Customer Focus Leads to Brand Loyalty at Regions Bank

Regions Bank was recently honored as the Most Reputable bank according to a new survey from Reputation Institute and American Banker Magazine.

With $126 billion in assets, Regions Financial Corporation is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, mortgage, and insurance products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,600 banking offices and 2,000 ATMs. 

David Sherrill, Senior Vice President, Customer Experience Manager, Regions Bank, talked to Loyalty360 about how the company maintains a laser focus on its customers, which breeds brand loyalty.

What does this honor mean to Regions Bank from a customer experience/customer loyalty perspective? 

Sherrill: We are humbled by it and see it as a validation from our customers that our efforts to listen to their feedback and act on it is working. In addition, we think it shows that our core value of “Focus on the Customer” is being lived out by all of our associates.

What does CX/customer loyalty mean to Regions Bank?

Sherrill: First, we firmly believe that loyalty is a business imperative and not just a good idea. Customers that have a high propensity to stay with us, buy more from us, and refer family and friends are more profitable and our research and data prove it. In addition, we believe that when you earn a customer’s loyalty, you have earned the opportunity to have the deep conversations that identify broader financial needs. Very few people are willing to take the time to talk through their goals with a company they don’t trust or are not loyal to.

There are so many metrics these days for loyalty marketers. What metrics does Regions Bank use to measure customer satisfaction/customer loyalty and have they evolved in recent years?

Sherrill: While many companies have adapted different loyalty metrics, such as Net Promoter, Customer Effort Score, etc., we have stuck with the standard definition used across many industries—if a customer is willing to stay with us, buy more from us, and refer others, we consider them loyal. Our overall satisfaction metrics vary by our businesses and channels, but we only focus on those metrics that are proven to increase loyalty if executed properly.

What are you most proud of?

Sherrill: Our culture that has been built around the customer experience. Many companies give lip service to loyalty, but focusing on the customer is part of the DNA of Regions. It is a pride point for all of our associates and we are thankful and humbled that our customers and the Reputation Institute have recognized us for those efforts.

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