From my understanding, State Farm agents will be able to open us bank accounts, offer loan products, etc.
I don’t understand the direction Andy is heading and I certainly don’t like it.
What’s the point in a banker if you are allowing insurance agents to sell these products?
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State Farm will have next to no involvement in banking besides to direct them to bankers or digital services. The point of this is that State Farm hates banking and they don't want to mess with it anymore.
The checking package is new to US Bank's cobranding portfolio, but the rest is far from new for the bank. Most employees have no clue what goes on in Payment Services, particularly RPS and CPS where these relationships are most prevalent. Google Kroger, REI, and Harley Davidson credit card products for a look at the cobranded portfolio. The partner program at USB is half a century old. It's not Andy.
I believe they are only suggesting usbank products and introducing them to usbanks digital services. State Farm is stepping away from banking.