SunTrust Banks

SunTrust Shines in New Regulated Marketplace

The Outcome

SunTrust handles new overdraft coverage regulations and beats all expectations for profits.

The Challenge

Because of new government regulations, financial institutions were required in 2010 to change overdraft policies. Consumers could not be automatically charged a fee for overdrafting their accounts. They had to choose whether they wanted overdraft coverage or not. Overdraft fees represent a significant source of income for banks and a key reason why banks could offer free checking accounts.

In a highly charged, media-driven environment, SunTrust needed to communicate to customers the regulatory change in a way that would live up to its brand promise—Live Solid, help consumers make the right choice, and mitigate the financial impact for the bank. They needed a strategy and tactics for all major channels: in-branch, web, customer support, call center, direct mail, and advertising. They asked Stone Mantel to guide the research, strategy, and tactical development process.

The Approach

SunTrust employed the Stone Mantel Define process to

• rapidly research and design the consumer decision-making journey,
• gather and analyze critical customer insights,
• develop a strategic platform, and
• produce tactics from branch frontline training to direct mail pieces.

Stone Mantel guided SunTrust and its key agencies through the process, developed the strategy and key messaging, and produced some of the major deliverables—call center and branch scripts, creative briefs, etc.

Because the federal government mandated the implementation date of the new regulation, brand experience concepts were developed, tested in multiple settings, refined, and executed over a rapid three-month period. Because customer-facing teams were engaged to help pilot test the concepts, training materials were developed in tandem. When the go-ahead was given, the teams could swiftly execute. Because the representatives could see that the strategy aligned so well with SunTrust’s brand promise, the rollout and the execution were flawless.

More on the Outcome

• #2 in the nation for handling new overdraft coverage regulations, Gallup
• #1 in their footprint for handling new overdraft coverage regulations, Gallup
• Beat all customer conversion goals months earlier than expected
• Beat all profitability goals