Bank bets on a new platform for its clients
In February of this year, more than 192,000 accounts from US Bank's Global Corporate Trust service were migrated to a more modern and efficient accounting platform: SEI Wealth Platform (SWP).
This migration represents nearly six years of strategic planning and execution. Replacing a legacy system that operated manually with one that manages multiple markets and currencies within a single environment has enabled several benefits.
US Bank has managed to automate processes such as overnight cash "sweep" and reduce manual intervention and minimize errors. Likewise, it has managed to offer clearer, more detailed, and visually enhanced account statements. According to Ilias Gerontidis, senior vice president of Global Corporate Trust, this automation "saves time and effort, preventing internal teams from missing important operations."
Better experience for US Bank clients and employees
US Bank has bet on an optimized user experience for both clients and its employees. Jeffrey Awsumb, head of product transformation in institutional banking, explains that SWP "incorporates multiple secondary systems into a single platform." He also adds that this "allows us to serve and grow with next-generation technology solutions."
This way, US Bank has managed to strengthen system stability during migrations, avoiding interruptions. It has also implemented improvements thanks to the training of hundreds of workers in its new use. In addition, it has managed to accelerate the migration of the full service in the US, with plans to bring it to Europe as well.
The results speak for themselves. From January 2020 to December 2024, assets under custody and management in the WCIB area increased by 55%. These improvements not only reinforce US Bank's reputation as a market leader, but also set the path for future technological advances.