U.S. Bancorp (USB) Acquires Talech, To Boost Digital Banking
Zacks Investment Research | Sep 09, 2019 09:07PM ET
U.S. Bancorp (NYSE:USB) recently completed the acquisition of Talech, a Palo Alto-based software company, thus taking another step toward digital banking, which has become essential in the technology-driven environment. Financial terms of the deal, however, remain undisclosed.
Talech works to simplify operations for small- and medium-sized businesses. It focuses on turning operational tasks, like order management, inventory and staff reporting, customer management, business insights and payments processing, into a single, united point-of-sale system.
Notably, U.S. Bancorp has made a number of bank acquisitions over the past several years. These acquisitions, combined with investments in innovative product enhancements, services and people, have helped the company diversify digitally. Further, the latest buyout deal is aimed at boosting the bank’s digital expertise, which, in turn, will ensure better customer experience.
Moreover, early this year, U.S. Bancorp formed a new digital team, headed by Derek White, chief digital officer of U.S. Bancorp, in an effort to be in sync with the banking sector’s gradual shift toward digitization. Remarkably, Talech will be part of the same team.
White mentioned that U.S. Bancorp is currently focused on analyzing how customers utilize their money and what kind of digital services they expect from the company. Also, he added that the bank is successfully moving toward its goal of providing the best experience to customers through acquisitions. Talech was a strategic pick for the bank, owing to its common vision of an integrated point-of-sale system.
U.S. Bancorp’s efforts to be in line with the banking sector’s shift toward digitization are anticipated to enhance its consumer experience. This, in turn, will likely strengthen the bank’s financials over the long term.
Shares of U.S. Bank have gained 20.2% compared with the Zacks Investment Research
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