The news: Truist has fallen behind competitors in developing a rewards platform capable of attracting new banking relationships, CEO Mike Lyons acknowledged during the bank's Q3 2026 earnings call.

• Average consumer and small business deposits increased just 1.2% YoY to $216 billion, compared with 3.6% growth in total deposits. Wholesale deposits grew 9.8%.
• Debit and credit card spending reached $32 billion, up 4.5% YoY but down 0.8% from Q2.

Lyons acknowledged broader underinvestment in Truist's retail franchise and said he wants to prioritize improving the bank’s rewards, credit cards, branches, and digital banking.

Zooming out: Bank of America (BofA) attracted more than 3 million enrollments within seven weeks of revamping its BofA Rewards program. Roughly 17,000 weekly enrollments came from new-to-bank customers, while nearly 1 million members used its merchant deals feature.

But BofA’s approach isn’t that different from Truist’s. Both offer everyday rewards and additional benefits as customers deepen their banking relationships. 

• BofA's revamped program includes subscription credits and other “lifestyle perks” such as access to third-party events or travel rewards at higher tiers.
• Truist emphasizes benefits such as credit card loyalty bonuses, travel perks, and loan discounts.

BofA offers a slightly broader mix of lifestyle-oriented perks, which could appeal to younger customers, but the programs have enough overlap that rewards alone don’t explain Truist's struggles. Its acknowledged underinvestment in branches, digital banking, and other retail capabilities points to a broader strategic challenge, despite its strong performance in EMARKETER's mobile banking features benchmark.