Regions is Pushing the Omnichannel Experience for Its Customers
As we cautiously move further out of the worst days of the COVID-19 crisis, many financial institutions are taking it as an opportunity to reassess their position in the post-pandemic world.
Many of us are tired of the phrase "new normal" at this point and are still working to figure out exactly what it means for the companies we represent. What is clear is that, while the pandemic has had significant effects on global industry, it has not slowed the pace of innovation. In fact, if anything, the opposite is true.
Where banking sits in this world, we still have yet to discover, but it’s likely we’ll see an even stronger push towards digital services. However, this shouldn’t be taken to mean the physical banking experience is dead and buried.
Regions
These factors and more are what have driven Birmingham, Alabama based bank holding company, Regions to pour time and resources into omnichannel experiences which leverage the best of both digital and physical banking services to create customer experiences relevant across the post-pandemic landscape.
"How a customer defines a relationship with their bank going forward will be directly tied to how the digital experience contributes to the overall experience," said Metro Atlanta Market Executive for Regions, Bill Linginfelter. "The omnichannel experience opens up possibilities to bank in more ways that are convenient to a customer under any circumstance."
Naturally, as a modern and forward-thinking financial institution, Regions was already investing heavily in digital transformation even before COVID-19 entered the global lexicon. However, there is no doubting the pandemic has driven even more innovation in this area – always with a firm eye on the customer experience.
For example, due to a significant uptick in the number of its customers accessing digital banking services during lockdown restrictions, Regions implemented an AI powered chatbot feature and made it available through its website. This meant customers were able to get answers to frequently asked questions, without having to wait on the phone to speak to a human operator. This reduced the load on Region callcenters, meaning those with more complex problems could speak to someone without having to wait for prolonged periods of time.
Thanks to customer feedback from this period, Regions has now also made the AI chatbot feature available to users of its proprietary smartphone app.
"Not that long ago, it was revolutionary to take a picture of a check and deposit it from your phone. Now, that is a standard feature that people take for granted," continued Linginfelter. "The banking industry will continue to innovate, and we know that how well a bank delivers from a digital standpoint directly impacts customer satisfaction."
Omnichannel
As you’d expect from a solid omnichannel strategy, Regions has also been developing the experience its customers receive when they walk into one of its physical banking locations.
Regions has created several new brick-and-mortar locations recently which are built from the ground up with the modern customer and innovative technology in mind. There are no counters or old-fashioned tellers at these banks, instead the banking team greets customers as they enter the branch. These concierge type bankers can personally assist the customer with anything they might need from opening a new account or discussing large scale transactions such as taking out a mortgage.
The goal with this kind of in branch service is to make the customer feel like they are receiving personalized attention and to develop a genuine relationship with them, more in line with the small-town bank managers of days gone by.
"We have redesigned the branch system to bring these more modern, more effective locations to communities across the Atlanta market," said Linginfelter. "By blending digital banking with relationship banking at the local level, you can help customers make better financial decisions in a timely way, which is part of our focus – to provide trusted financial services to all members of our community."
Other innovations being planned to bring the digital and physical customer experience together include video baking ATMs, where customers can connect with a Regions video banker via live, two-way video for personal service during expanded hours.
Final Thoughts
The "new normal" is already a tired cliché, it’s true. However, this doesn’t mean brands can get away with ignoring the fact that customer expectations and needs have changed, and those financial institutions truly committed to delivering exceptional experiences need to carefully consider what that means for their brand.
Omnichannel experiences, such as those being demonstrated by Regions, would seem an excellent way of making sure convenience and experience are being well balanced within any banking business.
You can hear Regions SVP, Digital User Experience & Design, Todd Keith speak at CXFS 2022, being held in July at the Renaissance Boston Waterfront Hotel.
Download the agenda today for more information and insights.