Truist is working to identify areas for efficiency gains through new products, capabilities and client experience — one piece of that puzzle is AI. 

“AI is becoming an increasingly important contributor, helping improve productivity, enhance client experience and create more capacity that can be invested in high-value business opportunities across our franchise,” Chief Financial Officer Mike Maguire said during today’s earnings call.  

According to the $550 billion bank’s earnings presentation, AI products contributing to client interaction in Q2 include: 

• Truist Assist, the bank’s AI-enhanced virtual assistant that offers self-service capabilities to clients. The tool handled nearly 2 million requests in the second quarter, up 60% year over year. 

• Truist Insights, an AI-powered mobile app feature that offers real-time updates on money management, generated 167 million personalized insights, driving more than 31 million client interactions during the quarter.  

New leadership

In June, the Charlotte, N.C.-based bank announced the appointment of Michael Lyons as its next president and chief executive, effective Sept. 1. 

Chief Executive Bill Rogers said during the call that he plans to retire in April 2027. “I’ll transition to an executive chair role until my planned retirement,” he said. 

Lyons joins Truist from Fiserv. 

By the numbers

In Q2, the bank reported: 

• Digital transactions surpassed 93 million, up 7% YoY, accounting for 71% of total transaction volume; 

• Noninterest expense was $3 billion, up 2.4% YoY; 

• Revenue was $5.3 billion, up 5.5% YoY; and 

• Headcount was 37,849, down less than 1% YoY. 

Truist [NYSE: TFC] shares were down 1.41% to $52.40 at market close today. The bank has a market capitalization of $65.40 billion.  

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