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Truist Financial SWOT & PESTLE Analysis

ID : 52703453| Jun 2020| 15 pages

COMPANY PROFILE -Truist Financial

Business Sector :Banking & Financial Services, Regional Banks

Operating Geography :United States, North America

About Truist Financial :

Truist Financial Corporation is an American bank holding financial services company formed in December 2019 with the merger of SunTrust banks and BB&T. The bank has $506 billion in assets and 2957 branches throughout America. The bank is headquartered in Charlotte, North Carolina and is headed by Kelly King, Chairman and CEO. The merger was the biggest since the financial crisis of 2008 and was reportedly worth $66 billion. Post the merger, it has become the 6th largest bank in the USA and serves almost 12 million households. It is also 2nd in weighted average deposits in America. The main agenda was two companies with shared values and a deep commitment coming together to building a better future for our clients and communities.
With this merger, Truist has a combined history of more than 275 years, since both SunTrust and BB&T have a rich heritage and have served the American customers for ages. This merger was also termed as the ‘merger of equals’ because both the entities were equally strong and spread out in similar businesses. To provide an unparalleled client service through innovation in technology and establishment of a premier financial institute were the core reasons for this merger. Truist has approx. 58,000 employees on it rolls as of early 2020.
Truist’s mission towards its clients is to “Provide distinctive, secure and successful client experiences through touch and technology.” Truist’s mission towards its stakeholders is to “Optimize long-term value for stakeholders through safe, sound and ethical practices.”

Truist Financial Revenue :

US$ 5,648 million – Q1-FY2020

Competitive Analysis of Truist Financial

The SWOT analysis of Truist Financial is presented below:
1. Vast network of Branches throughout the United States
2. Strong Brand portfolio with diverse business mixes
3. Strategic merger of two equals SunTrust and BB&T to create a Premier Financial Institution
4. High level of customer satisfaction
5. Truist starting from a position of financial strength
1. Negative perception of new brand name – Truist; from analysts and consumers
2. Limited global presence when compared with its competitors
1. Leveraging combined strengths of both entities
2. Increasing the online presence using established platforms
3. Focused Forward on transformational digital innovation
1. Global economic slowdown and recession due to COVID-19 crisis
2. High degree of regional competition
3. Threat from emerging fintech players and NBFIs
4. Inability to achieve cost saving goals
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Detailed SWOT Analysis of Truist Financial



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1. Leveraging combined strengths of both entities: Both entities 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 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.

3. Focused on transformational digital innovation: Truist in its mission states that it wants to provide successful client experience through touch and technology. It calls this the ‘T3’ value which means touch integrated with technology equals to trust. With annual $100 million combined budget for technology, the corporation wants to create sustainable competitive advantage by continuous technological innovation. Both the entities have well recognized online banking applications that provide great value and insights to all the clients and customers. Now together, they want to go through a digital transformation to increase efficiencies and provide faster and safer banking solutions while cutting cost simultaneously.


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Check Out Analysis of Other Relevant Companies

References used in Truist Financial Analysis Report

1. Truist 2019 Annual Report:

2. Truist Earnings 2020 - Truist annual proxy meeting 2020 -

3. Truist cuts 800 jobs. More cutbacks expected in BB&T, SunTrust merger:

4. Truist company profile -

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Truist Financial SWOT & PESTLE Analysis - SWOT & PESTLE.COM

SWOT & (2020). Truist Financial SWOT & PESTLE Analysis - SWOT & [online] Available at: [Accessed 09 Jul, 2020].

In-text: (SWOT &, 2020)

Copyrights and Disclaimer

Truist Financial SWOT and PESTLE analysis has been conducted by Mitesh Baheti and reviewed by senior analysts from Barakaat Consulting.

Copyright of Truist Financial SWOT and PESTLE Analysis is the property of Barakaat Consulting. Please refer to the Terms and Conditions and Disclaimer for usage guidelines.

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Truist Financial SWOT & PESTLE Analysis
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