Posted August 24, 2020

People's United Bank Forms Business Transformation Office

• New specialized team to focus on digitization, product strategy and management, process optimization and Fintech partnerships.
• Ravi Vakacherla appointed Chief Transformation Officer, People’s United Bank.
• BTO will ensure continuous enhancements and personalization of customer touch points to provide digital experiences that are seamless, fast, and secure.

BRIDGEPORT, Conn. August 24, 2020 – 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.