Provident Bank adds chief digital and innovation officer

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Provident Bank’s newest addition marks not just a new team member, but a redefining of the company’s lead information officer role in a move it says underscores a commitment to technology, innovation and preparation for the future.

Ravi Vakacherla was announced as executive vice president and chief digital and innovation officer for the Iselin-based financial institution Aug. 29.

Vakacherla will serve as a member of the Executive Leadership Team and be responsible for Provident’s digital initiatives, including strategy, data analytics, innovation, FinTech partnerships, Information Technology and driving core vendor relationships.

“I am delighted to welcome Ravi to our Executive Leadership Team,” Provident Bank President and CEO Anthony Labozzetta said in a statement. “Ravi is highly regarded in his field, he has a collaborative style and approach, and is skilled at bringing people and processes together and creating high performing and unified teams who achieve results.”

Working with the Executive Leadership Team, Provident said that Vakacherla will advance the customer experience and create value using enhanced tools and platforms, products, data and services, while also partnering with third-party solution providers. He’ll also own and oversee digital innovation projects, identify and evaluate relevant opportunities and “have his finger on the pulse,” on the evolving world of financial tech.

Before Provident, Vakacherla was executive vice president and chief transformation officer at People’s United Bank of Connecticut, where he worked for 17 years. Before that, he handled product management, operations and digital at the institution. According to Provident, during his tenure at People’s, Vakacherla was integral in building out the bank’s tech foundation to support its expansion across 12 acquisitions that saw it grow from $9 billion in assets to more than $65 billion in assets.