TRY FOR FREE

Exclusive Interview with Dominic Venturo, CIO at U.S. Bank, on Innovation and How the Banking Industry is Collaborating in FinTech

The LTP team recently had the pleasure of interviewing Dominic Venturo, the Chief Innovation Officer at U.S. Bank, at the Plug And Play Expo in Sunnyvale, CA. Dominic shared his vision of innovations in the banking sector that are facilitated by the emerging FinTech startup sector. Here is an exclusive transcription of the interview with Dominic:

LTP: Dominic, thank you for your time and my first question is – as CIO, what are the top two things you are looking at right now?

Dominic Venturo: First, let us clarify what CIO stands for. As a Chief Innovation Officer, my group and I are not a part of the technology organization. Many people, when they see CIO think of Chief Information Officer, they think of the technology organization. Within the innovation group at the bank, we are focused on the longer-term horizon and all the way through the current period. We are looking at portfolio projects, which means that projects that we could be piloting today. Today you saw a community project that we are piloting in San Jose as retail bank partners. The context, awareness and location have been on our radar for probably 3 years now. Where we could have said that it is important to understand how are we going to interact with location services, it’s important to understand how to understand context: is somebody driving, is their mobile device moving faster that they can walk? So we shouldn’t be presenting content, things like that. That is the way we are structured. In terms of the things that are on today’s radar screen, many of those sit within our confidential structure, because we have not yet rolled a pilot out or we have not said we are active in a particular space. However some of them we are doing too.

Generally speaking, biometric security is a space where we think there is a lot of opportunity to make banking more seamless and at the same time more secure. Digital identity is an interesting space too; we have looked at some interesting opportunities in the space because we are a bank that has to comply with the KYC norms and the fact that we are highly regulated, so we are in a unique position to be able to be an identity provider. Are you familiar with the NSTIC framework? NSTIC is the National Strategy for Trusted Identities in Cyberspace – it is a White House initiative. Under that umbrella, there are things like identity provider and there is a relying party, somebody who is going to use someone’s digital identity. This is all part of the framework. Within the financial system, because of our unique role and our unique assets and capabilities, we think there is an opportunity to play in a federated identity space ...

To continue reading, sign up for MEDICI Inner Circle and get free access for 7 days.
100,000+ FinTech professionals trust MEDICI Inner Circle to stay up to date on the latest in financial services.

RECOMMENDED