U.S. Bancorp in Minneapolis highlighted partnerships with Microsoft, Morningstar and a fintech firm as part of its quarterly results.
The $587 billion-asset company said in its earnings press release that it selected Microsoft Azure as its primary cloud provider. U.S. Bancorp said cloud computing will handle the majority of its infrastructure and application portfolio with cloud computing, allowing it rapidly access and analyze data.
The company also touted its collaboration with Driveway on real-time payments to car sellers. People who sell a car on Driveway.com will have the payment deposited instantly into their bank account after the sale is complete.
Finally, U.S. Bancorp noted that it will work with Sustainalytics, a Morningstar company, to offer environmental, social and governance (ESG) data solutions to U.S. Bank Global Fund Services clients where independent ESG analytics and reporting services are required.
Overall, the company’s earnings fell 32% from a year earlier, to $1.6 billion.
U.S. Bancorp recorded a $112 million loan-loss provision, compared to a $827 million reserve release a year earlier. Noninterest expense rose 4%, to $3.5 billion.