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Truist Launches Direct Deposit Switching to Simplify Client Onboarding
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Key Takeaways
Truist introduced electronic direct deposit switching as part of its digital account opening process.
Since August, 19% of new digital applicants using Truist's feature completed the direct deposit switch.
Truist is enhancing digital tools, AI features and payment capabilities to improve the client experience.
Truist Financial Corp (TFC - Free Report) has introduced the electronic direct deposit switching feature to its digital onboarding process for clients, improving the ease and speed of new account openings.
In partnership with Atomic, Truist has fully integrated this capability into its digital account opening process, streamlining the transfer of direct deposits from other accounts. Since its launch in August, 19% of new digital applicants who used the feature have completed the switch.
Rationale Behind Truist’s Move
The announcement aligns with Truist’s continued investments to deliver a more digitally enabled client experience and support long-term financial success.
In August, TFC announced plans to add 100 insights-driven branches and renovate more than 300 branches in high-growth markets over the next five years. The firm also plans to hire additional Premier advisors to serve clients with more complex financial needs.
Truist is also enhancing its digital platform through smarter appointment scheduling, a more intuitive account opening process with self-service onboarding and digital planning and tracking tools. In parallel, the firm has expanded the use of AI-driven solutions such as Truist Assist, Truist Insights and Truist Client Pulse, while strengthening real-time payment capabilities through Zelle, Bill Pay and digital money transfers.
Sherry Graziano, head of digital, client experience and marketing at Truist, stated, “With a faster and more intuitive onboarding experience, we're empowering clients with the flexibility to quickly and easily choose Truist as their primary financial partner. Whether clients prefer digital, in-branch or over-the-phone, we're providing the flexibility and tools to pursue financial goals in a way that works for them.”
Truist’s multi-pronged strategy signals a disciplined growth trajectory anchored in both physical expansion and digital innovation. By enhancing client engagement, modernizing payments and scaling business banking, it aims to boost fee income, loan growth and operational efficiency.
Truist’s Zacks Rank & Price Performance
Shares of TFC have gained 10% in the past three months, outperforming the industry’s rise of 7.6%.
Earlier this month, F.N.B. Corp. (FNB - Free Report) introduced Payment Switch, a service that allows clients to automatically transfer their recurring Automated Clearing House and debit card payments to FNB through the FNB Direct Mobile Banking App.
As one of the first banks to roll out this service, Payment Switch simplifies customer onboarding and supports FNB’s strategy to become clients’ primary bank. Payment Switch complements the company’s Direct Deposit Switch by removing common obstacles when customers open a new account or switch banks. The automated service enables near-real-time updates of debit card or checking account payments across multiple merchants, all within the FNB Mobile Banking app, saving customers time and effort.
Similarly, The PNC Financial Services Group, Inc. (PNC - Free Report) became the first major U.S. bank to enable direct Bitcoin trading for its clients. The bank introduced direct spot bitcoin trading capabilities for eligible PNC Private Bank clients. The eligible clients can now buy, sell and hold Bitcoin directly through PNC’s own digital banking platform, thanks to a strategic partnership with Coinbase and its institutional-grade “Crypto-as-a-Service” (CaaS) infrastructure.
The first generation of PNC's new "crypto for clients" solution integrates Coinbase's institutional-grade CaaS infrastructure into the PNC Private Bank Online platform. Through Portfolio View, eligible clients can now directly buy, hold and sell bitcoin while maintaining secure custody. Backed by more than 100 offices serving high- and ultra-high-net-worth clients, PNC Private Bank is positioned to provide its client base with seamless, integrated access to the digital asset economy.
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Truist Launches Direct Deposit Switching to Simplify Client Onboarding
Key Takeaways
Truist Financial Corp (TFC - Free Report) has introduced the electronic direct deposit switching feature to its digital onboarding process for clients, improving the ease and speed of new account openings.
In partnership with Atomic, Truist has fully integrated this capability into its digital account opening process, streamlining the transfer of direct deposits from other accounts. Since its launch in August, 19% of new digital applicants who used the feature have completed the switch.
Rationale Behind Truist’s Move
The announcement aligns with Truist’s continued investments to deliver a more digitally enabled client experience and support long-term financial success.
In August, TFC announced plans to add 100 insights-driven branches and renovate more than 300 branches in high-growth markets over the next five years. The firm also plans to hire additional Premier advisors to serve clients with more complex financial needs.
Truist is also enhancing its digital platform through smarter appointment scheduling, a more intuitive account opening process with self-service onboarding and digital planning and tracking tools. In parallel, the firm has expanded the use of AI-driven solutions such as Truist Assist, Truist Insights and Truist Client Pulse, while strengthening real-time payment capabilities through Zelle, Bill Pay and digital money transfers.
Sherry Graziano, head of digital, client experience and marketing at Truist, stated, “With a faster and more intuitive onboarding experience, we're empowering clients with the flexibility to quickly and easily choose Truist as their primary financial partner. Whether clients prefer digital, in-branch or over-the-phone, we're providing the flexibility and tools to pursue financial goals in a way that works for them.”
Truist’s multi-pronged strategy signals a disciplined growth trajectory anchored in both physical expansion and digital innovation. By enhancing client engagement, modernizing payments and scaling business banking, it aims to boost fee income, loan growth and operational efficiency.
Truist’s Zacks Rank & Price Performance
Shares of TFC have gained 10% in the past three months, outperforming the industry’s rise of 7.6%.
Image Source: Zacks Investment Research
At present, TFC carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Product Enhancement Efforts by Other Banks
Earlier this month, F.N.B. Corp. (FNB - Free Report) introduced Payment Switch, a service that allows clients to automatically transfer their recurring Automated Clearing House and debit card payments to FNB through the FNB Direct Mobile Banking App.
As one of the first banks to roll out this service, Payment Switch simplifies customer onboarding and supports FNB’s strategy to become clients’ primary bank. Payment Switch complements the company’s Direct Deposit Switch by removing common obstacles when customers open a new account or switch banks. The automated service enables near-real-time updates of debit card or checking account payments across multiple merchants, all within the FNB Mobile Banking app, saving customers time and effort.
Similarly, The PNC Financial Services Group, Inc. (PNC - Free Report) became the first major U.S. bank to enable direct Bitcoin trading for its clients. The bank introduced direct spot bitcoin trading capabilities for eligible PNC Private Bank clients. The eligible clients can now buy, sell and hold Bitcoin directly through PNC’s own digital banking platform, thanks to a strategic partnership with Coinbase and its institutional-grade “Crypto-as-a-Service” (CaaS) infrastructure.
The first generation of PNC's new "crypto for clients" solution integrates Coinbase's institutional-grade CaaS infrastructure into the PNC Private Bank Online platform. Through Portfolio View, eligible clients can now directly buy, hold and sell bitcoin while maintaining secure custody. Backed by more than 100 offices serving high- and ultra-high-net-worth clients, PNC Private Bank is positioned to provide its client base with seamless, integrated access to the digital asset economy.