The combined company will remain comfortably under the asset threshold that would make it a systematically important financial institution, sparing it increased regulatory scrutiny. The combined company will retain operations in Winston-Salem, North Carolina, and Atlanta, Georgia, the home markets for both companies. East Coast, with new corporate headquarters in Charlotte, North Carolina. Bancorp, which has about $467 billion in assets. The combined company will operate under a new name and have around $442 billion in assets, $301 billion in loans and $324 billion in deposits. “This gives us the opportunity to be absolutely the most competitive bank.” “The business has been changing and will be changing,” SunTrust Chief Executive William Rogers said. In a CNBC interview, executives said the merger would allow them to invest more heavily in new technology demanded by customers. “The proposed merger raises many questions and deserves serious scrutiny from banking regulators, Congress and the public to determine its impact and whether it would create a public benefit for consumers.”īB&T and SunTrust said the combined bank would produce annual cost savings of around $1.6 billion by 2022. The margin of sampling error is higher for questions answered by subsegments.“This proposed merger between SunTrust and BB&T is a direct consequence of the deregulatory agenda that Trump and Congressional Republicans have advanced,” said Maxine Waters, chairwoman of the House Financial Services Committee. The margin of sampling error is ± 0.94% at the 95% confidence level. Data was gathered and weighted to reflect a representative sample of the adult U.S. Consumer data in this report is based on information gathered in a Javelin survey administered online in June 2020 to a random-sample panel of 10,762 consumers.
The overall score is a composite of six categories weighted by what consumers say is most important to their satisfaction with online banking: Ease of Use (28%), Security Empowerment (22%), Money Movement (16%), Financial Fitness (15%), Customer Service (12%), and Account Opening (6%).įeatures data was collected from February to April 2021. Javelin analysts weight individual features based on their strategic value, tactical necessity, and industry and consumer trends, pointing FIs toward strategic opportunities and innovations in user experience. Javelin Strategy & Research’s 2021 Online Banking Scorecard measures the availability of 215 criteria at 25 of the nation’s largest retail FIs by total assets. What features should FIs prioritize because of lessons learned during the COVID-19 pandemic?Ĭompanies Mentioned: Ally, Bank of America, Bank of the West, BB&T, BBVA, BMO Harris, Capital One, Chase, Citi, Citizens, Comerica, Fifth Third, Huntington, KeyBank, M&T, Navy Federal, PNC, Regions, Santander, SunTrust, TD Bank, U.S.
What specific features address these key trends?.What key trends should digital banking strategists consider high priorities?.How many banks offer innovative features that will rejuvenate and transform online banking?.Which digital categories have the greatest influence on satisfaction with online banking?.Which banks are market leaders in online banking?.
Javelin Strategy & Research weighted each category based on what consumers say is most important to their satisfaction with online banking. This year’s scorecard examines 215 features across six categories: Ease of Use, Security Empowerment, Money Movement, Financial Fitness, Customer Service, and Account Opening. Bank, and Wells Fargo ranking as a leader in at least one category. Chase and USAA were runners-up, with BB&T, Citi, Comerica, Regions, SunTrust, U.S. Bank of America repeated as “Best in Class” overall for a multifaceted, industry-leading approach that made it a leader in four categories. The scorecard identifies three leaders in each category. But the combination of the pandemic and the push by neobanks to release web apps puts FIs at risk of allowing cracks in the online foundation to expand into gaps. No one can argue that this is a mobile-first era, and that FIs are wise to invest more heavily to close the satisfaction gap between that channel and online. The report highlights a stagnation in innovation for the workhorse channel that drives most of the satisfaction with digital banking. financial institutions to identify the pacesetters in online banking. Javelin Strategy & Research’s annual Online Banking Scorecard evaluates 25 top U.S.
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