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U.S. Bank Names Head of Virtual Banking

Gareth Gaston was appointed to fill this newly created position at the bank.

U.S. Bank announced Gareth Gaston will serve as its new executive vice president, Virtual Banking. In this new created role, he will lead the bank’s mobile, Internet and 24-hour banking division, reporting directly to Kent Stone, vice chairman for consumer banking and sales support.

U.S. Bank said this move aligns the bank’s non-branch channels as more customers seek alternative channels for their banking needs.

“Aligning and growing our mobile, Internet, ATM and traditional phone banking channels will allow us to better serve customers who are moving their banking to the ‘virtual’ space,” said Stone in a statement. “Gareth brings fresh perspective, having worked outside of the financial sector.

Gaston was previously worked in digital marketing and e-commerce positions within the travel and hospitality industry, at brands including Hilton, and most recently, the Wyndham Hotel Group, where he was senior vice president for global e-commerce.

“I am inspired by the role and by U.S. Bank’s reputation in the industry,” Gaston said via written statement. “Banking is one of the most trusted relationships you have in your life. Banks have an opportunity to play an increasing role in making their customers’ lives fuller and even more rewarding. The area I’m moving into is a big part of how banks can innovate and create a very special experience, beyond transactional interactions, to build meaningful relationships with their clients.”

[Related Content: How Prepared is Your Bank for Digital Disruption?]

Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio

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Byurcan
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Byurcan,
User Rank: Author
4/1/2014 | 4:04:32 PM
re: U.S. Bank Names Head of Virtual Banking
God Save the Branch!
Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
3/31/2014 | 5:07:37 PM
re: U.S. Bank Names Head of Virtual Banking
I'm going to go and do that right now as a matter of fact...
Becca L
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Becca L,
User Rank: Author
3/31/2014 | 4:47:17 PM
re: U.S. Bank Names Head of Virtual Banking
I always have a lot of questions. They always have answers. Answers I use to make wiser decisions. I would call that a valuable and beneficial exchange. But go ahead, use a video chat - see if you feel like you're given the same careful consideration as an in-person correspondence.
Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
3/31/2014 | 4:31:29 PM
re: U.S. Bank Names Head of Virtual Banking
I'm pretty sure I've never had a conversation with a bank teller that I remember as being precious. Must be some branch you go to.
Becca L
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Becca L,
User Rank: Author
3/31/2014 | 4:03:59 PM
re: U.S. Bank Names Head of Virtual Banking
As one of the few pro-branchers out there (can I go ahead and trademark that?) I am excited by the Virtual Banking opportunities, but only as a supplement, not a replacement. The more I hear about mobile and video capabilities the more nervous I get my precious bank teller convos will be something of the past.
Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
3/31/2014 | 1:46:03 AM
re: U.S. Bank Names Head of Virtual Banking
Might be a forward-thinking term to use though. Video banking is already starting to take hold in some parts of the world, as is gamification in banking. We might be approaching a more"virtual" almost video-game experience in banking.
Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
3/31/2014 | 1:44:36 AM
re: U.S. Bank Names Head of Virtual Banking
U.S. Bank is already one of the most innovative banks in the country. I wonder if this move will lead to any kind of changes in their innovation structure. They already have an innovation lab that has proven to be very successful and forward-thinking. Hopefully Gaston will find more creative ways to leverage that internal innovation function.
Nathan Golia
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Nathan Golia,
User Rank: Author
3/29/2014 | 6:12:05 PM
re: U.S. Bank Names Head of Virtual Banking
"Virtual banking" is an interesting description of "mobile, Internet and 24-hour banking." I'm sure the people using the channels see it as quite tangible.
nquibria
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nquibria,
User Rank: Apprentice
3/28/2014 | 3:34:27 PM
re: U.S. Bank Names Head of Virtual Banking
I agree, in part. Traditionally banks have not been forward thinking (in fact, typically laggards in the innovation curve) for the very reasons that you state. Technology companies have been the disruptors in the space, but U.S. Bank's recent move is another example of the innovative steps it's taken in the past few years.
Becca L
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Becca L,
User Rank: Author
3/27/2014 | 9:50:16 PM
re: U.S. Bank Names Head of Virtual Banking
While it's true banks are often forward thinking, there's also a lot of hold up in the action. It is, after all, an old industry overrun with red tape. This hire really shows promise in moving things forward, and making good on the promise of better. I'm eager to follow Gaston's career at U.S. Bank, and I am sure other banks are keeping a close eye as well.
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