Truist Financial SWOT & PESTLE Analysis

Strength

This section is available only in the 'Complete Report' on purchase.

Weakness

This section is available only in the 'Complete Report' on purchase.

Opportunity

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.

Threat

This section is available only in the 'Complete Report' on purchase.

Political

This section is available only in the 'Complete Report' on purchase.

Economic

This section is available only in the 'Complete Report' on purchase.

Social

This section is available only in the 'Complete Report' on purchase.

Technological

This section is available only in the 'Complete Report' on purchase.

Legal

This section is available only in the 'Complete Report' on purchase.

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.