US bank Truist reported third-quarter results with average deposits up 3.6% year on year, driven mainly by wholesale clients. Digital transactions reached 71% of consumer and small business transactions, and card spending rose 4.5% to $32 billion. New CEO Mike Lyons wants Truist to win customers' primary checking accounts and is directing investment toward mobile banking, payments, cards and branches. The bank is also cutting activities that do not support core client relationships.
What it means: Truist's strategy sums up a trend visible at European banks too: the customer's primary account, where salaries land and everyday payments happen, is the most valuable asset. It brings cheap deposits, insight into customer behaviour and openings for loans and cards. The 71% digital share and rising use of its virtual assistant show that the battle is fought mainly in the app, but the bank is not abandoning branches. For Greek banks, which have strong liquidity but face competition from Revolut and other digital players, the message is relevant. Keeping the primary account requires apps that work flawlessly, free instant payments such as IRIS and programmes that reward everyday use. Truist's choice to cut activities that do not deepen client relationships also shows cost discipline. If interest rates fall, banks with stable deposits from active customers will be better placed to protect their margins. That is why deposit gathering, not lending growth, is now the headline metric.
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