Is USAA the model for the future of commercial banking?

The Texas-based United Services Automobile Association (USAA) serves  current and former members of the military and their families, did not receive any bailout money, and saw its net worth grow from $14.6 billion in 2008 to $19.3 billion in 2011.

The bank even topped the list of Forrester Research’s Customer Experience Index 2012.

While USAA had its rating lowered by S&P from AAA to AA in 2011, Howard Rosen, a Visiting Fellow at the Peterson Institute for International Economics, says the bank represents the changing face of “commercial banking.”

In an interview with Reuters News, Rosen says, “It used to be that we wanted banks to be good corporate citizens with strong ties to local communities. Now all we ask is that banks just do what they  were initially designed to do — provide capital to companies who want to invest in plant and equipment in order to create jobs — any jobs, anywhere in the United States.”



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