Regions to ‘Refresh’ Digital Offerings as Avant Comes Online

  • JJ Hornblass
  • July 20, 2016
  • 1

© Can Stock Photo Inc. / motorolkaRegions Financial Corp. is using its upcoming Avant deployment as an opportunity to “refresh” its digital offerings.

The bank’s CEO, Grayson Hall, said yesterday during the company’s earnings call that the Avant loan application service will go live next month. The Regions-Avant partnership was announced last April.

“[W]e’re in the process even as we speak refreshing our online and mobile experiences for our customers,” Hall told investors. “We’re launching that as we speak and then Avant will be in August … We think it’s just one more way of trying to provide a better experience for our customers in both the online and mobile channels, but it’ll be incremental to what we’re doing.”

Regions’s last major iOS release was in December 2015.

The Avant deal makes the marketplace lender the bank’s personal loan origination engine. Specifically, Regions customers can apply for an unsecured loan on the bank’s website through the Avant platform, which will carry Regions branding. Applicants will be evaluated on Regions’ underwriting criteria, and loans for approved applicants will be funded and serviced by Regions. Application declines will go to Avant for consideration. Loans sizes range from $1,000 and $35,000, and the platform will offer an immediate credit decision.

This new partnership comes as marketplace lending, in general, has been slowing.

Regions expects its Avant deal to be accretive to earnings “over time.”

Regions has a market capitalization of about $11.3 billion.

 

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JJ started the first iteration of Bank Innovation back in 2007, and has been working on it ever since. He also serves as President & Chief Executive Officer of Royal Media, Bank Innovation’s parent. He founded Royal in 1995 and oversees all aspects of the New York-based diversified media company. Prior to forming Royal, JJ was on the editorial staff of American Banker, the daily newspaper, and worked as an editor of a business magazine in Hong Kong. As a reporter and editor, he has won journalism awards from the National Press Foundation, Newsletter & Electronic Publishers Foundation, and the Reader’s Digest Foundation. He has a BS in Economics from Yeshiva University and a Master’s from the Columbia University Graduate School of Journalism. He was also a Fellow at the University of Wisconsin-Madison Graduate School of Banking. He lives in New York City with his wife, two daughters, and son. He counts among his accomplishments one New York City Marathon, two New York City Triathlons and the 2010 Father’s Day 5K, the first race he ever ran with his daughters. He can be reached at hornblass@gmail.com or 212-564-8972.

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