Truist Ups Digital Focus as Mobile Transactions Climb

Truist Financial continues to see digital engagement among its customers climb.

The North Carolina-based bank reported earnings Thursday (Jan. 18) showing the number of  mobile app users grew 9% year over year.

That, in turn, is contributing to increased transaction volumes, which now account for 62% of bank transactions, up from 60% in the prior quarter, CEO Bill Rogers said on an earnings call.

Rogers told analysts that growth in digital transactions is mainly reflected in increased usage in the Zelle payments network, as “clients continue to value efficient payment and money movement capabilities.”

“But while this is certainly positive, Truist still has a meaningful opportunity to shift the transaction mix even more towards digital, specifically by leveraging our T3 strategy, which is the concept that touch and technology work together to create trust,” he added. “That further enhances the client experience and drives greater digital adoption and efficiency.”

Heading into 2024, Truist expects “accelerated adoption” of its automated assistant, launched in 2022. The company has seen increased use of this service since then, with 85% of conversations with the bank completed using the automated assistant this quarter.

The bank’s most recent earnings are an example of a trend PYMNTS noted earlier this week after other major lenders reported their numbers.

Those earnings, the report said, show that “more users are engaging more often with their financial services providers online across basic (and more advanced) banking activities.”

Citing the ongoing growth in digital banking, Truist announced earlier this month that it would close 3.5% of its branches in March.

“In response to our clients’ evolving preferences, these decisions create additional opportunities for investment in our digital capabilities,” the statement said, noting that Truist will continue to operate more than 1,900 branches and 2,900 ATMs following the closures.

PYMNTS explored Truist’s T3 program last year in a conversation with Ken Meyer, the bank’s chief information and experience officer.

Among the elements of the program is the T3 Accelerator Lab, a customer care center where teammates take client phone calls and the company can learn about real-time frictions to better understand how to enhance the experience.

“Everything is ultimately rooted in [serving] clients, regardless of the different ways their feedback comes in,” said Meyer. “When you think about a client’s needs, specifically those that are potentially highly emotive and complex in nature, you have an opportunity to have caring conversations with that client, whether [through] our virtual assistant or a teammate in our care centers or in a branch.”