Data is important. But what you do with the data ultimately provides the competitive edge.
Manav Misra, Chief Data and Analytics Officer at Regions, is revolutionizing how the bank uses data to strengthen the customer relationship.
“Banks have traditionally looked at data as a defensive area of focus, using data extensively to price products and to understand and mitigate risk,” Misra said. “However, over the years we’ve moved to a move offensive use of data and analytics, using it to understand what our customers are telling us. We’ve learned how to leverage data to deliver value to a customer and generate profit.”
Misra and his team have worked to build a series of data products to meet the needs of each of the business units from the consumer bank to commercial and wealth management.
The groundbreaking work hasn’t gone unnoticed. Two recent national publications spotlight Regions’ recent work:
BRINGING HIGH-TECH TO THE HIGH-TOUCH
Wired, the renowned tech publication, writes about how Regions grew its commercial banking business only to realize some of its traditional relationship management practices were outdated.
For Regions’ commercial banking business to continue to grow, it needed to transform—handshakes weren’t enough anymore. Misra’s team, along with Boston Consulting Group (BCG), started envisioning an analytics-driven relationship management solution.
“Commercial banking has traditionally been a handshake business—it’s a high-touch business,” Misra said. “And we wanted to bring high-tech to the high-touch so as to better meet our customers’ needs.”
The full story from Wired
I’m excited our team’s approach is gaining notice. It’s proof that by living our value of focusing on the customer, the results will follow.
Manav Misra, Chief Data and Analytics Officer at Regions
REGIONS BANK: MAKING BANKING AND WEALTH MANAGEMENT EASIER USING DATA SCIENCE AND MACHINE LEARNING
Cloudera, a software vendor, published a case study focused on Regions’ big-data journey to serve customers better.
Regions’ previous big data environment was used as an operational data store with fragmented data and no centralization. A variety of tools were used to build one-off, siloed models. The company also needed a solid foundation for data governance and models so data could be broadly leveraged for analytical and data science use cases.
“We needed all these components to work together. Trying to piecemeal multiple platforms is difficult, inefficient and leads to performance issues,” said Manav Misra, Chief Data and Analytics Officer. “You need a single platform to bring everything under one security model, have one set of data assets that can be leveraged in one place, and have one data pipeline with modelOps capability that allows you to build these models and deploy at scale.”
The full story from Cloudera
Misra notes that “I’m excited that our team’s approach is gaining notice. It’s proof that by living our value of focusing on the customer, the results will follow.”