Regions Financial Corp. is the biggest bank to offer a comprehensive suite of products and services for the underserved. Regions—a $122 billion asset bank that operates in 16 states primarily in the South and the Midwest—designed the Now Banking product suite to meet more consumers’ financial needs—from check cashing, to money transfer and bill payment services. Now Banking also includes a general purpose reloadable Visa-branded prepaid card. Launched in 2011, Now Banking is a direct response to the bank’s increased effort to get to know its customers, as well as prospective customers. When clients told the bank they were going elsewhere for certain services, like check cashing, Regions listened and responded with a complete set of financial tools that serve their needs.

In this case study, the Center for Financial Services Innovation looks at the steps Regions took to create and implement products and services for the underserved, and why it is important to the bank to serve this customer segment well.