Overview of SunTrust and its Emphasis on Communities
Ms. Linda Sayers visited our class to share with us the history of SunTrust and its many strategies and policies in banking. SunTrust is big on its image in the community and relies on getting to know its customers to make the right choices. They use the latest advances in finances and greatly value customer comfort during transactions. This value in comfort seems to be working for the company for today they do banking for approximately 5.5 million customers and service these customers though 1,723 branches and over 2,800 ATMs. Being the 7th largest banking organization, SunTrust is not only concerned with its clients but also focuses on its 30,000 employees across the southern states. These states are divided into groups and then further down into regions. Radford, Virginia is apart of the Mid-Atlantic group based out of Richmond, Virginia.
Ms. Sayers who actually attained her BBA in finance in 1997 here at Radford University also discussed some of SunTrust’s history. The earliest predecessor bank was set in Alexandria, Virginia in 1811 and was called Farmer’s Bank. Over 100 years later Trust Company was established in Georgia. An interesting fact shared was that this company worked closely with Coca-Cola and as a result the only formula for Coca-Cola is found in a safe deposit in Atlanta, Georgia. This is why when you walk into a SunTrust, you only see Coca-Cola machines around. It was added to the S&P 500 index in 1988 and a decade later in 1999, 27 separate charters were consolidated into a single SunTrust Bank. She also discussed some debate over the Lighthouse Finance Services in Hilton Head, South Carolina which they later acquired just last year.
SunTrust’s primary line of business is retail banking which is working with personal clients. Other types of business that this company conducts are commercial banking, corporate and investment banking, mortgage, and private client services. Some of their corporate marketing strategies involve customer information management, and internet and e business. The internet and e business involve the website and electronic solutions available. I personally have online banking and it is very handy, easy to use system where I can check my balances periodically. Other corporate marketing strategies involve marketing services, product management, which for example involves ATM/debit cards, and STOW Marketing which is SunTrust Online.
The primary mission of SunTrust is to balance the needs of customers, shareholders, and employees. Other concepts that are engaged are the line of business mix which states that employees should recognize and value the relative contribution of each business line to the company’s earning, and the market segment strategy. This strategy offers packages with the best value available to customers so that a strong relationship can be created. In showing how dedicated and hard SunTrust believes in costumer relationships, SunTrust states that for every customer lost, 11 new customers should be attained.
Overall SunTrust focuses on the community aspects of banking, targeting customers and making sure they obtain the best employees available to keep customers coming back. With their frequent updating of recent technologies, SunTrust is able to keep up with its customers and is continuing to grow with other large banking organizations.
Contact me at mthong@radford.edu or melanie.thong@gmail.com