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Bridgeport, Connecticut-based People’s United Bank announced it was establishing a “Business Transformation Office” that would work to build partnerships with fintechs and support digital product efforts at the $61 billion-asset bank, which maintains 64 branches in Massachusetts.
The office will develop new digital products and services across the bank’s different business lines, in addition to improving process optimization, automation and other efforts to execute the bank’s product strategy, the company said.
“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,” People’s United CEO Jack Barnes said in a statement “As we continue to evolve our service model, the BTO 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 BTO is a reflection of People’s United’s ability to innovate and reconceptualize our offerings in an efficient way.”
The bank said Executive Vice President Ravi Vakacherla, head of product management and banking operations and newly appointed as People’s United’s chief transformation officer, will lead the team. Vakacherla has worked for People’s United for 15 years, beginning in the bank’s IT department.
“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,” People’s United Chief Administrative Officer and Senior Executive Vice President Lee Powlus said in a statement.
The approach is similar to one other regional banks have taken. Eastern Bank, known for its own digital prowess, has even used its Eastern Labs division to spin out fintechs like Numerated.
