Truist Financial SWOT and PESTLE Analysis

Strength

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Weakness

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Opportunity

1. Leveraging combined strengths of both entities: Both entities (SunTrust and BB&T) have their strongholds in the banking sector and combined strength of these institutions can help in leveraging a stronger brand that is more stable in the times of crisis, has expanded reach and provides a better customer experience. Retail banking, commercial banking among others can be further scaled in operations with combines resources. The community bank model followed by BB&T can be leveraged for banking operations of SunTrust Bank. Also, products such as insurance brokerage provided by BB&T can be pitched to the new customers of SunTrust bank, increasing the market size and reach of the product.

2. Increasing the online presence using established platforms: SunTrust has already invested huge sums of money in the online platform over the past few years to facilitate digital lending. This investment has opened new sales channel for BB&T and Truist as a whole. The company will be able to take advantage of this opportunity in the next few years by better knowledge of its customers and by using big data analytics to meet their needs. With the advent of technology in commercial banking, their online expertise will help them expand their online presence and reach out to young customers. Recently, for Paycheck Protection Program, Truist has used digital platforms to provide $10 billion worth of loans to small businesses in the USA in response to COVID-19 crisis. More such programs can be taken online and can help gather more income. As of February 2022, Truist has appointed Stellar Kim Tucker, as group head of technology investment banking to oversea teams that work on cloud technology, fintech, software and internet, martech and IT services to further strengthen its technology and online presence.

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Threat

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Political

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Economic

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Social

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Technological

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Legal

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Environmental

1. Initiatives towards support of green and sustainable environment: Truist is helping in dealing with climate change through various initiatives. Through business operations and team efforts it is moving forward towards a less carbon emitting economy by having strong partnerships with the right companies and improving sustainability efforts not only within its organization but throughout the nation such as $700 million in capital just for renewable energy and a lower carbon economy. By planting trees for every loan program under LightStream, that is the digital personal lending platform, Truist has planted over 1000 acres of trees. They also implemented programs to cut down the electrical consumption by 845,000 kilowatt-hours which is equal to 1.32 million pounds of carbon dioxide reduction. In January 2022, Truist Financial Corporation said that it intends to achieve net zero greenhouse gas (GHG) emissions by 2050, advancing the company's goal of assisting in the transition to a low-carbon economy.

The remaining section under "Environmental" is available only in the 'Complete Report' on purchase.