BB&T Corporation (NYSE: BBT), a Winston Salem, N.C.-based financial services holding company, will commit up to $50m to invest in and/or acquire emerging digital technology companies.
These investments aims to benefit clients, lower operating costs, and secure a competitive advantage for BB&T in the marketplace.
BB&T’s digital business transformation formally began in 2015 with the Executive Management appointment of W. Bennett Bradley as Chief Digital Officer. Since then, the company’s digital focus has delivered new tools and platforms for retail and commercial clients featuring enhanced payment technologies and the U by BB&T digital banking platform along with an improved security framework to safeguard client accounts and financial assets.
BB&T is one of the largest financial services holding companies in the U.S. with $220.3 billion in assets and market capitalization of $37.0 billion as of Sept. 30, 2017.
The company offers a wide range of financial services including retail and commercial banking, investments, insurance, wealth management, asset management, mortgage, corporate banking, capital markets and specialized lending, and operates over 2,100 financial centers in 15 states and Washington, D.C.