Want unlimited access to top ideas and insights?
Two years ago, U.S. Bank and Edward Jones began collaborating to develop a one-stop shop, nicknamed "bank in the box," for an array of products and services. The result: Late last year, the two companies introduced Edward Jones Everyday Solutions, which is powered by U.S. Bank and available only through Edward Jones financial advisors.
The Edward Jones Everyday Solutions "bank in a box" enables the firm's clients to manage bank, credit card and investment accounts through an all-in-one "box." Everyday Solutions comprises three elements: co-branded checking accounts offering co-branded debit cards and nationwide ATM access, along with mobile wallet, check deposit and bill pay capabilities; three co-branded credit cards with no annual fee; and a digital platform for clients that marries access to credit cards, banking, and investment products and services.
Sean Scott, SVP and head of digital partnerships and alliances at U.S. Bank, said Everyday Solutions gives Edward Jones clients streamlined financial services. It also gives U.S. Bank access to Edward Jones' more than 9,000 clients, most of whom don't do business with the $695 billion bank.
"Clients increasingly expect best‑in‑class digital banking experiences within the brands they already trust, rather than being forced to manage fragmented financial relationships," Scott said. "The bank‑in‑a‑box model allows U.S. Bank to deliver modern onboarding and servicing capabilities directly inside like‑minded partner ecosystems, meeting clients where they already are."
Scott said Everyday Solutions lets clients feel like they're doing business with one financial services provider instead of two separate providers. For instance, a client can deposit a check through the Edward Jones mobile app, manage a U.S. Bank checking account and tend to an Edward Jones investment account — all on the same platform, doing away with multiple logins.
Since its November rollout, Everyday Solutions has seen strong early adoption and increasing use, according to Scott.
"More importantly, engagement and servicing metrics indicate that clients are actively using the platform as part of their day‑to‑day financial lives, not simply opening accounts and going dormant," he said.
With the Edward Jones project now in full swing, Scott and his colleagues are looking toward the future. He said the "bank in a box" model is scalable as a banking-as-a-service platform for other partners.
"We see this foundation as key to future partnerships with other great brands that want to offer a best‑in‑class banking experience to serve their clients more completely," he said. "The platform was intentionally designed to be configurable and repeatable, allowing us to move faster with future partners while maintaining consistent standards."
