Truist’s financial management tools see 40% jump in usage

Truist Financial is reaping the benefits of its tech investments as it sees increased adoption of its digital onboarding and personal financial management tools. During the second quarter, 43% of new clients joined the bank through digital channels, a 900-basis point increase year over year, Bill Rogers , chairman and chief executive, said during the bank’s second-quarter earnings call today. [caption id="attachment_57364419" align="alignright" width="300"] Premium/Bloomberg[/caption] “This momentum reflects investments we’ve made in our digital platform and improvements we’ve made to the digital onboarding experience,” Rogers said. In Q2, 1.8 million clients used Truist’s digital financial management tools, up 40% YoY, according to the $527 billion bank’s earnings report. To build on digital momentum, Truist has integrated its online lending platform, LightStream, into its tech stack this quarter to help clients apply for loans and get funded online, Rogers said. “This integration expands access to lending solutions for all Truist clients and further strengthens our digital offering,” Rogers said. THE BIG PICTURE: Truist is focused on improving its payments ecosystem to better serve clients and to gain more customers, Rogers said. In Q2, Truist became the first financial institution to provide a Request for Payment over The Clearing House ’s RTP network via an alias such as a cell phone or an email address, he said. “This innovation is designed to unlock meaningful value for both commercial and consumer clients, accelerating cash flow, improving reconciliation and delivering real-time confirmations,” he added. BY THE NUMBERS: In Q2, Truist reported: Net revenue of $5 billion, compared with a loss of $1.6 billion in Q2 2024; Deposits of $400 billion, up 3% YoY; and Noninterest expense of $3 billion, down 3.5% YoY. OF NOTE: With regard to stablecoins, Truist is "monitoring the situation,” Rogers said. “I think I would probably say it’s a little too early to know necessarily” about Truist’s involvement in stablecoin, Rogers said. “We’re a member of The Clearing House and we do feel like we have the right talent, both in our technology side as well as our product side.” Truist joins other Fis, like Bank of America and Citizens , waiting to see how stablecoin regulations develop and how the industry tackles the tech. Chris Ward , Truist’s head of enterprise payments, will speak during Bank Automation News’ webinar “Seamless integration: The new frontier in embedded payments” on Tuesday, July 22, at 11 a.m. ET. Register here for the free webinar. MARKET REACTION: Shares of Truist (NYSE: TFC) were down 1.6% from market open to $44.25 as of market close today. Truist has a market capitalization of $57 billion.

Truist’s financial management tools see 40% jump in usage

$527B bank building moment with online lending platform

Podcast: Piermont Bank CEO Cai-Lee on tapping the $7T embedded finance market

Why FedNow’s ‘send’ function is an opportunity for banks

Related Posts

Backbase launches agentic AI chat tool that takes action

JPMorgan tops global AI banking index with jobs seen to grow

Bank of America aims to build ‘high-tech, high-touch’ business

Why FedNow’s ‘send’ function is an opportunity for banks

EMERGING FINTECH DIRECTORY

FinAi Podcast

SPONSORED

The Next Generation of Cyberthreats: Powered by AI

Build an Antifragile Strategy to Outperform the Market

How AI and Product Experts Turn Fuzzy Requirements Into Focused Dev-ready Roadmaps

Connect

Welcome Back!

Retrieve your password

Continue Reading with FinAi News Premium - Less than $2/Day

Truist’s financial management tools see 40% jump in usage

$527B bank building moment with online lending platform

Podcast: Piermont Bank CEO Cai-Lee on tapping the $7T embedded finance market

Why FedNow’s ‘send’ function is an opportunity for banks

Related Posts

FinAi Podcast

Connect

Welcome Back!

Retrieve your password

Unlock This Article

Continue Reading with FinAi News Premium - Less than $2/Day