7 top technologists hired by banks and credit unions in 2022

December 26, 2022 9:00 AM

Balaji Thiagarajan, chief technology officer, LendingClub

As financial institutions this year worked to improve products and experience for customers and update legacy systems, some promoted or hired new people to their top tech spots.

Financial institution recruiters and tech executives consider location, organizational structure and reporting structure when they are filling or applying for top technologist roles, said Robert Voth, managing director at executive search firm Russell Reynolds.

"COVID reset the chess table with a piece that companies had never seen before, which is open location," Voth said. "Prior to the spring of 2020, the vast majority of CIOs moved to corporate headquarters. At the end of 2022, less than half of our searches required their chief information officer to be at corporate."

About 70% of companies want their top technologist based at headquarters, according to Jesse Reich, an executive director of Russell Reynolds. In contrast, about the same percentage of talent is unmotivated to relocate.

Additionally, Voth said reporting structure is vital. He added that companies that don't have their chief technologists reporting to the top executive officers lose more than half of the potential talent pool.

Control of data and analytics is what Voth called "the bait that hooks the big fish." Top technologists want oversight because data is the key to a better understanding of customers, Reich said.

Even as economic strain on the tech industry has meant more layoffs at many fintechs and Big tech companies, the executive technology roles at financial institutions have remained stable, Reich said.

"If you need a top technology officer, you still need one in a downturn," Reich said. "You might have different priorities, you might want to digitize your supply chain for efficiencies, you might want to be moving more aggressively to the cloud, and to better control your infrastructure costs…I don't necessarily think that we did fewer of those searches this year than we did last year, but their priorities may have changed and their team sizes have changed."

Here are some of the new top technologists hired at banks, credit unions and fintechs in 2022:

Ravi Radhakrishnan, CIO, American Express

Ravi Radhakrishnan started as CIO of American Express in January after nearly a decade in technology leadership roles at Wells Fargo. Radhakrishnan took over from long-time CIO Marc Gordon and reports to Anré Williams, CEO of American Express National Bank and group president of enterprise services. Radhakrishnan, per his LinkedIn, is based in New York City, the credit card issuer's headquarters.

The CIO is responsible for the company's technology initiatives, along with technology risk and security. American Express has been growing its tech workforce this year, announcing this fall that it planned to hire more than 4,000 people across data science, software engineering and software development by the end of 2022.

Balaji Thiagarajan, CTO, LendingClub

LendingClub announced in February that it hired Balaji Thiagarajan as chief technology officer, reporting to CEO Scott Sanborn. Thiagarajan previously served as CTO at Change Healthcare, a health care technology company, and has held technology leadership roles at Uber, Oracle and Google.

Thiagarajan leads LendingClub's product development, engineering, operations and information technology, along with tech strategy. San Francisco-based LendingClub, which primarily refinances credit card debt, has used its bank charter this past year to hold more loans on its balance sheet. Sanborn said in an October interview that the company's next big initiative will focus on creating a checking account product and mobile banking app.

"Balaji joins us at a transformational point in our evolution," CEO Sanborn said in a prepared statement in February. "His extensive experience in direct-to-consumer technology organizations that leverage big data, machine learning, mobile technologies and cloud computing to deliver on both incredible business and customer outcomes is second to none."

Ann Madea, CIO, Simmons Bank

Simmons Bank named Ann Madea its CIO in March after a five-month transition period. She oversees the bank's information technology strategy and operations. Madea previously served at HSBC for 17 years, including the last four as CIO for the U.S. Simmons is headquartered in Pine Bluff, Arkansas; Madea lives in Little Rock.

Madea is also responsible for leading the systems integration of acquired banks. Simmons, which has $24.7 billion in assets, announced that its planned acquisition of Spirit of Texas Bank was approved in February.

Chairman and CEO George Makris said in a prepared statement in March that Madea and outgoing CIO Paul Kanneman had worked together to complete the systems conversions of two Simmons acquisitions, Landmark Community Bank and Triumph Bank.

Simmons' Chief Digital Officer Alex Carriles, who was one of American Banker's Digital Bankers of the Year this year, still manages the bank's digital banking strategy, customer experience through digital channels and customer acquisition with digital tools.

Dan Massey, Chief Enterprise Operations and Technology Officer, Regions Bank

Regions Bank has made several leadership changes in 2022 to ramp up its technology, especially for consumers. The Birmingham, Alabama-based bank brought on Dan Massey as chief enterprise operations and technology officer in May to expand banking technology focused on customer experience and business growth. Massey served in tech leadership roles at Truist and its predecessor companies for nearly 30 years prior.

Massey reports to Regions President and CEO John Turner, who said the $158-billion-asset bank had to keep up with customers' changing needs and expectations through technology.

Shortly after Massey's appointment, the bank promoted Scott Peters to serve as chief transformation officer; he previously led Regions' consumer banking group. Peters, who also reports to John Turner, is heading up the company's efforts to replace its core operating systems.

Pierre Habis, Chief Consumer and Digital Transformation Officer, Santander Bank

Boston-based Santander Bank announced in June that it promoted Pierre Habis, expanding his role to chief consumer and digital transformation officer. Habis is responsible for the bank's digital capabilities and customer experience in the U.S.

The role "is inspired by our ongoing drive to keep the customer as the central focus of all that we do," Habis told American Banker in an email in June. "Technology has been essential in helping businesses to better serve their customers and expand their reach to meet new customers."

Habis also said he wants to tap into mass-market and mass-affluent customers. The bank will also tap into the global Santander group, which has said it invests more than $5 billion annually in technology.

Before joining Santander, Habis was president of PurePoint, a hybrid digital-physical bank unit within MUFG Union bank.

Dustin Montoya, CTO, Elevations Credit Union

Boulder, Colorado-based Elevations Credit Union named Dustin Montoya as its chief technology officer in June. Montoya develops and oversees the credit union's technology strategy, including building and leading the tech team.

Montoya has served at other fintechs and financial institutions, leading engineering and software development. Elevations CEO Gerry Agnes said in a prepared statement that Montoya will also attract and train talent.

The credit union has $3.25 billion in assets and caters to Northern Colorado.

Vikram Nafde, CIO, Webster Bank

Webster Financial Corporation appointed Vikram Nafde as CIO in charge of information technology in June, responsible for the strategy and execution of the company's cybersecurity, data strategy and tech innovation. Nafde had previously served as head of software engineering, digital delivery and agility at Webster. Prior to joining the bank in 2020, he led technology in roles at Bridgewater Associates and GE Asset Management, among other firms.

Since he started at the Stamford, Connecticut-based company, Nafde has led software development and the rollout of an agile operating model. Two months ago, Nafde wrote on LinkedIn that he had spent three days with more than 300 folks from the technology team, bank leadership and other colleagues to plan technology initiatives for the $69-billion-asset bank.

Earlier this year, the bank also completed its acquisition of Sterling Bank, a deal valued at more than $5 billion. In the combination, the company also named Sterling's former chief financial officer Beatrice Ordonez to be Webster's executive vice president and chief innovation officer. Ordonez oversees the bank's digital transformation effort, especially on the consumer side. She also manages digital product offerings and banking-as-a-service activities.