People's United Bank Forms Business Transformation Office

Rhea-AI Summary

People's United Bank has established a Business Transformation Office (BTO) to enhance its digitization efforts, process optimization, and Fintech collaborations. This initiative aims to create value-added, digitally driven products tailored to customer expectations. CEO Jack Barnes emphasized the need for personalization and innovative solutions in banking.

Ravi Vakacherla will lead the BTO, focusing on strategic advancements over the next three years to retain and attract customers, aligning with evolving market demands.

Positive

• Formation of the Business Transformation Office (BTO) to enhance digital offerings.
• Leadership by Ravi Vakacherla, who has extensive experience with the company.
• Focus on personalized customer journeys and innovative banking solutions.

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• None.

BRIDGEPORT, Conn., Aug. 24, 2020 /PRNewswire/ -- People's United Bank, N.A. a subsidiary of People's United Financial, Inc. (NASDAQ: PBCT), today announced the formation of a Business Transformation Office (BTO), a specialized team focused on digitization, process optimization, automation and Fintech partnerships, in addition to supporting product strategy and management for the Bank.

The BTO 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 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 BTO will be led by Ravi Vakacherla, EVP 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, SEVP, Chief Administrative Officer.

About People's United Bank
People's United Bank, N.A. is a subsidiary of People's United Financial, Inc., a diversified, community-focused financial services company headquartered in the Northeast with more than $61 billion in assets. Founded in 1842, People's United Bank offers commercial and retail banking through a network of over 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine, as well as wealth management and insurance solutions. The company also provides specialized commercial services to clients nationwide.

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SOURCE People's United Bank

FAQ

What is the purpose of People's United Bank's Business Transformation Office (BTO)?

The BTO aims to focus on digitization, process optimization, and Fintech partnerships to create value-added, digitally driven products.

Who is leading the Business Transformation Office at People's United Bank?

Ravi Vakacherla has been appointed as the Chief Transformation Officer to lead the BTO.

How will the BTO impact customers of People's United Bank?

The BTO will enhance the personalization and innovation of banking services, improving customer experiences across various platforms.

When was the Business Transformation Office announced by People's United Bank?

The BTO was announced on August 24, 2020.

What strategic goals does People's United Bank hope to achieve with the BTO?

The BTO aims to ensure the bank retains and attracts new customers while adapting to evolving customer preferences over the next three years.