Regions shuffles executives as it prepares to replace core systems

Regions Financial in Birmingham, Alabama, is reassigning members of its executive team as it sets the stage to replace its core operating systems.

Scott Peters, who has been leading the bank’s consumer banking group, is moving into a newly created role as chief transformation officer, Regions said in a press release Thursday. Kate Danella, who was most recently chief strategy and client experience officer at Regions, is succeeding Peters as consumer banking head, the company said.

Last week, Regions announced the hiring of Dan Massey, a former Truist Financial executive, as chief enterprise operations and technology officer. All three executives will report to Regions CEO John Turner.

Regions Financial said its push to replace its core systems will impact deposit, lending and general ledger functions. The bank first announced plans to replace its core deposit system back in 2019.

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Peters, who joined Regions in 2004, will lead an initiative to replace the company’s core operating systems, working in collaboration with leaders of various business units, the company said.

“By replacing legacy systems with new, more adaptive technology, Regions will be able to redefine the customer experience from in-person interactions to self-service solutions and more,” Regions spokesman Jeremy King said in an email. 

“Historically, the customer experience has been shaped by various operating systems themselves — that is, their functionality set the stage for how customer service was delivered,” King added. “Peters and additional business group leaders will listen to the voice of the customer to create the updated experiences and functionality today’s clients want and need — and then design systems to deliver those experiences.”

The initiative to replace Regions’ core systems will impact its deposit, lending and general ledger functions, the company said. Back in 2019, Regions first announced plans to replace its core deposit system.

King, the company spokesman, said Thursday that Regions’ updated systems will be capable of being modified and adapted over time to support innovation. The $164 billion-asset company did not provide a specific timeline for replacing its core systems but called its modernization efforts a multi-year initiative.

Earlier this year, Regions said in an investor presentation that as it modernizes its infrastructure and data, its technology spending will be linear or proportional to its revenue growth.

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