5 Largest Banks in the US in 2022

Triston Martin

Mar 03, 2022

The Federal Reserve has put together a list of the top US banks by assets, and we've broken down how these financial service giants stay ahead of the pack. A lot has changed in the banking industry over the years. Banks have been merging and partnering with each other for years, so the top four banks now make up 50% of all US banking assets. Banks with a lot of money in the United States are called "big banks." These are the six largest banks in the US in terms of assets.



1. JPMorgan Chase


JPMorgan Chase has been able to do better than its competitors because it focuses on digitally-savvy customers and adds artificial intelligence to its products. JPMorgan is playing the long game by gaining millennial customers through digital channels. Later, they hope to turn them into more valuable customers.


In addition, JPMorgan is spending a lot of money on banking technology, and it has the biggest tech budget of any bank this year. In 2019, it will spend $11.4 billion. These funds are looking for ways to use artificial intelligence, like making it easier for investment banking clients to get analyst reports and stock exchange information through voice helpers. This is the best bank in the US for every business or normal person.


2. Bank of America



In the digital age, Bank of America has cut costs and gotten more young people to use its services. Bank customers can use contactless ATMs and video-conference with call centers at digitized branches, which opened in 2017 and had half the traffic of nearby branches just five months after they opened. Bank of America's online-only services has also changed what the company can do for its customers. Its voice-activated assistant, Erica, lets customers make payments to each other and pay their bills. Since 2017, Erica has had more than 15 million users.


3. TD Group US Holdings


TD Bank is the commercial banking arm of TD Bank Group, based in Toronto, Canada. It has most of its branches on the East Coast of the United States. It has a lot of different financial products, like deposit accounts, mortgages, credit cards, and services for small businesses. TD Bank calls itself "America's Most Convenient Bank." It has a lot of digital banking tools that work well together. For example, it has chatbots powered by artificial intelligence that can help people with customer service (AI). This reduces the number of calls and speeds up the time it takes to answer customer questions.


4. Wells Fargo & Co.


Top competitors are using mobile financial services to reach millennials. Wells Fargo is following their lead and using these services. In the app, users can access their most used payment features before opening the app. This service is called "Pay with Wells Fargo." Also, the app Greenhouse from Wells Fargo makes it easier for customers to pay their bills and keep track of their spending.


Over the last year, Wells Fargo has been reorganizing its business to focus on areas that can make money, like credit cards. As a challenge to its competitors, Wells Fargo has announced a new set of Visa credit cards. This is a direct challenge to a joint card from PayPal and Synchrony Financial, as well as Citigroup's Double Cash, according to Bloomberg. Joining the contactless payment market has also helped Wells Fargo become a better bank, especially during the pandemic.


5. Citigroup


This is the fourth time in a row that Citibank has been named the "Best Bank for High-Net-Worth Families." It's free for customers with $200,000 in savings and investment accounts to get a Citigold Package from the bank.


People who use mobile banking say that Citi has the best digital money management tools, according to a report from Insider Intelligence. Citi has become one of the best banks in the United States because it has five of the seven in-platform features that make up the category. These include the ability to see recurring charges and get a financial wellness score.


Summary


Since the worldwide economic crisis and following the recession of 2008, the USA's biggest banks have experienced significant growth – so by the final moment of the first quarter of 2021, the government's ten largest banks had amassed a grand score of $11.7 trillion in unified assets, according to the Federal Reserve. Based on data from the Federal Reserve, there are about 5,400 financial institutions and discount institutions in the United States. These institutions have $13 trillion in residential deposit accounts, $10 trillion in debts, as well as nearly $21 trillion in overall resources in the country.


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