August - 2014 - issue > CIO Insights

Clients are the "Why" and Technology is the "How"

Anil T. Cheriyan
Corporate EVP & CIO,- SunTrust Banks, Inc.
Wednesday, August 6, 2014
Anil T. Cheriyan
SunTrust Bank (NYSE: STI) provides deposit, credit, trust, and investment services to a broad range of retail, business, and institutional clients. Headquartered at Atlanta, GA, the firm has a market cap of $20.59 billion.

The prevalence of Social media, Mobile, Analytics, and Cloud has created a soaring impact because of which the industry has witnessed explosive breakthroughs in the technology space. The explosion in Internet usage, evolution of smarter handheld devices, preponderance of structured and unstructured data, and the commoditization of infrastructure technologies makes all four "technologies" critical pillars for nearly every business.

Mobile has been a conduit to the expansion of social. More than two billion people today have much of their activity centered on social media through their mobile devices. The need for remote connectivity has clocked great heights ever since the evolution of social and mobile in view of meeting large business expansion targets.
Successful businesses have been capable of consolidating the data deluge to deepen their understanding of markets, clients, products, services, channels, and risk. In addition, sophisticated analytics tools are enabling instant access to information along with the ability to take action as soon as an issue arises. Meanwhile, Cloud has revised itself and has expanded in multiple directions to offer its services in varying apparitions through private, public and hybrid platforms. Cloud has also been very successful with its multidimensional traits leveraging scalability and flexibility to meet the demands of an increasingly mobile customer base and workforce.

There are other trends making inroads into the industry. Some of them include Biometrics and tokenization for authentication, collaboration tools for an increasingly mobile or remote workforce, imaging, document management, and workflow capabilities as we continue to look for ways to improve efficiency.

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