Top 10 Banks in US by Assets | According to assets, the Federal Reserve has released a list of the top US banks. We’ve analyzed how these massive financial services companies stay one step ahead of the competition.
Banks have been combining, cooperating, and growing for decades; as a result, the top four banks now control 50% of all US financial assets.
What further traits do the top four share?
In addition to having combined domestic assets worth more than a trillion dollars, JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup all made significant technology investments.
Banks have accelerated their technology spending to compete with neobanks and other fintechs as a result of COVID-19’s rising need for effective mobile banking apps and payment systems.
The incumbents’ shift to a digital strategy might give them an advantage in pleasing clients with all degrees of tech comfort, from early adopters to conventional customers. Here, they demonstrate that the transition is not just necessary but also essential.
The top 10 banks in US by assets are shown below, along with important details on how they got there, where they intend to go in the future, and how smaller banks can compete in the market.
| Rank | Bank Name | Total Assets |
| 1 | JPMorgan Chase | $2.87 Trillion |
| 2 | Bank of America | $2.16 Trillion |
| 3 | Wells Fargo & Co. | $1.75 Trillion |
| 4 | Citigroup | $1.65 Trillion |
| 5 | U.S. Bancorp | $530.50 Billion |
| 6 | Truist Financial Corporation | $488.02 Billion |
| 7 | PNC Financial Services | $457.45 Billion |
| 8 | TD Bank | $388.34 Billion |
| 9 | Capital One | $360.26 Billion |
| 10 | Bank of New York Mellon Corp. | $349.43 Billion |
1. JPMorgan Chase – $2.87 Trillion
JPMorgan Chase has been able to outperform its rivals by focusing on technologically aware customers and using artificial intelligence into its products.
By attracting millennials through digital platforms, JPMorgan is playing the long game and aims to later turn them into more valuable consumers.
Furthermore, JPMorgan has the largest tech budget of any bank in 2019 with $11.4 billion invested in banking technology.
These funds place a high priority on finding applications for artificial intelligence, such as giving investment banking clients voice assistant access to analyst reports and stock market data.
In order to stay competitive, Chase’s digital leads are even looking outside the financial sector.
Allison Beer, the business’s chief product officer, head of customer experience, and director of marketing, adds, “We’re watching Big Tech.”
2. Bank of America – $2.16 Trillion
By adjusting its methods for the digital age, Bank of America has been able to reduce expenses while attracting youthful customers.
After barely five months of operation in 2017, the bank’s digital branches—which enable customers to access contactless ATMs and communicate with call centers via video technology—had only half the traffic of surrounding branches.
Bank of America’s digital-only services have also re-defined what the company offers its customers. Its voice-enabled assistant, Erica, provides customers the ability to conduct peer-to-peer payments as well as bill payments. Since officially launching in 2017, Erica has surpassed 15 million users. Digital payments network Zelle allows users to digitally send real-time payments to friends and family. By integrating this feature into its mobile app, Bank of America has opened the door for increased consumer engagement. Among the new financial service products to launch this year, Bank of America released a business-to-consumer (B2C) payout solution that gives users greater flexibility with payments; a new credit card meant for business travellers; and a new cash rewards credit card tied to a rewards program.
3. Wells Fargo & Co. – $1.75 Trillion
By using mobile financial services to market to millennials, Wells Fargo is following the example set by its leading rivals.
Before logging into the app, users can access their most frequently used payment capabilities by using the mobile service Pay with Wells Fargo.
Customers may also streamline their expenses and keep track of their spending with the aid of the Wells Fargo app Greenhouse.
Wells Fargo has been streamlining its operations over the past year in order to concentrate on markets with significant potential for revenue generation, such as credit cards.
According to Bloomberg, Wells Fargo introduced a new line of Visa credit cards to take on its rivals and directly compete with Citigroup’s Double Cash and a joint card from PayPal and Synchrony Financial.
Wells Fargo’s standing as a top bank has improved as a result of entering the contactless payment sector, particularly in light of the pandemic.
Offering contactless credit and debit cards helps draw customers who prefer digital banking methods, and according to Insider Intelligence, 44% of US consumers prefer contactless payments. 78% of the top 100 US retailers allow contactless purchases.
4. Citigroup – $1.65 Trillion
For four years running, Kiplinger’s Personal Finance has recognized Citibank as the “Best Bank for High-Net-Worth Families.”
The bank offers access to its Citigold Package to clients who maintain $200,000 in deposit, retirement, and investment accounts.
According to consumer ratings for digital money management tools, Citi claimed the top rank, according to Insider Intelligence’s Mobile Banking Competitive Edge Study.
Citi has cemented its position as one of the finest banks in the US by offering five of the seven in-platform features in the category, including the option to check recurring charges and see a financial health score.
According to Michael Naggar, chief digital officer of Citibank’s US consumer bank, ensuring “that every product we produce at Citi is digital first” is the key to the company’s future success.
“Today, being digital implies digitizing transactions instead of sending them to a call center or branch.
However, we want to connect analog and digital so that no one can tell where one starts and the other stops.
Citigroup is considering introducing cryptocurrency services like financing, trading, and custody as a result of growing client demand.
5. U.S. Bancorp – $530.50 Billion
Because of its dedication to compete against tech behemoths making their way into the banking business, U.S. Bancorp, the parent company of U.S. Bank National Association, earned a spot on the list of top US banks.
As banking services were being announced by Facebook, Amazon, Apple, and Google, U.S. Bancorp made the decision to advance its own technology.
The bank intends to collaborate with fintechs in order to preserve competitive banking technology, according to Terry Dolan, the company’s chief financial officer.
6. Truist Financial Corporation – $488.02 Billion
Truist, a newcomer to the top 10, was created at the end of 2019 by Branch Banking and Trust Company (BB&T) and SunTrust.
In terms of bank assets, BB&T and SunTrust were ranked 11th and 12th, respectively, by the Federal Reserve in 2019.
The united bank now runs more than 2,000 locations in 15 states and Washington, D.C. It provides consumer and business banking, asset management, securities brokerage, mortgage, insurance, and other financial services.
7. PNC Financial Services – $457.45 billion
PNC Bank is regarded as a top bank in the US since it creates unique products while providing consumers with customized benefits and services.
PNC started providing corporate clients with Visa commercial cards mobile payment alternatives in 2017, enabling them to take use of well-known mobile technologies.
In an effort to fight fraud, PNC also tested credit cards in 2019 with periodically refreshed card verification values.
Due to the small number of permutations, three-digit CVV codes are relatively easy for fraudsters to predict; however, since CVVs are frequently changed, stolen data is less valuable.
PNC most recently introduced hybrid branches known as “solution centers” in response to the advent of digital banking. These facilities house self-serve technologies including video teller machines, ATMs, and mobile workstations while in-person staff attend to more complicated needs.
A potent strategy that fits well with customer preferences is the hybrid method.
For instance, a 2020 KPMG poll revealed that clients would be less inclined to visit branches to handle accounts (6%) or check balances (8%), as the epidemic eases.
8. TD Bank – $388.34 Billion
In addition to having a significant impact internationally, TD Bank has grown to be one of the biggest banks in the US as a result of its use of digital technology and the incorporation of artificial intelligence.
As they proudly claim, “America’s most convenient bank” teamed up with KAI Consumer Banking to introduce Clari, an AI-powered chatbot, in Canada.
When credit card payments are due or when a customer’s spending at a certain retailer has reached a certain threshold, Clari responds to their questions through text message.
Chatbots reduce phone volume, and TD Bank’s decision to create a chatbot for its US offices may be influenced by Clari’s success in Canada.
In a different collaboration, the business joined forces with fintech company Amount to make use of their digital lending platform, which includes a number of measures like fraud detection and account verification.
9. Capital One – $360.26 Billion
The fact that Capital One was able to rank among the top US banks is probably because to its continued dedication to digital transformation.
From 2,500 in 2011 to 9,000 in 2019, Capital One’s technology workforce increased, contributing to the introduction of Eno, its AI-powered chatbot that competes with Bank of America’s Erica.
The bank placed top on our Banking Digital Trust Report despite having a significant data breach in the middle of 2019, winning on each of the six trust pillars of security, privacy, reputation, reliability, simplicity of use, and feature breadth.
The recent large-scale move of Capital One to the cloud, which has enhanced service continuity, expedited upgrades, and reinforced security standards that have helped improve customer perceptions, is likely the cause of its high results.
United Income, a fintech company with a digital platform that provides wealth management services for persons approaching retirement, was also purchased by Capital One in 2019.
Fintech is appealing to customers who still want personal engagement since it blends human and technical aspects, such as giving access to a team of wealth managers.
10. Bank of New York Mellon Corp. – $349.43 Billion
One of the first American banks, Bank of New York Mellon, sometimes known as BNY Mellon, is a holding company for investment banking services.
BNY Mellon, which was created in 2007 through the union of The Bank of New York and the Mellon Financial Corporation, provides private banking services for affluent customers in addition to corporate and individual investment services.