One of the main drivers behind the massive BB&T – SunTrust deal was the pressure to digitally innovate; the banks realized that as a combined entity they can better compete and invest more in technology; according to American Banker Daryl Bible, BB&T’s chief financial officer, noted that one of the most important benefits of the merger will be “to take significant costs out from redundant areas and reinvest it into innovation, technology and our talent.”; regional banks in particular find it hard to innovate sufficiently, they have too compete with big banks who spend billions and fintech firms who can be a lot more nimble; both banks had already been investing in tech, combining forces will accelerate that trend and help level the playing field. Source.
