Truist to invest USD 1.8 bln in tech, customer service upgrades

Friday 22 January 2021 14:49 CET | News

Bank holding company Truist Financial has provided its first estimate — USD 1.8 billion — of how much it's spending on initiatives to strengthen profits over the long term, according to American Banker.

The USD 509 billion-asset company, formed by the December 2019 merger of BB&T and SunTrust Banks, has already incurred about USD 725 million of those expenses, leaving nearly USD 1.1 billion to be spent over until 2023. Those costs are on top of USD 2.1 billion in merger-related expenses tied to things such as severance and systems conversions.

Those investments include the creation of new delivery systems for commercial loans and mortgages, with executives making the argument that the upgrades will create better client experiences and will lead to more loan applications.

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Keywords: Truist Financial, investment, customer service, loan application, commercial loan, mortgage, user experience
Categories: Banking & Fintech
Countries: United States
This article is part of category

Banking & Fintech