Always there

Late in 2020, “pandemic” was declared a word of the year. It was a fitting choice as COVID-19 disrupted everything from how we behaved to how we worked to how we interacted with each other. At U.S. Bank, the pandemic required us to answer new questions, the biggest being: How can we help our customers navigate these times?

Can we help a business access a line of credit? Can we help someone get access to their stimulus money? Can we help the small businesses in our communities access a PPP loan? Can we modify a mortgage or provide investment counsel? Could we do all of this, while providing safe environments and more contactless payment capabilities for our customers and employees? Over and over again, the answer was an unquestionable “Yes”.

As the dust settles from a challenging 2020, we remember the tenacity and flexibility of our employees and how they put our customers first. They did it while wearing masks, social distancing, and juggling work and home life.

Our mobile app provided more than 1.6 billion financial insights to users in 2020.

We demonstrated once again that we can retain what has always made us strong — our unique business mix, risk management and culture — while also accelerating the pace of change, growing at scale, and most importantly, always being there for our customers.

The resolve of our employees is what powers us. It also propels us forward, allowing us to help customers, build communities, engage employees and deliver value to our shareholders even in a challenging environment.


The way our teams showed up every day didn’t go unnoticed. Consumers interviewed by The Harris Poll ranked us as America’s most essential bank(opens new window) during COVID-19. The Ethisphere® Institute named us to the list of World’s Most Ethical Companies® for the seventh consecutive year.

We have long said that we manage for both the short- and the long-term and that U.S. Bank is built to weather the harsh conditions. That was clear both through COVID-19 and as evidenced in annual federal stress(opens new window) test simulations. Our financial results reflected a smart and diverse business mix that produced returns in ideal and unfavorable conditions.

Helping each other and our communities.

In addition to working her normal hours on the retail payments team in Idaho, U.S. Bank employee, Dusti Bacon, volunteered nearly 2,000 hours last year sewing and donating more than 7,900 masks.

We helped obtain Paycheck Protection Program loans for more than 108,000 small businesses.


At the onset of the pandemic, we stood ready to help(opens new window). We quickly mobilized and pivoted to support our customers and clients.

We introduced several changes to allow forbearance or other payment relief as well as pricing flexibility on our products and services to make them more affordable and accessible to customers experiencing financial stress. We also expanded existing hardship assistance programs, while making them more accessible through the ability to request assistance online as well as by phone.

Once the federal government launched the Paycheck Protection Program, our teams worked round-the-clock to help long-standing and new customers get access to crucial funds. All told, we helped more than 108,000 small businesses obtain $7.5 billion in loans, meaning thousands of their employees avoided the loss of paychecks. We also helped a record number of customers refinance their mortgages or become homeowners for the first time.

We were also there for corporate and commercial clients when they needed us most and saw record volumes and market share gains throughout our Fixed Income and Capital Markets businesses. And we provided research, timely insights and other educational resources to help keep our clients’ wealth management plans on track.

We helped obtain Paycheck Protection Program loans for more than 108,000 small businesses.


When the pandemic began, many of us changed how much we left the house. Fortunately, our investments in digital during the past few years put us in a strong position to help customers bank from home. Virtually overnight, customers shifted their behavior and took advantage of our digital tools at an expedited rate. These investments in our mobile app, digital capabilities and Agile development teams were critical to our COVID-19 response.

By the end of 2020, more than 77% of transactions and more than half of loan applications were completed digitally. In addition, our Paycheck Protection Program digital application was built from an existing all-digital small business lending platform.

By the end of 2020, more than 77% of all consumer transactions were completed digitally.

Our mobile app, which was ranked No. 1 in customer service features by Business Insider Intelligence, is more than just a transaction tool. By year-end, we provided more than 1.6 billion financial insights to U.S. Bank Mobile App users.

For more complicated banking transactions and for customers who wanted assistance in accessing our digital tools, we created and launched Do It Together experiences, where a banker and customer can work together while not being physically in the same place.

Although many activities moved digitally — including our virtual shareholder meeting and our summer internship program — banking remains an essential business that requires some in-person activity. We value these customer experiences, and we moved swiftly to make in-person banking safer by relying on drive-thru lanes for many transactions and by adding personal protection equipment to our facilities. We recognized the efforts of our front line and office critical employees and provided them with pay incentives during the year.

U.S. Bank Mobile App screenshot

New features to the U.S. Bank Mobile App include:

  • Bank by voice
  • Appointment setting
  • More personalized insights