Payment services problems are not in middle management, they reside solely with payments leadership, the business is not growing, it is not expanding, the payment services division is not being run by payments people, U.S. Bank continues to report record earnings, but the payment services groups lag woefully behind the growth demonstrated by the competitors in that space.
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Just retired from a similar sized bank. Banks are ignorant of payments and plus there are so many competing biz models that someone has to lose and nobody wants to. Ads in a traditional banker in the mix along with the payments world is dominated by mono line focused entrepreneurs and your days are screwed.
US Bank is a bunch of silos with narrow-minded subject matter expert’s. The treasury management group who is nearly all CTP educated is hindered by “one-trick-pony” business lines which is how peer banks dominate. This will not change until the old guard is gone but that will be too late as the industry is rapidly changing. What a shame.
The problem with US Bank prepaid is with fsv. Ever since US Bank bought fsv, the prepaid dept as a whole went down hill and quickly. US Bank when under Richard Davis was a great place to work. Ever since Andy took over the place is going down hill, they used to care about their people. Now, you can't even get a call back from HR let alone know who your dept HR rep is. Sad because i worked there for 13 years and in the end was treated horribly. One of my old bosses once told me, always be prepared for the worst because companies like this will turn on you on a dime. He was right!
RPS has plenty of growth, including tech acquisitions and new partners. The problem is that US Bank as a whole doesn't even know RPS exists.