James M. Dunphy
Title: President and CEO, South Shore Bank
Age: 48
Experience: 26 years
Jim Dunphy has some relatively big shoes to fill at South Shore Bank. Between his predecessors, John Boucher and Arthur Connelly, the $1 billion bank had more than 45 years of continuity in its leadership. But while he may seem like a relative newcomer to his organization, joining South Shore Bank in early 2014 was more like coming home for the South Shore native Dunphy. He sat down recently with Banker & Tradesman to talk about his “18-month interview,” bringing technology into the branch and getting new blood into the banking industry.
Q: Tell us about getting to know the bank during that transition period when you first started.
A: I would say it was about an 18-month transition – I jokingly call it an 18-month interview – to make sure it fit. That was the plan, because between John [Boucher] and Arthur Connelly, there was over 45 years of continuity here at the bank, so they certainly wanted to make sure that they found someone who would have the right fit. I was put into a role to be able to get to know the employees, get to know the culture, make sure it matched, so I didn’t come in and change what was already working well.
In the beginning, I was very quiet. I was an observer. I was just watching what was happening – a little bit because I felt like my culture had to change, too, to make sure I fit in. This wasn’t a broken institution. It didn’t need a wholesale change. It needed someone to come in and continue doing what was going on, pick up the ball and keep running with it. But also there’s such tremendous changes and a lot going on, whether it’s technology, regulation, the interest rate environment, that you do need someone who can be nimble on their feet and help adapt to those industry changes while still keeping a 183-year-old institution vibrant and committed to the community it serves.
Q: Your high-tech Hingham branch is pretty slick. Are you going to be rolling that model out to all of your branches?
A: We are rolling it out. We’ve rolled it out to two other locations – our headquarters was the most recent – and it really changed the look of this branch a lot. Even some of our traditional customers and clients have enjoyed what it’s done. It’s got a fresh, modern look, and what we’re trying to do is figure out how we can meet the needs of all of our clients and let them bank the way they want to bank. It’s bringing our service to them, wherever they may be.
Q: Besides technology, where else do you see areas of opportunity for the bank going forward?
A: Some of the focus we have is trying to attract young people. You really don’t want to change banks too often if you don’t have to. So if we can, we tie in early on with students, student checking accounts. We’re trying to tie in with the schools and financial literacy. We’ve been heavily invested in that.
Also, the banking industry is getting to be a very aged work force. What we need to do is attract some young folks – to say, “Hey, banking is a good career and it can be exciting” – because we need those nice bright minds to deal with the technology.
We’ve been working with some of the local colleges – right now Bridgewater State – and through the Massachusetts Bankers Association, trying to come up with certificate programs, and get down there and instruct in some of the classes and let them know what banking is all about.
We created our own apprentice program here. The hard part is, while we want to grow, we can only hire so many and train so many at once, and it’s an expensive proposition. That’s why we’re trying to tie in with the industry group and the local schools here.
And we really want people who want to be involved in the community. Some kids, when they get out, they want to move off to the big cities and try that out, and then often when they’re ready to settle down, they come back to their home towns. We need to figure out how to attract them right away and keep them engaged.
Dunphy’s Top Five Hobbies:
- Skiing
- Snowmobiling
- Family time
- Golf
- Racquetball
