SunTrust 2014 Annual Report Download - page 10
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8
Our clients have increasingly adopted digital applications as their primary means of conducting their banking activities, and we
have reallocated resources to support increasing investments in these channels. Branches continue to play an important role in
fostering relationships with new clients and addressing existing clients’ more complex needs, while self-service channels such
as ATMs and digital products are playing a more predominant role in meeting everyday needs. As such, we reduced our branch
count by 3% in 2014 while growing our digital investments, and going forward, we will continue to evolve our delivery network to
service changing client needs and preferences.
Lastly, we have begun streamlining our operations and support-related infrastructure. For example, we consolidated 64
decentralized mortgage processing locations into five end-to-end campuses. Additionally, we have continued to increase
utilization of technology in certain areas, such as encouraging the usage of e-statements and using scanners to process
checks more efficiently in our branches.
Importantly, while streamlining our organization, we have not
lost focus on the bigger picture: efficiency improvements are
derived from both expense discipline and revenue growth.
Despite the challenging industry environment, we
have taken a measured approach to expense
reduction, being mindful of the continuing need
to make important investments for long-term
prosperity. In 2014, we hired new talent across
each of our businesses to help further expand
our revenue opportunities. As previously
noted, we also increased our investments
in digital channels so our clients can
conduct their banking when, where and
how they choose. In addition, we continued
to invest in our risk management and
compliance infrastructure to ensure that
we are meeting and exceeding increasing
regulatory requirements.
Going forward, revenue growth will become an
increasingly important component of lowering our
efficiency ratio, as we have already taken steps to
meaningfully reduce our cost base. We are continuing to
invest in key growth priorities to drive increased revenue,
which we expect will lead to improved financial performance
over the long term.