U.S. Bancorp Relies on Customers to Develop New Products

U.S. Bancorp has reached out to their small business community to help the bank develop products that speakers directly to the customer’s needs; in March and April the bank got together with 10 – 15 small businesses in California and Oregon to give the reigns to these companies so they could develop a card that would speak to their needs; “We really handed over the reins to our customers and asked them to create their own ideal credit card product — with some limits,”Heather Wolfsmith, head of the U.S. Bancorp’s small business card division, said to American Banker. “They were asked to build a product that maximized their benefit but was still profitable for us.”; this has been a trend for the bank, before building their online lending product they also solicited advice from customers so they could ensure they were building a consumer centric experience. Source.