Huntington Bancshares’ online engagement and acquisition mix has grown significantly through technology investments and customer experience enhancements since the bank first embarked on its digital journey five years ago.

The $179 billion Huntington’s digital checking acquisition increased to 46% this year, up 228% from 14% in 2017, according to the bank’s 2022 Investor Day presentation. Additionally, the bank’s digital channel use increased 22% since 2017 to 66% in 2022.

The bank’s digital engagement volume shows that “customer preferences are changing,” Brant Standridge, senior executive vice president and president of consumer business banking at Huntington, said recently during the bank’s 2022 Investor Day webinar, noting that as digital usership increases, “our digital investment continues to expand.”

One way the Columbus, Ohio-based bank is increasing its digital offerings is through branch optimization, Standridge said. For example, Huntington announced it will close 11% of its branches over the next five years to prioritize technology advancements and offerings at its existing branches.

The bank has closed 63 branches so far in 2022 and plans to close 31 more in 2023, according to the presentation.

The closures present new opportunities with the capital that will be saved, Standridge said, noting the bank is planning to reinvest into digital improvements in four areas of innovation:

• Automating and streamlining account activation;
• Improving shopping and purchasing experiences;
• Enhancing customer experience to simplify banking; and
• Connecting clients with advisors when needed.

Planned product launches

Huntington also plans to launch four new products over the next 12 months.

First, the bank will continue its rollout of Huntington Marketplace, which first launched in September and leverages data and analytics to create a personalized shopping experience for Huntington’s products and solutions, Standridge said. “The Marketplace is the cornerstone, the foundation of how we begin to engage customers digitally,” he added.

Additionally, Huntington will introduce one-click activation and onboarding through its Checking Activation Zone solution, customizable savings capabilities through its personalized Emergency Fund and same-day home equity mortgage offerings, Standridge said.

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