Provident Bank in Iselin, New Jersey, recently hired Ravi Vakacherla as executive vice president and chief digital and innovation officer, a new role the bank created in lieu of the more traditional title of chief information officer. It's the latest example of a smaller bank putting someone in charge of technology, innovation and building for the future.
Vakacherla had been executive vice president and chief transformation officer at the $63 billion-asset People's United Bank in Bridgeport, Connecticut, before joining Provident, which has nearly $14 billion of assets. People's United was recently
In his new role, Vakacherla will lead Provident's digital initiatives, including strategy, data analytics, innovation, fintech partnerships, information technology and core vendor relationships, according to
Provident is one of a series of banks that have created novel roles for executives overseeing digital innovation and transformation in recent months.
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Vakacherla had been with People's United for 17 years, having started with the company as a software programmer. He helped build out the technology foundation to support the bank's expansion through 12 acquisitions, as it grew from $9 billion of assets to more than $65 billion of assets.
"I am delighted to welcome Ravi to our executive leadership Team," Anthony Labozzetta, president and CEO of Provident Bank, said in a press release. "Ravi is highly regarded in his field, he has a collaborative style and approach, and he is skilled at bringing people and processes together and creating high performing and unified teams who achieve results."
