In an effort to simplify banking for customers with the help of
SunTrust Banks, Inc.
) has modified its mobile application for iPhone and Android
devices. This modified service is known as "SunTrust Mobile
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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
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
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
) - 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
Bottomline Technologies Inc.
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.