Without a doubt, 2020 changed the way we approach life—and the way we approach banking. As Tim Mills, Regions Emerging Payments Manager, point outs, “Besides being pegged as the year of the global pandemic, 2020 could also be labeled as the year that digital banking came of age.”
While Regions was already experiencing growth in digital across all lines—customer, wealth, and business—coming into 2020, the pandemic accelerated adoption and usage of our mobile and online channels. Social distancing and “safer at home” guidelines turned existing online and mobile banking customers into power users and forced many who had never taken advantage of these resources to become new adopters of the technology in order to manage their finances from home. More than 200,000 accounts, from deposits to loans and credit cards, were opened online during the past year.
“… 2020 could also be labeled as the year that digital banking came of age.”
Tim Mills, Regions Emerging Payments Manager
Tim recently spoke with Andy Hernandez, Chief Digital Officer, about how digital banking truly came of age during the pandemic in 2020 and where we go from here. You can hear part of their conversation below.
While we saw that the pandemic led to behavior changes in banking, as well as other industries, what we’re learning now is that these behaviors are sustainable as we work our way towards a new normal. Technologies, such as mobile banking, that used to be seen as a differentiator, are now an expectation of customers. To keep up with customers’ expectations, Regions has upgraded and added functionality to the mobile app but is also looking toward the future of digital banking and how to create a true omnichannel experience, centered around serving our customers when, where, and how they choose. The goal is to create consistency for customers at each banking touchpoint and provide a seamless experience across all channels, both on- and off-line. Imagine that you start an account application online but then you need some help walking through the process. You visit a Regions branch or call a banker with your questions, and they are able to pick up the application right where you left off and complete it together with you – that’s where Regions is headed in our movement towards omnichannel banking.
Listen in to hear Tim and Andy discuss these developments and more—including information on Zelle, our P2P service, which has grown almost tenfold since its introduction just two years ago—and how the customer experience drives our digital strategy.