Next generation financial services is an interesting way to categorize USAA. Although USAA provides services and products which may be considered ahead of their time,....it is a service exclusively available to military personnel from this generation as well as those previous.
United States Automobile Association (USAA) is a fortune 500 financial services company focused on providing banking, investing, and insurance services to those who serve or served in the military.
USAA provides amazing and competitive insurance and savings rates to its customers who reside around the world. Along with standard banking features, some of the features USAA provides include free and unlimited fund transfers to any US bank and the ability of members to deposit checks by simply scanning them! USAA "Deposit@Home" allows members to scan their checks to usaa.com and have immediate access to their money. Scanning technology is not revolutionary, it is rather the application of such technology to the banking industry which has revamped the necessity of a brick and mortar locations. Traditionally most who visit brick and mortar bank branches do so to deposit checks, not with USAA. USAA is leading the charge in implementing technology to eliminate the need for the traditional branch. In saving branch operational costs USAA is able to dedicate more funds to increasing savings rates and making insurance and other products more affordable for its members
Deposit@Home is just one of the USAA services which enable them to have ONE physical location. This location is at the bank's headquarters in San Antonio, Texas. Some of the other services which enable its large online presence is ATM fee rebates, free standard checks for the life of the account, free online bill pay, and bank-by-mail services.
It is through its online features that USAA has been able to differentiate itself from other financial institutions. The ways USAA fully utilizes technology will soon be common in the banking industry although I am positive that they will continue to innovate and re-define the way financial services are available to its customers.
Sources:
www.usaa.com
http://en.wikipedia.org/wiki/USAA
1 comment:
While USAA has a good reputation of being a premier carrier in the country with stable business models, there is much hidden behind a lead veil. It turns out that some people do not completely understand what the company's provisions are. If you are putting little down and real estate prices fall, you could face a loan balance that exceeds the present value of your home. With a company that runs on the notion of “As long as we warn the consumer about possible dangers", it’s okay to let them keep recieving loans that they don’t qualify for and can’t afford is just a bad idea. I am not trying to single out USAA for their problems, but they seem to be playing a key part in the current financial crisis.
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