Truist is headed for its final core conversion in February when heritage SunTrust clients will be migrated to the Truist platform.
The $541 billion Truist highlighted its recently launched ecosystem and technology automation advancements Tuesday during its fourth-quarter earnings call. Among the capabilities Truist will introduce this year are a new artificial intelligence (AI)-driven insights tool, a new digital assistant, and a developer center that will allow the bank to collaborate with the developer community.
The Charlotte, N.C.-based bank also will enhance its InsureTech capabilities to integrate insurance directly into its mortgage process as well as launch a new deposit product, according to the earnings report. The bank acquired InsureTech company Wellington Risk Holdings Inc. at the end of 2020.
Truist formed in 2019 when BB&T and SunTrust banks merged. The bank in October 2021 migrated heritage BB&T clients to the Truist ecosystem, which included the core, a new Truist.com website and a digital commerce account opening platform.
The bank reported Q4 generally accepted accounting principles (GAAP) earnings of $1.5 billion. Revenue was $5.6 billion, a 0.6% decline from the third quarter and 1.6% decline YOY. Pre-tax incremental operating expenses related to the merger were $215 million.
To prepare for the final push of the core conversion, the bank’s integration team completed two dress rehearsals for the final conversion in December 2021 as well as during the recent holiday weekend, Truist CEO Bill Rogers said during the call, and acknowledged the work of the integration team.
“Because of them, we’re on track for the final core conversion in February, during which our heritage SunTrust clients will be migrated to the Truist ecosystem,” Rogers said.
Truist has migrated approximately 9 million retail, wealth and small business clients to its digital platform, and more than 85% of active clients are using the platform in lieu of their heritage app, he added.
“Our more modern and agile platform allows us to incorporate this feedback quickly, the results of which can be seen in the significant improvements in our overall client satisfaction scores, as well as in our Apple App Store and Google Play Store ratings in just a few short months,” Rogers said.
Digital lending rose 23% in 2021, reaching 4.3 thousand. Mobile use also increased by 3% to 4 million users, compared with 3.9 million in 2020. Mobile check deposits increased 13% to 23 million last year while Zelle transactions were 50% higher, reaching 53 million in 2021.
The bank also announced the completion of its Innovation and Technology Center in Charlotte, N.C.
Shares of Truist [NYSE: TFC] were trading at $64.58 as of market close, down 3.91% from market open.
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