Have you ever wondered how Regions uses data and analytics? And how it can benefit you as a customer?
According to Manav Misra, Chief Data and Analytics Officer at Regions, “what we’re doing is providing our bankers with data-driven insights that enhances the shared value they deliver to our customers and to our communities.”
Misra recently sat down with CEO John Turner to discuss how data and analytics are used to improve Regions’ ability to serve customers.
Turner has seen that customers are willing to share information with the bank, with the expectation that Regions will use that information to provide ideas and solutions that are customized to their unique situation. That’s where Misra and his team come in.
“We help by translating the signals that our customers are sending us through data into insights, and enhancing the knowledge that our bankers have about our customers,” says Misra.
That knowledge can prompt a banker to have a discussion with a customer to learn more about how they can help a customer save, reduce debt, or access credit.
But what Misra and his team do is not all about finding the next best product or service, they’re also using data to fight fraud and listen to feedback in order to create a better customer experience.
“In addition to helping our bankers understand customers better, data and analytics also provide the opportunity to help Regions contain risk, meet regulations, and be more efficient as a bank.”
Working with the financial crimes unit, Misra’s team has built a number of predictive models that are able to separate out fraudsters from genuine customers. This provides an improved experience for customers by not putting holds put on their funds unnecessarily, while also identifying fraud and stopping it before it starts.
The data and analytics team also partnered with digital banking to come up with a solution to more efficiently analyze customer feedback so the bank could deliver timely and meaningful solutions. The team built a tool, now known as rVOiCe, which uses artificial intelligence and text analytics to aggregate customer feedback from different sources into a dashboard that allows the bank to identify themes and actionable insights. In 2020, rVOiCe identified a customer concern around deposits and transfers when the new mobile app was launched. Teams quickly realized there was a setting interfering with transactions, and the production team had a fix within a week.
Regions leaders are also using the insights gained from rVOiCe and other data and analytics solutions to help inform the product roadmap and shape the future of the customer relationship. It’s just one more way we’re working to make life better for our customers.