Will Focus On Fintech Partnerships Among Other Areas
August 26, 2020
People's United Bank announced the formation of a business transformation office, a specialized team focused on digitization, process optimization, automation and fintech partnerships, in addition to supporting product strategy and management for the bank.
The business transformation office will formalize People's United's approach to defining a repeatable process to provide unique, value-added, digitally driven products and services across business lines that take into account customer expectations for individualized journeys, simple solutions, and innovative ideas.
"The digital age of banking that has emerged over the past decade has changed the way people interact and do business on a day-to-day basis, and technological advancements are influencing the future of banking," said Jack Barnes, CEO, People's United Bank. "As we continue to evolve our service model, the [business transformation office] will ensure we remain focused on continuous enhancements and personalization of customer touch points including online and mobile banking, ATMs, call centers and in our branches, to provide customers with digital experiences that are custom-made, seamless, fast and secure."
The office will be led by Ravi Vakacherla, (right) executive vice president and newly appointed chief transformation officer. He has been with People's United for more than 15 years and has held various roles, starting in IT, holding the role of chief architect, before transitioning to head of digital, product management and banking operations.
"It's clear the next three years will look much different than the previous three, and we must do our part to retain and attract new customers and adapt to customer preferences. Through Ravi's leadership, the BTO will ensure that our strategic plan advances us into the next decade and provides a competitive advantage in delivering customers our products, services and expertise," said Lee Powlus, senior executive vice president, chief administrative officer.
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The Bottom Line
Most financial institutions have tremendous excess capacity in their existing branches today.