As banking becomes ever more technology-driven, many banks are shifting from a mindset that puts big tech projects off to one side to one that embraces ongoing innovation, development and deployment. Regions Bank, a growing regional firm with over $128 billion in assets, exemplifies the latter mindset. In 2019, the company spent $625 million, or about 11% of its revenue base, on technology, with 10% going to cybersecurity, nearly half going to supporting the core banking technology (including a full core replacement over the coming years), and the remainder for new capabilities.
“We’re always thinking about how we can improve the customer experience,” says Regions President and CEO John Turner on the latest episode of the ABA Banking Journal Podcast. He discusses the company’s investments in online lending, automation, data, artificial intelligence, APIs and cloud computing. In addition to improved CX, these investments promise to reduce the future cost of innovation “so that we have a continuous cycle of investment in technology.”
Turner also discusses how Regions has reshaped its branch operations to provide more career opportunities for employees, how the firm is adapting as it grows organically in newer areas like Texas and the Midwest and what it would look for in a prospective acquisition.
If you can’t see the audio player above, click here to listen to this week’s episode.