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SunTrust CIO Talks Zelle, Lending, and Innovation

Grace NotobyGrace Noto
March 13, 2018
in Lending
Reading Time: 2 mins read
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EXCLUSIVE— The new chief information officer for SunTrust will focus on expanding partnerships, client experiences, and moving forward with the bank’s digital roadmap.

Scott Case, now the bank’s CIO, told Bank Innovation that, in practice, that means focusing more on the bank’s mobile offerings, growing LightStream, the bank’s online lending platform, and building out its tech suite with newer APIs and microservices. SunTrust, one of the top 20 largest banks in the U.S., currently has $206 billion in assets, according to its investors page.

“We’re focused on internal capabilities—we’ve made progress on cloud migration, API gateways and  microservices,” he said. “We’ll continue to focus on discipline and design [in these areas] while keeping our focus on the client.”

When it comes to innovating other areas of the bank, such as mobile, Case highlighted the growth of mobile deposits at the bank (up 20% YoY) as well as the effect the partnership with Zelle has had on mobile growth. Zelle has increased mobile transactions by 83% according to the bank.

“Mobile continues to be our fastest growing channel,” Case told Bank Innovation, though he was unable to share the current number of mobile active users SunTrust has, and the bank did not include that information in its most recent earnings call in January 2018. “We will continue to invest and enhance the client experience—clients have a detailed set of functionality [in the app].”

As for other innovation, Case — who has been in his role just over a month, about five weeks at present — made special note of the bank’s efforts with LightStream, its online lending division. The bank will focus on “adding capabilities: and increased functionality to the service in 2018, according to Case, moving forward with its digital lending landscape.

This will include enhanced automated capabilities for consumer and mortgage lending in the future, Case said.

Futhermore, the bank will take a look at other buzzword technologies in the new year, as Case grows more familiar with the bank’s innovation efforts.

“Blockchain for us—we’re involved in broad terms,” Case said, noting that the bank is presently a member of the R3 blockchain consortium. “It’s on our radar.”

Tags: artificial intelligence (AI)ExclusiveLendingMobile bankingonline bankingonline lendingPremiumroboadvisorsSunTrustZelle
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