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Timothy E. Bombard
President and CEO, East Cambridge Savings Bank
Years experience: 40 years
East Cambridge Savings Bank has seen steady growth in the past few years, but is now trying to address challenges that came with that growth and bringing in more business amid an increasingly digitized banking environment. Tim Bombard now takes over as ECSB’s new president and CEO after the retirement of Gilda Nogueira, who headed the bank for 11 years. Bombard has been with ECSB since 1999, working in the lending division first as vice president, until he was promoted chief lending officer in 2008. He was responsible for growing ECSB’s lending businesses, including residential, commercial and consumer lending.
As the bank’s new chief executive, Bombard is setting his sights on deploying more digital solutions to the $1.6 billion-asset lender’s product offerings that serve its community and customers the way they want to be served – most of the time, from the comfort of their homes, on their phones.
Q: What are your strategic goals and priorities now that you are the new CEO of ECSB? What are you thinking about in terms of ECSB’s direction moving forward?
A: We’ve been very forward-thinking [with our] leadership and, going forward, we’re going to take the existing digital capabilities we have, streamline some of the operations and, along the way, improve the customers’ experience. We’ll be looking at mobile banking, digital wallets – which we have always been focusing on – and possibly [artificial intelligence] if there are opportunities that we may want to take advantage of.
We’re always going to look at risk management. It’s part of our framework now to ensure regulatory compliance. We’ll take any opportunities to strengthen that, also cybersecurity, and any type of resilience that we can build up on against emerging threats in the financial landscape.
We’re going to look at our customer-centric approach, which we have at the bank. We will focus on personalized customer experience, understand their needs and tailor any financial products and services accordingly. We’re also implementing customer feedback mechanisms to prove satisfaction and loyalty.
We’re looking at any opportunities in the expansion and market growth. We’ll do it strategically, expand to any new markets or demographics that might be through an acquisition or partnership, diversifying our revenue streams and reach any untapped customer segments that we don’t have right now.
We also have sustainability initiatives that we can take advantage of. Integrating sustainability into business strategies, we could do that by green technologies, which we already do support environmentally friendly initiatives here at the bank.
We’re looking at operational efficiencies – by optimizing internal processes that we already have we can reduce operational costs if possible and enhance efficiencies. I want to leverage the fintech partnerships that we already have for offerings such as online small business lending.
One of the challenges that we’re looking at is talent development. We’re attracting and we already have an extremely talented work force here at the bank, but we like to foster a culture of innovation. We’re investing in employee development programs to retain the professionals that are here and adapt to any changing industry landscape.
We are looking to engage more in community development initiatives, support local economies and demonstrate corporate social responsibility through philanthropy and ethical business practices. We also want to maintain a strong financial position, achieve sustainable growth, and maximize shareholder value through prudent financial management and strategic investments.
Q: What is it like taking over from a long-serving leader?
A: It’s been challenging and exciting. Personally, I felt a sense of responsibility to maintain the positive aspects of Gilda’s legacy. I have been under Gilda’s tutelage and I respect what she and the past CEO before her have done to build the bank and add close to a billion dollars in assets [to its balance sheet]. We’re also bringing in my new perspectives and ideas. It’s a delicate balance between honoring what work well before and introducing necessary changes to adapt to evolving needs or situations.
But I’ve been at the bank for over 20 years, so I understood the existing dynamics, respecting established practices and acknowledging the previous leaders’ contributions are crucial steps. I also recognize that I need to carve out my own path, bringing in fresh energy and implementing changes that align with mine and the board’s vision for the future.
In the beginning, I realized there might be some skepticism or resistance to [moving on from] the old ways. But gradually, as my leadership style and decisions start to unfold, I expect people will become more receptive to change. Communication plays a pivotal role in this process, keeping everyone informed, addressing concerns and insurance transparency about the direction that I’m taking.
Overall, it’s a learning experience that involves striking a balance between continuity and innovation, and building my own leadership identity along the way.
Q: What are the strategic challenges banks of ECSB’s size face these days, and what are their options?
A: We understand this industry is changing. There are not a lot of people that are coming into banking centers right now so we have to figure out a way to get that activity. We have [done that] – and it is through education, dynamic marketing and product offerings, and re-purposing some of the branch teller area to more of lending centers or wealth centers. Those are all steps that have been put in place and we’re just building on them.
It’s our job to find customers and to build on their loyalty. We can do that through different channels. There’s banking in the branch lobbies. There’s also digital transformation as we recognize that a lot of businesses is done on phones now. Mobile banking is becoming a large portion of our business. There’s been a sizable transition.
Each one of our banking centers have the ability to service the customer online because they all either have a kiosk, an ITM or an ATM. At every branch, our service associates have the ability to either transact the business at the teller line or online if need be.
Also, we are still challenged by the competition and differentiation from both traditional banks and emerging fintech disruptors. We’re trying to stand out in a crowded market. So, the options to overcome or meet those challenges [is to] focus on niche markets, personalized customer experiences, offer specialized financial products and embracing data analytics to better understand and serve the customer needs.
The predominant [trend] that we’ve seen from data is the move to online and digital platforms and this is coming into the branch as well. There is a tremendous amount of activity coming in through our website like opening up accounts, or offering small business loans or even online mortgage loans.
Bombard’s Top Five Ways to Embrace the Winter
- Ski at Jay Peak in Vermont
- Ski at Stratton Mountain, Vermont
- Ice fishing on Lake Champlain, Vermont
- Catch up Boston Bruins’ ice hockey games
- Visit friends and family in Florida
