Welcome to the 21st century, Truist: https://www.americanbanker.com/news/truists-pandemic-chatbot-could-have-staying-power
It was going to happen eventually. COVID made it happen faster.
3 replies (most recent on top)
@eokx+16RNyyLa - You are 100% correct.
What the bank is holding on to are remnants of an industry that no longer exists. In the case of BB&T specifically, the 'small town bank' culture was like an anchor around it's neck. While it was chugging along in it's small corner of the market...technology, new business models, automation, etc. was adopted by the industry and all its peers (that are left).
It is now being hurled headlong into the 21st century. It will need to cast off a ton of dead wood and antiquated business units. That won't happen overnight if at all.
Is Truist is actually working to become a technology bank? Put aside Kelly King’s vague vision sermons, and pay attention to where the “job cut” money is actually being spent. Competitors are pouring tons of money in Fintech - can Truist compete when they are spending large sums of money on a) opulent headquarters building, b) expensive moves of associates to a brand new headquarter city (double the expense of choosing existing ATL or WS), c) huge retention bonuses to executive members (the same executives responsible for a decade of mediocrity and the lack of vision that led to the layoffs), d) expensive and highly questionable marketing campaign...and on and on and on. I have a sneaky suspicion this merger is going to make for a good book one day...
If it's anything like what CVS uses for refilling pr-scrip-ions, I'll find a new bank, CVS voice assistant irritates me to no end so I switched pharmacies.