US Bank 2001 Annual Report Download - page 15

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U.S. Bancorp
National retailers, in particular, are bene-
fiting from enhanced depository and
treasury management products accessible
through common accounts across the
region, including the expansion of our
cash vault capabilities to new markets.
Trust customers benefit from our greater
economies of scale and state-of-the-art
products and systems.
We continually strive to serve cus-
tomers across business lines, gaining more
of their business. In 2001, for example,
U.S. Bancorp Piper Jaffray Fixed Income
Capital Markets had a record year in
corporate debt issuance, managing 35
issues with a par amount of more than
$19 billion, including preferred stock and
note issues for U.S. Bancorp. Meanwhile,
customers deposited more than $490
million into U.S. Bancorp Piper Jaffray
Prime AccountsSM and other brokerage
accounts through U.S. Bank branches and
ATMs—up over 134 percent from a year
earlier. When the integration is completed,
investors will have access to their broker-
age accounts at all of our bank branches.
Ultimately, our growth depends on
our people. We have created a sales
culture driven by customer needs and
rewarded by incentives for outstanding,
measurable performance. Every employee,
from the front line to the back office,
is eligible for incentives to strengthen
existing customer relationships, build
new ones, and provide outstanding
guaranteed service to all customers,
whether external or internal.
Hispanic Initiative Taps Success
The U.S. Hispanic community num-
bers more than 35 million consumers
with $450 billion in spending and invest-
ment power. Approximately 1.2 million
Hispanic businesses have $200 billion
in revenues. It’s a remarkable success
story—and opportunity.
Our Hispanic Initiative, launched in
2001, is our coordinated program to be
an outstanding bank, responsive business
partner and superior employer in key
markets. It focuses on more than 300
branches serving communities with large
Hispanic populations, both English- and
Spanish-speaking. More than ever before,
we are hiring additional Hispanic employ-
ees who reflect the diversity of their local
communities and who communicate
more effectively with customers. Our
employees are visible community leaders
who have strong relationships with
Hispanic individuals, businesses and
community organizations.
Our ATMs and 24-Hour Banking
system feature expanded Spanish language
options. Additionally, we have telephone
customer service representatives who speak
Spanish and other foreign languages.
We also are displaying more signs and
materials in Spanish.
We offer many programs that help
meet the needs of various segments of
Hispanic customers. To help first-time
borrowers, we created the Credit Builder
Secured Loan. We also accept identifica-
tion issued by the Consulate of Mexico,
issue the Visa®Payroll Card and offer a
low-cost money transfer program.
Our Hispanic Initiative extends to
partnerships with Hispanic Chambers of
Commerce and other organizations, and
to community service. Free seminars, for
example, cover topics ranging from the
basics of banking in the United States
(especially geared to Spanish-speaking
immigrants) to first-time home owner-
ship. Hispanic customers know they can
turn to U.S. Bank to turn their American
Dream into reality.
Payment Services: Growth Engine
Payment Services represents one of
our greatest growth opportunities. We
continue to build our core commercial
and consumer card businesses while
investing in other industry-leading,
payment-related businesses.
PowerTrack®, our innovative online
payment processing and transaction
tracking system, has seemingly unlimited
potential. First introduced to the freight
industry, this single-source information
center provides powerful control for the
logistics process. On the Internet or via a
private network, shipment information is
stored as a single electronic document
that is instantly available to both shipper
and carrier. By eliminating manual rec-
onciliation of invoices and freight bills,
companies can save significantly on each
transaction. With expansion into other
industries, PowerTrack delivers the
future—faster, more accurate payments
and exceptional analytical reporting
tools for better management decisions.
The result is more efficiency and control
for both buyer and seller.
In 2001 we closed on our purchase
of NOVA Corporation, now known as
NOVA Information Systems, Inc., a wholly
owned subsidiary of U.S. Bancorp. This
merchant payment processor ranks as the
third-largest in the United States, serving
650,000 businesses of all sizes. Merchants
benefit from our industry-leading product
offerings, including electronic check
processing, a variety of Web-enabled
tools, and a full array of point-of-sale
applications in addition to credit card
and debit card processing.
Within our Transaction Services
division, Elan Financial Services serves
more than 3,000 financial institutions
through a complete range of products and
services including credit card issuing, and
ATM, debit card and merchant processing.
Elan also provides full-service support
and management tools that are offered
uniquely through a single source. The suite
of products enables small- to mid-sized
financial institution clients to compete
effectively with larger institutions. Elan
leverages these unique capabilities to also
provide ATM driving and deployment,
and debit gateway services to large
corporate clients.