Innovation and artificial intelligence (AI) surround us. Watches monitor our health as we sleep. More cars are driving themselves. Digital assistants speak to us from our devices.
And companies are working to not just meet customers’ needs – but to better anticipate those needs, too.
The results are an improved customer experience, greater ease of use, and products and services that are custom tailored around our busy lives.
At the same time, this explosion of innovation requires oversight. How do we ensure technology is used appropriately? How do we ensure the fair and ethical use of data in a digital world? These are questions we ask ourselves every day at Regions Bank. Because we believe that for innovation to truly benefit the customer, the company that’s innovating must ensure technology is leveraged in an appropriate way.
Here are some of the ways we follow strong governance principles to improve services for all our customers.
Delivering More:
At Regions, our customers benefit from innovations all the time. Examples include stronger fraud prevention, faster financial services, and a more seamless digital experience. But before innovations are rolled out to the public, there is extensive research, planning, and teamwork.
To enhance governance and oversight, Regions is embracing what’s known as “MLOps” or machine learning operations. What does this mean for you? It means our Risk Management professionals can provide faster and more effective oversight of innovative machine learning and AI systems. It means we’re consistently working to remove any potential biases in terms of how data is compiled, information is reviewed, or services are implemented. It means we’re focused on delivering a customer experience that’s enhanced by technology, not made more complicated by it.
Bottom line – it means Regions is better positioned to deliver competitive, beneficial financial services that, in turn, deliver greater value for the people we serve.
Commitment to AI Ethics:
The ethical use of AI and machine learning is at the heart of everything we do. Regions’ Model Risk Management and Validation team provides oversight and assurance over machine learning and AI systems, with the continuous goal of ensuring technology solutions are implemented ethically and performing appropriately.
As models have a greater impact on our day-to-day activities, their influence and importance must be consistently reviewed to ensure we are always upholding Regions’ core values, particularly the values of doing what is right and putting people first.
Enabling our People to be their Best:
AI, machine learning, automation, and other best practices, are all powered by people – people who are committed to meeting the financial needs of a diverse customer base. The experience of our technology team is complemented by the experience of our bankers across the Southeast, the Midwest, Texas and beyond. By leaning into the technology tools we are giving them, our bankers can take a more holistic view of our customers and their financial needs. This enables them to offer service solutions that harness the power of our entire bank – all on behalf of the individual consumers or businesses each banker is serving.
One set of examples is Regions’ Client and Wealth IQ systems, which are a set of AI tools that help our bankers identify solutions that are well suited to customers’ unique goals. The work of our Data Analytics and Risk Management teams encourages the adoption of new, innovative systems such as these that enable our associates to work faster and smarter. The customer benefits because the due diligence is done – these systems have been meticulously designed to protect data, digest it completely, and form recommendations that meet real-world financial needs for our clients.
How does it work?
Our Risk Management associates consider all elements of an AI or machine learning tool as it’s developed. Considerations such as ethics, design, data, technology, oversight, and talent are all taken into account. Technology tools to handle repetitive tasks and automation free our associates to tackle more nuanced or advanced issues. This means our bankers can further leverage their financial experience and customer relationships to deliver a more positive customer experience, and our customers benefit from technology providing risk oversight on any number of matters.
How does this directly impact me, the customer?
AI, machine learning, and MLOps are working behind the scenes to protect and benefit you. We protect our customers with fraud-prevention and authentication systems that combat malicious actors. We also equip our bankers and agents with tools to make better and more timely recommendations. Other systems operate behind the scenes, keeping the operations of a large corporation running smoothly so your account is safe and available to you 24/7.
Who are the people managing AI risk?
Regions employs a diverse set of associates with skills ranging across the finance, mathematics, physics, banking, engineering, computer science, technology, and business fields. We come from different backgrounds; yet, we are united around the focus of managing the range of risks that analytics and AI present. Our tools and systems enable these professionals to perform their jobs better.
The focus of our approach is to enable our people to be prudent risk managers as opposed to replacing them with machines.
What’s next?
As Regions adopts more modern AI practices, including MLOps and automation, we will continue to support innovative approaches that help our customers, from achieving our mission to make life better to helping us deliver enhanced products and services.
Our customer is the ultimate beneficiary as we take a thoughtful and ethical approach to innovation.
