Truist and Ally Financial both made strategic investments in technology and talent during the second quarter to accelerate growth and servicing.

“We have continued to invest in talent and technology to enhance our servicing and collection capabilities and remain confident in our ability to effectively manage credit in a variety of environments,” Ally Chief Financial Officer Jenn LeClaire said during today’s Q2 earnings call.

Detroit-based Ally Financial’s noninterest expenses in Q2 increased 6% year over year to $1.1 billion, according to the $185.7 billion bank’s earnings supplement. The increase is related to continued investment in technology and business growth as well as higher insurance losses, LeClaire said.

Meanwhile, Truist also increased its personnel expenses in Q2 as the bank spent on business and enterprise technology talent, Chief Executive Bill Rogers said during today’s earnings call.

The $545 billion bank’s adjusted noninterest expenses grew 3.8% sequentially to $3.2 billion, “reflecting higher insurance-related incentive compensation and intentional investments in talent and technology to support our shift from integrating or operating,” Rogers said.

Although noninterest expenses increased in Q2, Truist has “planned products, processes and technology enhancements underway to reduce these losses and enhance the overall client experience, including the launch of innovative authentication approaches later this quarter,” Rogers added.

See also: Truist CIO Bryce Elliott joins Bank Automation Summit Fall speaker faculty

Truist also lauded the June opening of the Innovation and Technology Center at its Charlotte, N.C., headquarters, as well as its May acquisition of finance mobile app Long Game. “By leveraging Long Game’s innovative technology, Truist can empower our clients to build long-term financial wellness,” Rogers said during the call.

Looking ahead, Truist plans to continue investing in operations including digitization, artificial intelligence projects, leveraging the cloud and moving toward a new card platform, Truist Chief Financial Officer Daryl Bible added.

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Bank Automation Summit Fall, taking place Sept. 19-20 in Seattle, is a crucial event on automation and automation technology in banking. Learn more and register for Bank Automation Summit Fall 2022.