SunTrust: Online Customer Onboarding Grows 400%
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Retail deposit growth is a key initiative at SunTrust, as the bank wanted to reduce its reliance on wholesale funding sources for capital. The majority of new account onboarding took place in person at the branch, while the Internet remained an underutilized source of new business for the bank, representing only a small fraction of new accounts opened.
Using Pega, SunTrust’s online new account opening operations are far more efficient, delivering profitability and a superior customer onboarding experience—with just an eight month implementation time. Through the SAC initiative, SunTrust has drastically reduced the processing time of online applications by 30 percent, delivering disclosures, identity verifications, and approvals in real time. The volume of new account applications has quadrupled with account activations increasing by 50 percent. Of these new accounts opened, 70 percent of them are brand new relationships to the bank. SAC also provides automatic account setup and enrollment and integrated account funding, enabling SunTrust to produce more detailed reporting and exceptions management to drive continuous process improvement.