Before Alabama A&M University and Alabama State University meet on the football field for the Magic City Classic, students from both universities will compete to offer ideas for the future of banking.
Regions Bank announced Tuesday that 36 students on 11 teams will participate in its second annual Bank of Ideas Challenge. The business plan competition asks students to develop and pitch solutions to banking challenges involving young adults, financial technology and student-athletes’ financial success.
Two finalist teams from each university will present their ideas to Regions leaders Oct. 26 at Regions Field in Birmingham. Each student competing in the final round will receive a $750 Regions Bank Visa gift card and other recognition.
Teams will be judged on creativity, impact, feasibility and how effectively they present their proposals. The competition also gives students an opportunity to practice business strategy and problem-solving while presenting their work to banking leaders.
“The best ideas in banking start with understanding what customers need and how those needs are changing,” said John Jordan, head of Consumer Banking for Regions Bank.
“The Bank of Ideas Challenge allows us to hear directly from the next generation of customers while giving students a meaningful opportunity to develop ideas around financial wellness, technology, and the customer experience. Their perspectives can challenge conventional thinking, spark new ideas and help all of us think differently about the future of banking.”
Recognition for the winning team will extend beyond the competition, with honors during the Magic City Classic Players/Team Luncheon and parade. Regions is the official bank of the annual football matchup in Birmingham and sponsors its volunteers.
The challenge builds on Regions’ partnerships with both universities, which include financial wellness programs, recruiting and student outreach. Those relationships are part of the bank’s work with several historically Black colleges and universities.
“Our relationships with Alabama State University and Alabama A&M University are built on years of collaboration, investment and shared commitment to student success,” said Leroy Abrahams, head of Community and Market Engagement for Regions Bank.
“The Bank of Ideas Challenge expands that work in a meaningful way by connecting students with real-world business opportunities, encouraging innovation and helping prepare the next generation of leaders. We are honored to deepen our support of these institutions and the important role they play in advancing educational and economic opportunity.”
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