Here is a list of the largest banks in the United States by assets in 2021

  • JPMorgan Chase is the top largest bank in the US, with a balance sheet total of $2.87 trillion.
  • Insider Intelligence broke down the top 10 banks in the US by assets, with key insights as to how they got there, where they plan to go in the future, and how smaller banks can compete in the industry. 
  • In addition to this research, Insider Intelligence publishes thousands of reports, charts, and forecasts on the Banking industry. You can learn more about becoming a client here.

The Federal Reserve has rolled out a list of top US banks by assets, and we've broken down exactly how these banking giants manage to stay ahead of the competition. For decades banks have been merging, partnering, and expanding—so much so that the top four banks now account for 50% of all US banking assets.

Here are the top 10 banks in the US by assets, with key insights as to how they got there, where they plan to go in the future, and how smaller banks can compete in the industry. 

1. JPMorgan Chase – $2.87 Trillion

By targeting digitally-savvy consumers and introducing artificial intelligence to its offerings, JPMorgan Chase has been able to outperform its competitors. JPMorgan is playing the long-game by acquiring millennials through digital channels—and hopes to convert them to higher-value customers later on.

Additionally, JPMorgan is investing heavily in banking technology, and boasts the biggest tech budget of all banks in 2019 with $11.4 billion. A key focus of these funds is identifying use cases to implement artificial intelligence, such as enabling investment banking clients to access analyst reports and stock information through voice assistants.

2. Bank of America – $2.16 Trillion

Bank of America has been able to cut costs and appeal to young users by adapting strategies for the digital age. The bank's digitized branches–which allow customers to access contactless ATMs and connect with call centers via video-conference technology–experienced half the traffic of nearby branches only five months after launching in 2017. 

Bank of America's digital-only services Zelle and Erica have also re-defined what the company offers its retail banking customers. Zelle allows users to digitally send real-time payments to friends and family, and by integrating this feature into its mobile app, Bank of America has opened the door for increased consumer engagement.

Since officially launching in 2017, Erica has surpassed a massive 7 million users per year.Android Community

Bank of America has also seen success with its voice-enabled assistant, Erica, which 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.

3. Wells Fargo & Co. – $1.75 Trillion

Wells Fargo is following the lead of top competitors by targeting millennials through mobile banking services. Pay with Wells Fargo is a mobile service where users can access their most used payment features before signing into the app. Additionally, Wells Fargo's app Greenhouse helps customers simplify their bills and track spending. 

Joining the contactless payment market has also bolstered Wells Fargo's position as a leading bank—especially amid the pandemic. With 78% of the top 100 US merchants accepting contactless transactions, providing contactless credit and debit cards helps attract users who prefer digital banking methods—and according to Insider Intelligence, 44% of US consumers prefer contactless payments.

4. Citigroup – $1.65 Trillion

For four years in a row, Citibank has been named the "Best Bank for High-Net-Worth Families" by Kiplinger's Personal Finance. For customers that maintain $200,000 in deposit, retirement, and investment accounts, the bank grants them access to its Citigold Package. 

Insider Intelligence's Mobile Banking Competitive Edge Study also shows that Citi took the top spot for digital money management tools, as rated by consumers. By providing five of the category's seven in-app features, including the abilities to view recurring charges and see a financial wellness score, Citi has secured its spot as one of the best banks in US.

5. U.S. Bancorp -  $530.50 Billion

U.S. Bancorp, the parent company of U.S. Bank National Association, earned a spot on the list of top US banks due to its commitment to competing with tech giants making their way into the banking industry.  

With Facebook, Amazon, Apple, and Google all announcing their desire to launch banking services, U.S. Bancorp decided to improve its own technology. According to Insider Intelligence, Terry Dolan–chief financial officer of U.S. Bancorp–said that the bank plans to partner with fintechs inorder to maintain competitive banking technology. 

6. Truist Financial Corporation -  $488.02 Billion

A newcomer to the top ten, Truist is the bank formed by Branch Banking and Trust Company (BB&T) and SunTrust at the end of 2019. According to the Federal Reserve's 2019 figures, BB&T and SunTrust were ranked 11th and 12th in bank assets, resepectively.

Now operating over 2,000 branches in 15 states and Washington, D.C., the combined bank offers consumer and commercial banking, asset management, securities brokerage, mortgage, and insurance products and services.

7. PNC Financial Services -  $457.45 Billion

PNC Bank is known as a top bank in the US because it offers specialized perks and services to customers while developing original products. In 2017 PNC began offering mobile payment options to corporate clients who hold Visa commercial cards—allowing them to leverage popular mobile wallets like Apple Pay.

Additionally, in 2019 PNC piloted credit cards with card verification values that periodically refresh, in the hopes of combating fraud. Fraudsters are able to guess three-digit CVV codes relatively easily due to the limited number of permutations; but periodically changing CVVs makes stolen data less valuable. 

8. TD Bank -  $388.34 Billion

In addition to having extensive influence abroad, TD Bank has become one of the largest banks in the US due to its integration of artificial intelligence and utilization of digital technology. 

TD Bank partnered with to launch Clari, an AI-powered chatbot, in Canada. Clari answers customers' questions via text message and notifies them when credit card payments are due or how much they spent at a certain store. Chatbots cut down on call volume, and Clari's success in Canada will likely influence TD Bank to develop a chatbot for its US branches. 

In another partnership, TD Bank teamed up with fintech provider Amount to leverage its digital lending technology, which comes with a suite of tools including fraud detection and account verification. 

9. Capital One – $360.26 Billion

Despite its major data breach in mid-2019, Capital One still managed to make the list of top US banks, likely due to its ongoing commitment to digital transformation.

Capital One increased its technology staff from 2,500 in 2011 to 9,000 in 2019, launched Eno–its AI-powered chatbot, similar to Bank of America's Erica–and is in the midst of a multi-year migration of its back-end software development tools to the cloud. 

Capital One also acquired fintech United Income in 2019, a digital platform that offers wealth management services for people moving into retirement. The fintech combines both technological capabilities with human facets, like providing access to a team of wealth managers—making it attractive for consumers who still desire human interaction. 

10. Bank of New York Mellon Corp. – $349.43 Billion

Bank of New York Mellon, commonly known as BNY Mellon, is an investment banking services holding company and one of the oldest banking corporations in the United States. Formed from the 2007 merger of The Bank of New York and the Mellon Financial Corporation, BNY Mellon offers corporate and individual investment services, as well as private banking services for wealthy clients.

Breaking into the digital banking industry is key for smaller firms looking to become major US banks. Neobanks–digital-only banks that aren't tied to traditional banking technology or expensive physical branches–are gaining steam in the US and secured a record $2.5 billion globally in funding for the first half of 2019.

Chime Co-founders Chris Britt and Ryan KingChime

Chime, a San Francisco-based neobank, took about four years to reach one million users in 2018. It has since acquired over 4 million users—quadrupling its user base in just one year. The competition put forward by digital-only banks will eventually force traditional banking leaders to revamp their banking practices and offerings due to the increasing digital demands of consumers.

Interested in more related Banking research?

Insider Intelligence publishes a wealth of research reports, charts, forecasts, and analysis of the Banking industry. You can learn more about accessing all of this content here. 

And here are some related Banking reports that might interest you:

  1. The Rise of Banking-as-a-Service, which looks at the benefits banks stand to gain by offering BaaS platforms, discusses already successful players in the industry, and recommends strategies for moving into BaaS.
  2. The Global Neobanks Report, which explores how the neobank market has grown rapidly, and what's in store as the industry pivots from hyper-growth to sustainability. 
  3. AI in Banking, which identifies the most meaningful AI applications across banks' front and middle offices, as well as the winning AI strategies used by financial institutions so far. 

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