1. Home
  2. Customer Success
  3. SunTrust Bank
Case Study

SunTrust Bank: Online customer onboarding grows 400%.

Highlights

  • 30% reduction in application process time
  • 70% of accounts opened are new clients
  • 50% higher account activation
  • Solution live in 8 months

The Business Issue

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. For SunTrust to realize its business goals, they needed an agile onboarding solution that could cut processing time, increase booking rates of online applications, and accommodate the unique needs of the Internet.

The Solution

SunTrust knew that the new onboarding infrastructure had to evolve quickly with the changing requirements of the business. Traditional business software could not provide the agility needed to be successful and treat account onboarding as a case management process. Pega’s Build for Change® technology empowered SunTrust to create a new Sales Application Center (SAC). The bank used Pega to consolidate all content in order to reduce overall navigation time; enable customers to save a partially completed application and return to it later; and allow the customer to begin an application online and complete it with a contact center representative.

The Results

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.

  • Financial Services
  • Sales Automation

Pega Sales Automation

Intelligently guide B2B or B2C sales professionals and optimize your sales force automation system.

Learn more

Related Resources

  • Case Study

    Learn how SunTrust used Pega to grow their online customer onboarding by 400%.

  • Customer Success Video

    See how OCBC, rated as the world's strongest bank, delivers a superior customer experience.

  • Video

    With Pega, predict what's ahead through tracking the past.