Latest news with #FirstCitizensBank
Forbes
21-05-2025
- Business
- Forbes
Low-Code, No-Code And Robotics Are Reshaping Digital Transformation
Sanjoy Sarkar - SVP, Director - Application Development & Support, First Citizens Bank . getty Over the course of my decade in technology leadership, I've had the opportunity to guide numerous large-scale digital transformation initiatives across banking, consulting and enterprise technology. From merger-driven system integrations to enterprise-wide process reengineering, low-code/no-code (LCNC) platforms and intelligent automation have consistently played a pivotal role in my work. Whether we were empowering non-technical business users to prototype their own solutions or helping IT teams accelerate delivery cycles, LCNC has enabled us to deliver real impact fast. To me, LCNC and robotic process automation (RPA) aren't trends—they're essential pillars of modern enterprise strategy. They empower teams, reduce friction and enable agility in ways we couldn't have imagined a decade ago. This article is my attempt to demystify that journey. In my experience, choosing the right LCNC platform can make or break a digital transformation initiative. Over the years, I've evaluated and implemented several LCNC tools across different organizations, and I've learned that it's not just about flashy features or slick UI. It's about how well the platform scales, how easily it integrates into your existing tech stack and whether it can handle both simple use cases and enterprise-grade complexity. One lesson I've learned the hard way is that governance cannot be an afterthought. I've seen what happens when teams build freely without controls—and it often results in shadow IT, duplicated logic and compliance risk. That's why I always emphasize selecting platforms with built-in role-based access control (RBAC), version control and audit trails. These features allow business users to innovate, but within a framework that IT can trust. And don't forget to assess the vendor's track record, community ecosystem and support model—because the right partner matters just as much as the right platform. Security, Compliance And Best Practices As organizations expand their LCNC and RPA footprints, security and compliance must stay front and center. In regulated industries like finance and healthcare, this isn't optional—it's mission-critical. I always advocate for a zero-trust approach: strict authentication, encrypted data flows and well-defined access policies. LCNC tools often move fast—but security has to move faster. I've led programs where we embedded automated testing, code scans and centralized monitoring into our development lifecycle from day one, which made a huge difference in identifying risks early. And finally, none of this works without culture. Building a security-first mindset across teams—through training, awareness and ongoing engagement—has been one of the most effective ways I've seen to reduce risk while keeping innovation flowing. Lessons From The Field: Real-World Challenges And How To Avoid Them With RPA, one common misstep I've seen is jumping straight into bot deployment without first optimizing the process. I once inherited a set of bots that were automating a poorly designed workflow. The result? Constant bot failures and more rework than relief. We eventually paused the automation, reengineered the process with business SMEs and only then deployed bots—this time with long-term success. In one of my initial LCNC rollouts, I discovered collaboration is a must for LCNC. LCNC doesn't mean no IT—it means more intentional collaboration between business and IT. Metrics And ROI Considerations To make a compelling case for LCNC and robotics, organizations must measure the return on investment (ROI) and business impact of these technologies. Enterprises leveraging low-code platforms can reduce their application development time by over 50%, allowing them to respond faster to market demands. Additionally, automation through RPA and process orchestration has led to an average operational cost reduction of 30%. These platforms also enhance workforce productivity, with reports indicating that a majority of workers could save six hours a week with automation, allowing them to focus on higher-value strategic initiatives. Furthermore, companies implementing automated workflows have observed improvements in compliance and risk management, reducing regulatory penalties and operational errors. Enterprises that effectively embrace LCNC and robotics are positioned to gain a significant competitive advantage. This technological shift can enable businesses to launch new digital offerings faster, optimize operational costs, enhance compliance and governance and foster a culture of innovation. More importantly, this transformation is reshaping the future of work, empowering organizations to build resilient, high-performing and agile digital enterprises. The question is no longer about whether to adopt LCNC and robotics, but rather how fast enterprises can harness their potential to stay ahead in the digital race. These aren't just technologies to me. They're tools I've used to solve real problems, often under immense pressure. Whether it's during a crisis, a merger or a daily operations challenge, LCNC and RPA have consistently proven their value. More than that, they've changed the way people work—and how they feel about their work. That's why I remain passionate about driving this transformation forward. Disclaimer: The views and opinions expressed in this article are solely my own and do not reflect the views of my employer. Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Do I qualify?
Yahoo
26-04-2025
- Business
- Yahoo
First Citizens prefers buybacks over M&A, for now
First Citizens BancShares is sticking with its share-repurchase strategy, with executives saying Thursday that buybacks are the best way to return capital to shareholders in the current environment, which has been marked by tariffs-driven market volatility and economic uncertainty. That doesn't mean mergers and acquisitions, which have been a key factor in First Citizens' recent expansion, are off the table, according to Craig Nix, First Citizens' chief financial officer. "I would not say that our appetite for M&A has changed," Nix said during the bank's first-quarter earnings call. "We're really dealing with what's in front of us right now, and that's the share repurchase plan. That's the most effectual way for us to return capital at this point in time." Still, "M&A remains an important part of our growth strategy over the long term," he said. The Raleigh, North Carolina-based parent of First Citizens Bank is two years out from buying a significant portion of Silicon Valley Bank, whose abrupt failure in mid-March 2023 destabilized the industry and forced banks of all sizes to secure their deposits and calm jittery customers. The deal nearly doubled First Citizens' total assets, and it came just over a year after the company had already doubled in size with its acquisition of CIT Group in New York City. As a result, First Citizens' capital ticked upward. Its common equity Tier 1 ratio, which compares a bank's capital against its assets, hovered at a little over 13% in 2024. In the first quarter of this year, the CET1 ratio came in slightly lower at 12.8%, the company said in a press release Thursday. The goal is to reduce the ratio to 10.5% to 11% by the end of next year's first quarter, Nix said. During the period ending March 31, 2025, First Citizens repurchased $613 million of common shares, bringing total share repurchases since August to $2.4 billion. In total, the $228.8 billion-asset company is aiming to buy back $3.6 billion of shares through its current repurchase program. To get to the 10.5% to 11% CET1 target, the company is thinking about implementing another buyback program in the second half of this year and will share more information in July, Nix said. As of midday Thursday, the company's stock was up about 1%. Like much of the rest of the banking industry, its share price has declined this year. It's currently down about 15.4% since Jan. 1, compared with a 14.8% drop in the KBW Nasdaq Bank Index. During First Citizens' earnings call on Thursday, Keefe, Bruyette & Woods analyst Chris McGratty wanted to know if the bank currently sees an opportunity to step up the pace of buybacks in order to reach its CET1 target. Nix said the company's current stock price "is making our repurchases more effectual, and we're able to repurchase more shares than otherwise," but noted that buybacks are dictated by First Citizens' capital plan and said the company is "very hesitant to deviate from" that plan. In the first quarter, First Citizens' net income totaled $483 million, down 34% from the year-ago period in part because of a decline in net interest income. Results also included acquisition-related expenses of $42 million, plus costs related to taxes and write-downs of intangible assets. Earnings per share of $34.47 missed expectations. Analysts surveyed by S&P Capital IQ had expected the company to report $37.43 per share. On an adjusted basis, EPS for the quarter was $37.79. Meanwhile, net interest income of $1.7 billion was down 8.5% year over year, and fee income of $635 million was up 1.3%. Expenses, which totaled $1.5 billion, rose 8.5% as provisions for credit losses more than doubled to $154 million, up from $64 million in the year-ago quarter. First Citizens largely maintained its outlook for the rest of the year. It slightly reduced its net interest income expectations for 2025 to $6.55 billion-$6.95 billion, down from $6.6 billion-$7 billion it projected in January, and it increased its forecast for deposits to $163 billion-$168 billion, up from $162 billion-$167 billion. The loan growth forecast remained unchanged at $144 billion-$147 billion.
Yahoo
02-04-2025
- Business
- Yahoo
First Citizens BancShares, Inc. Announces Date of 2025 First Quarter Earnings Call
RALEIGH, N.C., April 2, 2025 /PRNewswire/ -- First Citizens BancShares, Inc. ("BancShares") (NASDAQ: FCNCA) today announced that it will report its financial results for the quarter ended March 31, 2025, before the U.S. financial markets open on Thursday, April 24, 2025. A conference call and webcast will be held to discuss BancShares' financial results at 9 a.m. Eastern time on the same day. The conference call and webcast may contain forward-looking statements and other material information. To pre-register for the call via webcast (recommended), please visit: After registering, a confirmation email will be sent with a calendar reminder attachment and webcast details. To join by telephone on the day of the call, please dial:North America: 1-833-470-1428All other locations: 1-929-526-1599Access code: 627829 The investor presentation, along with the link to the webcast, will be available on the company's website at prior to the call start time. After the event, a replay of the call will also be available on the website via webcast. About First Citizens BancShares, Inc. First Citizens BancShares, Inc. (NASDAQ: FCNCA), a top 20 U.S. financial institution with more than $200 billion in assets and a member of the Fortune 500TM, is the financial holding company for First-Citizens Bank & Trust Company ("First Citizens Bank"). Headquartered in Raleigh, N.C., First Citizens Bank has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of branches and offices nationwide; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; personalized service and resources to help grow and manage wealth; and a nationwide direct bank. Discover more at Contact: Deanna Hart Angela EnglishInvestor Relations Corporate Communications919-716-2137 803-931-1854 View original content to download multimedia: SOURCE First Citizens BancShares, Inc. Sign in to access your portfolio
Yahoo
10-03-2025
- Entertainment
- Yahoo
Woodruff to hold Spring Fling festival this Saturday
WOODRUFF, S.C. (WSPA)- If you're upset that the Spartanburg Spring Fling Festival is canceled, you can get your fill this weekend at a party in Woodruff. This spring festival is happening at noon on Saturday, March 15. The festival will stretch from Georgia Street to First Citizens Bank, about two blocks from where the road will be closed. Expect food trucks, carnival rides, and a Touch-a-Truck display, giving kids a chance to see everything from fire trucks to 18-wheelers up close. There will be lots of local vendors and businesses preparing to welcome lots of visitors as well as live music. Vendors who stopped by on 7 News Monday morning include Tree of Eternal Live, Natalie's Kitchen, Parklane Jewelry, Country Glamour Jewelry, master guitarist, Josh Godfrey and The Palmetto Padre. Many local businesses will be open including Humble Grounds coffee and local artists like Breana Harrington with Cotton Fox Studio. On Saturday look for parking around City Hall and at the library and behind local businesses. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
