Bank has hired former McKinsey & Company senior partner Timothy Welsh to lead consumer strategy. Welsh will also oversee consumer lending, business banking, and small business strategy. His role is part of an effort to address a growing customer demand for a more personal, convenient experience. According to Welsh, customers are now seeking a blending of human and digital experiences to provide the best value to their bank accounts.
The rise of technology has made it easier for consumers to interact with financial institutions. In fact, 80 percent of transactions are now carried out via digital channels. As a result, demand for physical branches is declining. However, some customers will still choose to visit a branch to perform simple transactions. This is likely due to the convenience of these services and the desire to be able to meet with a representative.
Technology has made it possible for people to do many of their financial transactions from their mobile devices. Additionally, advances in market structure have made it possible to provide financial services to a larger population. In turn, this has led to increased volatility in the banking industry. It has become increasingly difficult for a single financial institution to offer the level of service and variety of products to meet the needs of all its customers. To maximize its ability to meet these demands, U.S. Bank has recently made a number of investments in fintech companies to boost its reach and improve the customer experience. These include a recent acquisition of a digital banking startup called CoBrowse and the launch of a cryptocurrency custody service.
Throughout his career, Tim has been focused on improving consumer experience. He worked with organizations across a variety of industries to help them understand and respond to consumer demands, and his experience in financial services is well suited to his new role at U.S. Bancorp. He spent more than a decade with McKinsey & Company, where he served as a senior partner, co-leader of the global strategy/corporate finance practice, and a member of the firm’s Global Learning and Development practice. He holds an MBA from Harvard Business School. During his time at the consulting firm, he was instrumental in the development of the company’s global Learning and Development function.
He previously served on the firm’s Shareholders Council, a board of directors. He was also a member of the firm’s executive committee. He is one of only thirty senior partners to be selected to serve on this panel.
Timothy Welsh brings years of experience in financial services and consumer strategy to his new role at U.S. Bank. Prior to joining the bank, he worked in a similar capacity with McKinsey & Co., where he helped the firm develop a number of innovations to support its clients’ business needs.
While he brings a wealth of expertise in consumer and business banking, his life work has been focused on community engagement and innovation. He currently serves on the boards of several charities in Minneapolis.