In an effort to simplify banking for customers with the help of advanced technologies, SunTrust Banks, Inc. (STI) has modified its mobile application for iPhone and Android devices. This modified service is known as “SunTrust Mobile Deposit”.
The new addition will enable customers to enjoy the added benefits of depositing checks by taking photos of these through their smartphones. Further, it has other important benefits like providing a record of mobile deposits and images of checks over the last five days, along with an easy-to-use instruction manual. Moreover, for deposits made within 9 p.m. ET, the bank will transfer funds to the customer’s account the following day it opens for business.
With everything going virtual in the business world, there is a requirement of technology that caters to the evolving needs of safety and security in accessing data. Systems like “SunTrust Mobile Deposit” are primarily designed to meet such requirements of the consumers. Moreover, such moves provide companies with smarter ways to switch over to electronic means of accepting deposits.
SunTrust has correctly perceived the immeasurable significance of technology in making banking an easier process for the customers. Mobile banking has become a fundamental part of the customers’ lifestyle. We believe that the bank’s initiative to integrate technology with banking will be helpful in transforming the banking scenario.
This new application will not only help the customers to bank conveniently, but also will assist banks to operate much faster and in an uncomplicated way. It will also positively impact the banks’ financials by lowering transactions and processing costs, amidst a sluggish macroeconomic environment.
To keep up with the evolving needs of customers, most of the banks are adopting technological measures to simplify banking. In June this year, Bank of America Merrill Lynch – a wing of Bank of America Corporation (BAC) – had introduced an iPad compatible application for its clients using the online payment and invoicing system – Paymode-X. The iPad application is the first stage of a set of mobile capabilities that BofA Merrill Lynch will put forward to its customers in association with Bottomline Technologies Inc. (EPAY)
SunTrust retains a Zacks #2 Rank, which translates into a short-term Buy rating. However, considering the fundamentals, we maintain a long-term ‘Neutral’ recommendation on the stock.
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