BB&T Taps $50M for Cutting Edge Tech Investments

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BB&T in Lexington, NC – Photo credit: Dennis Brown. License

BB&T has earmarked $50M for a deep dive into “emerging digital technology,” the company announced last week. The bank will look to either invest in, or acquire companies in the space.

“The sizable investment” is meant to improve the customer-experience for BB&T’s client base while simultaneously lowering operating costs.

“This sizable investment in financial technology companies represents an important strategic milestone in our digital business transformation,” said BB&T chairman and CEO Kelly S. King via release.

”We’re excited about the possibility of new partnerships and innovative approaches to provide the best possible experience for our clients.”

The bank began its focus on digital business in 2015 following the appointment of W. Bennett Bradley as chief digital officer.

“A significant investment in fintech puts BB&T on an aggressive pace to more quickly navigate our digital road map and further foster a culture of innovation throughout the company,” Bradley said in the same release.. “Things are changing rapidly and we, like many financial institutions, have to move faster to meet and exceed our clients’ expectations. While an investment in fintech is just one component of our digital transformation, it’s a powerful way for us to gain greater access to new technologies and talent.”

BB&T currently handles more than $220B in assets and a market capitalization of $37B.

Last modified: January 22, 2018

Category: Announcements, Banking

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