Truist is continuing its technology initiatives in 2025 to drive business growth and improve profitability.

The $527 billion bank’s 2025 plan includes technology expansion, according to the company’s fourth-quarter earnings call today. Truist’s technology platforms are already driving membership growth and enhancing efficiency, Chairman and Chief Executive Bill Rogers said on the call.

“Not only are we adding new households, but primacy rates and client retention also continue to increase due to improvements to the client experience and ongoing enhancements to our digital offerings during the year,” Rogers said.

The bank’s earnings presentation comes on the heels of Truist’s Vice Chairman and Chief Operating Officer Beau Cummins’ Jan. 13 resignation.

BIG PICTURE: Digital initiatives led Truist’s business growth in the fourth quarter, according to the company’s earnings presentation. Truist’s Q4 tech wins include:

• 5.1 million mobile app users in the fourth quarter, up 2% sequentially and up 6.3% from Q4 2023;
• Digital transactions were up 2.4% sequentially and 13.3% year over year to 85 million;
• Balances into new accounts opened digitally climbed 80% YoY with millennial and Gen Z clients constituting 40% of balances held; and
• Zelle transactions reached 36 million, up 5.9% quarter over quarter and up 33.3% YoY.

The bank is also investing in AI training for employees, Kelly Buchanan, chief innovation officer for Truist’s Enterprise Payments & Wholesale Technology division, told Bank Automation News in November.

BY THE NUMBERS: In Q4, Truist reported:

• $5.1 billion in revenue, flat from Q3 and up 3.5% YoY;
• $13.5 billion in full-year revenue, down 33.4% YoY;
• $1.2 billion in net income, down 9% from Q3 but compared with a net loss of $5.2 billion in Q4 2023;
• $3 billion in expense, up 3.7% QoQ and down 68.2% YoY, which the company attributed to greater expense discipline and cost management; and
• An efficiency ratio of 60% compared with 57.7% in Q3 and a “not meaningful” ratio in Q4 2023.

Truist expects a slight dip in Q4 revenue and expense but projects its full-year 2025 revenue to increase 3% to 3.5% and its full-year expense to increase 1.5%, with technology and risk infrastructure among investment priorities, according to the earnings presentation.

NOTEWORTHY: Truist in Q4 launched its Electronic Bill Presentment and Payment solution. The platform enables businesses to speed multiple processes including:

• Payment reconciliation;
• Invoicing; and
• Fraud prevention.

MARKET REACTION: Shares of Truist (NYSE: TFC) were up 5.9% from market open to $47.65 as of market close today. Truist has a market capitalization of $63.3 billion.

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