Truist’s investment in digital capabilities helped the bank keep up with growing client demand for mobile and digital channels in the second quarter.
“We continue to show strong and steady growth in our digital capabilities as client mobile app users grew,” Chief Executive Bill Rogers said during the bank’s Q2 earnings call today.
During the quarter, the bank enhanced its enterprise platforms and modernized its small-business digital onboarding experience, Rogers said.
With the added capabilities, Truist reported the following digital engagement in Q2:
- The number of mobile app users grew 7% year over year to 4.9 million;
- The bank added 180,000 new accounts, with 70,000 onboarded through digital channels; and
- Digital transactions increased 13% YoY to 80 million.
Mobile adoption also grew this quarter at Bank of America, Citi, JPMorgan and Wells Fargo.
BIGGER PICTURE: While Truist clients gravitate toward digital capabilities, the bank made cuts to its core technology and operations roles this month.
The job cuts at Truist follow the departures over the last year of technology leaders including Chief Information Officer Scott Case, CIO of Wholesale and Enterprise Function Bryce Elliott and Chief Information and Experience Officer Ken Meyer.
MARKET REACTION: Truist shares were trading up at 3.5% at $43.90 at 3:07 p.m. ET Monday. Truist has a market capitalization of $58.7 billion.
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