Digital Onboarding Gets a Makeover: How Truist and Peers Are Winning New Customers

The banking sector is undergoing a critical shift. With customers increasingly expecting seamless account opening experiences, Truist Financial Corporation [TFC] has taken a decisive step by integrating direct deposit switching into its client onboarding solutions. Partnering with Atomic, the financial services firm has embedded this automation capability directly into its digital account opening workflow, dramatically reducing friction for customers transitioning from competitor banks.

The results speak for themselves. Since rolling out the feature this past August, nearly one in five new digital applicants have successfully completed the deposit switch—a strong adoption signal that customers value convenience during account migration.

Why Banks Are Racing to Simplify Account Setup

Truist’s move reflects a broader industry imperative. Competition for primary banking relationships has intensified, forcing institutions to remove every barrier to customer acquisition. TFC’s investment strategy demonstrates this clearly: the firm plans to establish 100 insight-driven branch locations and refresh over 300 existing branches in high-growth corridors within five years, while simultaneously recruiting Premier advisors to serve affluent clients with sophisticated financial requirements.

But physical expansion alone isn’t enough. Truist is simultaneously strengthening its digital infrastructure through intelligent appointment scheduling, self-service onboarding workflows, and integrated planning tools. The company has deployed AI-powered features including Truist Assist, Truist Insights, and Truist Client Pulse. Real-time payment capabilities through Zelle, Bill Pay, and digital transfers complete the modernized client experience.

“Our goal is straightforward,” explained Sherry Graziano, who leads digital transformation and customer experience at Truist. “By making onboarding faster and more intuitive, we enable clients to select Truist as their primary financial institution with confidence. Whether they prefer digital channels, branch visits, or phone support, we’re removing obstacles to financial goal achievement.”

Market Response and Competitive Positioning

TFC shares have appreciated 10% over the past three months, outdistancing the broader banking sector’s 7.6% gain. The stock currently holds a Zacks Rank of #3 (Hold), reflecting analyst caution despite operational progress.

This momentum matters because Truist isn’t alone in this transformation race. F.N.B. Corporation [FNB] recently unveiled its Payment Switch offering, which automates the transfer of recurring ACH transactions and debit card payments through the FNB Direct Mobile Banking App. This service complements FNB’s existing Direct Deposit Switch, tackling the multi-faceted challenge of customer switching costs. The automated system updates payment information across numerous merchants in real-time, all within the mobile interface—eliminating hours of manual work.

Meanwhile, The PNC Financial Services Group [PNC] has pushed boundaries further by becoming the first major U.S. bank to offer direct Bitcoin trading. Through a partnership with Coinbase’s institutional-grade “Crypto-as-a-Service” infrastructure, eligible PNC Private Bank clients can now purchase, retain, and liquidate Bitcoin directly via PNC’s digital banking platform. The offering underscores how premium banking institutions are expanding client onboarding solutions to encompass emerging asset classes.

The Strategic Imperative

These moves reveal a unified banking playbook: simplify customer acquisition, expand digital-first workflows, and build sticky relationships by offering integrated solutions. For Truist, the combination of enhanced deposit switching, AI-powered insights, and expanded branch infrastructure positions the firm to capture a larger share of customers seeking a consolidated financial partner.