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Category: Innovation

It’s called Open Banking. Here’s What it Means for You.

If you think banking is more convenient today, wait until you see what’s next.

By Aaron Bridgers, Jacob Kosoff and Yogesh Harsh | June 22, 2020

You open your bank’s app. You make a transfer. You pay a bill. You deposit a check. All on your own schedule. All from wherever you happen to be.

Banking has evolved in extraordinary ways; the evolution will only continue – and accelerate. And the conveniences we’ve come to rely on are due, in large part, to a term we call “Open Banking.”

So, before long, you might not just check a balance or pay a bill – you’ll be shown more ways you can make your money go further.

 

What does Open Banking mean?

In a word – simplicity. Our teams at Regions use what are called “open APIs” (that is, application programming interfaces – essentially the glue that holds the internet together) and actively work with trusted, innovative fintech (financial technology) firms to build and enhance the applications and services you use.

We debut advancements along the way. But we’ll never be finished. Because we know there’s always a chance to do more – to make banking easier, more customized and more convenient.

The evolution in banking is on a global scale. And regulatory initiatives worldwide help provide a framework for safe, prudent collaboration among banks and fintech firms to take steps today that will lead to a more seamless experience tomorrow.

 

What are specific customer impacts?

These innovations will create greater convenience while helping customers get the most out of Regions’ services. For example, as part of the innovations we’re developing for the future, Regions will enable our customers to choose to obtain a clear, 360-degree view of their overall financial situation by connecting the Regions online banking experience to helpful resources provided by fintech firms that work with Regions on an ongoing basis.

Regions plans to also offer a tool that delivers personalized advice to customers on upcoming cash flow issues and duplicate charges that could be avoided. Guidance on improving spending habits would be accessible, too. These improved features will empower the customer to see their complete financial picture, using data across multiple financial-service providers.

So, through open banking, Regions will empower our customers to make more informed financial decisions and use tools like cash flow management, budgeting, debt reduction and net worth tracking across their entire financial footprint.

Open Banking

Regions is accelerating digital transformation, building customer-centric core banking architecture, building intuitive user interface experiences and expanding omni-channel banking – providing a more seamless and consistent user experience through channels ranging from our branches and ATMs, to online, mobile and artificial intelligence-powered interactive voice response (IVR) and chat capabilities.

 

Why is Regions doing this?

Regions recognizes that advancements in technology will continue to shape how we lead our lives. To keep up with these advancements and changing customer needs, the bank focuses on consistently and securely collaborating with companies whose innovations complement, support and enhance our approach. Open banking will, in turn, allow Regions customers to get the benefits of the latest innovations in financial technology while helping preserve security, trust and – importantly – privacy. Open banking strategies with API-led connectivity are at the heart of how Regions enhances customer engagement and digital services.

 

How does this all come together?

First, Regions is reinventing our internal processes by investing in API-enabled business capabilities using leading industry standards.

Second, we at Regions are simplifying and automating processes from end-to-end using these API-enabled business capabilities. These reimagined processes, for example, enhance security and safeguard customer data privacy by improving authentication controls.

Third, Regions is improving its digital platforms by enhancing our user interface experience and by building an omni-channel, customer-centric architecture. Through all this, Regions will be enhancing its secure framework and infrastructure so we can further leverage the strength and experience of our third-party providers, meaning their innovations will benefit Regions’ customers, as well.

 

Conclusion

Regions is in the midst of a major digital transformation to increase effectiveness and consistently meet the evolving needs of our customers. Initiatives like open banking create opportunities for Regions to provide better customer experiences and a wider range of digital services.

We know our customers demand constant innovation at an unprecedented pace. And, through strategy and collaboration, we are meeting that demand.

Open Banking

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