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With U.S. Bancorp's Leadership Transition Underway, the Big Andy Cecere and Richard Davis at U.S. Bank Stadium With U.S. Bancorp’s leadership transition underway, the big question is whether it will deliver faster earnings growth — the one shareholder demand that has proven elusive Inside handoff March 2017 americanbanker.com ABM0317_Cover_Final.indd 1 2/2/17 6:15 PM 0C2_ABM0317 2 2/2/2017 10:36:53 AM Contents MARCH 2017 / VOLUME 127 / NO 3 5 9 20 24 Briefi ngs BankThink 5 Car Dealers Get Hip 20 Learn to Self-Disrupt 6 The Pay Puzzle Scott Raskin of Spigit says 8 Pruning Risky Loans bank executives should constantly brainstorm with all employees to foster a BankTechnology culture of innovation 14 9 Core Inevitability Fearful banks hesitate on BackPorch needed core conversions, COVER STORY but what’s riskier — keeping 24 Quotes from Supreme legacy tech or replacing it? Court Chief Justice John 14 Game Time Roberts, Jay Sidhu of Andy Cecere takes over in a tricky period for Customers Bancorp, and U.S. Bancorp. Its shares trade at a significant 10 A Zelle of a Premiere more premium compared with most of its peers. The big-bank backers of But the pressure is on to accelerate earnings a new P2P option get a growth. Can he deliver on the one shareholder chance to correct past IN EACH ISSUE demand that has proven elusive even for mistakes 4 Editor’s Note Richard Davis to achieve? 13 Bots Everywhere Once banks get comfortable with them, American Banker (ISSN 2162-3198) Vol. 127 No. 3, is published monthly by SourceMedia, One State Street Plaza, 27th Floor New York, NY 10004. Subscription price: $119 per year in the U.S.; $139 bots will be working in for all other countries. Periodical postage paid at New York, NY and additional U.S. mailing of ces. POSTMASTER: send all address changes to American Banker, One State Street Plaza, New York, every department NY 10004. For subscriptions, renewals, address changes and delivery service issues contact our Customer Service department at (212) 803-8500 or email: [email protected]. Send editorial inquires and manuscripts to American Banker, One State Street Plaza, 27th Floor, New York, NY 10004. This publication is designed to provide accurate and authoritative information regarding the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering nancial, legal, accounting, tax or other professional service. American Banker is a registered trademark used herein under license. © Copyright 2017 SourceMedia, Incorporated and American Banker. All rights reserved. www.americanbanker.com. MARCH 2017 AMERICAN BANKER 1 001_ABM0317 1 2/3/2017 9:23:54 AM What’s going on americanbanker.com @ Keeping nancial services professionals updated on vital developments and focusing sharply on their most important concerns MOST READ MOST SHARED BANKTHINK Trump Team Signals BBVA Compass Why the #BankBlack It Will Oust Cordray Faces Crucial Test Movement Is Working A top ofcial with the Trump The new CEO, Onur Genc, Teri Williams of OneUnited administration said former fresh from Turkey, will have Bank rebutted critics of the U.S. Rep. Randy Neugebauer to nd a way to leverage the initiative to increase deposits was under consideration to many tech and innovation at black-owned institutions, run the Consumer Financial investments BBVA Compass citing research on the benets Protection Bureau in place of has made and strengthen its for people in low- to moderate- Richard Cordray. U.S. presence. income communities. Waiting for the Return BBVA Compass’ new core platform promised to make it a better bank, but returns since the late 2012 rollout have sputtered 10% Return on average assets Return on average 9 tangible equity 8 7 6 5 4 3 2 1 0 4Q3Q2Q1Q 4Q3Q2Q1Q 4Q3Q2Q1Q 3Q2Q1Q ’13 ’14 ’15 ’16 Bloomberg News Bloomberg Source: The company Established 1836 One State Street Plaza, 27th floor, New York, NY 10004 Phone 212-803-8200 AmericanBanker.com Emails [email protected] Volume 127, No. 3 Editor in Chief Marc Hochstein 212.803.8887 Tanaya Macheel 212.803.8268, Midwest Jeffrey Dembski 847.498.4520 Executive Editor Managing Editor Dean Anason 770.621.9935 Ian McKendry 571.403.3857, Jacob Passy West Sara Culley 831.438.8408 Bonnie McGeer 212.803.8430 212.803.8209, Allison Prang 212.803.8614, Southeast David Cleworth 843.640.3713 Group Editorial Director, Regulatory Policy Copy Editor John Reosti 571.403.3864, Gary Siegel Rob Blackwell 571.403.3834 Marketing Manager Neil Cassidy 212.803.8440 212.803.1560, Jackie Stewart 571.403.3852, Executive Editor Bonnie McGeer 212.803.8430 Deborah Vanderlinder 212.803.8323 Kevin Wack 626.486.2341, Senior Art Director Senior Editor Alan Kline 571.403.3846 Nick Perkins Bryan Yurcan 212.803.8753 Group Director Custom Marketing Solutions Editor at Large Penny Crosman 212.803.8673 Art Director Virginia Wiese 704.987.3224 Technology Editor Robert Barba 212.803.8640 Group Editorial Director, Banking/Capital Markets Robin Henriquez BankThink Editor Joe Adler 571.403.3832 Richard Melville 212.803.8679 Associate Director of Classified Sales Contributors Kristin Broughton, John Engen, News Editor Andy Peters 404.500.5770 JoAnne Kao 212.803.8325 Kevin Wack, Bryan Yurcan Community Banking Editor VP, Content Operations and Creative Services CIRCULATION/CUSTOMER SERVICE Paul Davis 336.852.9496 Paul Vogel 212.803.8832 Subscriptions [email protected] Contributing Editor Daniel Wolfe 212.803.8397 Customer Service/Renewals Director of Creative Operations Digital Managing Editor [email protected] Michael Chu 212.803.8313 Christopher Wood 212.803.8437 212.803.8500 Copy Editor Neil Cassidy 212.803.8440 Chief Executive Officer Douglas J. Manoni VP, Research Reprints For information about reprints and licens- Deputy Editor, BankThink Dana Jackson 212.803.8329 ing content, visit www.SourceMediaReprints.com or Chief Financial Officer Michael P. Caruso Mary Wisniewski 323.380.5248 contact PARS International Corp. 212.221.9595. Chief Revenue Officer Marianne Collins Reporters/Producers Kate Berry 562.434.5432, ADVERTISING EVP & Chief Content Officer David Longobardi Kristin Broughton 212.803.8755, Lalita Clozel VP Sales, Banking & Payments Director of Content Operations Chief Product & Audience Officer Minna Rhee 571.403.3855, Brian Collins 571.403.3837, Dennis Strong 212.803.8372 Theresa Hambel 212.803.8245 Chief Marketing Officer Matthew Yorke Brian Patrick Eha 212.803.8715, John Heltman SVP, Conferences & Events John DelMauro 571.403.3847, Brian Lewis 212.803.8442, N.Y., N.J., Conn., Penn. SVP, Human Resources Ying Wong Yong Lim 212.803.8463, Liesbeth Severiens 212.803.8691 2 AMERICAN BANKER MARCH 2017 002_ABM0317 2 2/2/2017 1:46:09 PM Everyone deserves a solid bank. Especially other banks. Choosing a correspondent bank is about more than inding the services To learn more, contact one you need. You’re entering a mission-critical business partnership, so you of our specialists listed below. want an institution you can trust. Team Lead Ted Tulpan, Managing Director Here’s what you can trust about MUFG Union Bank, N.A.: Our capital 6464522038 position is strong. Our credit ratings are investment grade. We have West Scott Strebe, Director 60 years of correspondent banking under our belt. We know the 2132366999 ever-changing regulatory landscape inside out. And we can be Denise Wiest, VP counted on to expertly deliver the full range of banking services 5308852755 you need—both domestic and international. Central and East Michael Fallon, Director This is the kind of correspondent partnership your bank deserves. 6464522520 mufgamericas.com/inancial-institutions MUFG Union Bank, N.A. A member of MUFG, a global inancial group ©2017 Mitsubishi UFJ Financial Group, Inc. All rights reserved. The MUFG logo and name is a service mark of Mitsubishi UFJ Financial Group, Inc., and is used by MUFG Union Bank, N.A., with permission. Member FDIC. 0A3_ABM0317 3 2/2/2017 10:36:54 AM AVAILABLEAVAILABLE ON YOUR IPAD ESSENTIALESSENTIAL NEWS,NEWS, ANALYSIS ANDAND TOOLSTOOLS ATAT YOUR FINGERTIPS DOWNLOAD NOW DOWNLOAD AmericanBanker.com/iPad NOW AmericanBanker.com/iPad 0B3_ABM0317 3 2/2/2017 10:36:56 AM Editor’s Note BY BONNIE McGEER Make Sure Your Digital Strategy Creates Value Bankers are no longer thinking about whether to build new and better ways of analytics. In particular, a structured debt doing business; rather they are puzzling over exactly how to do so. instruments marketplace called SIMON A lot of projects so far have been about keeping up with customer expectations. But connects brokers seeking debt solutions at most that just helps maintain value. Going beyond that is essential to gain a com- with banks that issue them. petitive advantage and create value. Oering competitors’ products So as the industry undergoes a digital transformation — and ntech challengers en- through SIMON might seem risky, but the croach — make choices about where and how your bank can best compete in this stratey has been paying o, with Gold- evolving ecosystem, then invest accordingly. The point is to create a digital stratey man rising from fourth to rst in struc- that fuels shareholder equity, said John Lester, a partner at Oliver Wyman and co- tured note issuance over the last three author of a new report that addresses this topic. years, according to the report. “I think the real question CEOs should be asking, and I’m sure are beginning to be In the third model, “component sup- asked is, ‘What is the value we’re getting from all of these digital initiatives?’ And I pliers” focus on being the best in what think for too many incumbents, the answer is, ‘Not a lot so far,’ ” Lester said in a video they oer. They invest in consumer in- discussing the report.
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