Truist has acquired a data governance platform to enhance its technological offering — in particular its artificial intelligence and machine learning (AI/ML) programs.
The North Carolina-headquartered financial services group announced this week it had bought “key strategic assets” from data technology company Zaloni, including its Arena platform. Several staff, including Zaloni founder and chief product officer Ben Sharma and chief technology officer Ashwin Nayak, are to join Truist’s Enterprise Data Office.
Tracy Daniels, Truist’s chief data officer, who leads the Enterprise Data Office, said: “Data and analytics are essential to delivering on the needs of our clients, teammates, and stakeholders. I’m thrilled that this deal includes the talented team that built the Arena platform, and that they will continue their data innovation journey as Truist teammates.”
Susan Cook, chief executive officer of Zaloni, said the acquisition “validates our philosophy that data is a strategic asset and requires a product-oriented mindset and discipline”.
The Zaloni Arena platform provides services including data governance, metadata management, advanced analytics, and AI/ML programs. The investment was made through Truist’s venture capital division, Truist Ventures.
“Truist is making investments to continuously grow and evolve with our clients’ banking needs,” said Scott Case, chief information officer at Truist. “In partnership with Truist Ventures, we identified the Arena platform as an investment that will help us deliver better financial experiences, advance our strategy and demonstrate our purpose to inspire and build better lives and communities.”
Elsewhere, Missouri-based The Seymour Bank has partnered with technology firm Teslar Software to enhance its commercial lending capability.
Teslar’s will facilitate greater automation and improved accessibility for commercial loans to The Seymour Bank’s business customers.
“We are known for our exceptional customer service and local involvement, but we also want to be recognized for modern technology and seamless experiences,” said Heather Johns, vice president of The Seymour Bank.
“With Teslar, we will become more accessible to our customers, delivering a portal that allows them to easily and quickly monitor the status of their loans and securely communicate with us. Plus, Teslar’s automated workflows will save time for our employees, resulting in a better, more efficient experience.”
Finally, the First Federal Bank of Kansas has overhauled its online banking platform and mobile app to simplify the user interface and improve usability and functionality.
The bank has sought to speed up transfers, enhance security, and connect with other institutions to allow customers to get a fuller view of their finances.
Client experience officer Mark Rieger said the move would “give our customers the tools they need to build a better financial future”.