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.
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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.