Provident Bank selects Ravi Vakacherla as Executive VP, Chief Digital and Innovation Officer

By Edlyn Cardoza

Provident Bank, a New Jersey-based financial institution, announced that Ravi Vakacherla has joined the organisation as Executive Vice President, Chief Digital, and Innovation Officer. This position redefines the Chief Information Officer role and underscores the company’s commitment to technology, innovation, and building for the future.

In this role, Vakacherla will be a member of the Executive Leadership Team and will be responsible for the bank’s digital initiatives, including strategy, data analytics, innovation, FinTech partnerships, Information Technology and driving the core vendor relationships. In addition, he will work closely with the Executive Leadership Team on advancing the customer experience and creating value through enhanced digital tools and platforms, product offerings, analytics, services, and technologies, while partnering with innovative third-party solution providers.

Vakacherla will also own and monitor digital innovation projects, identifying and evaluating relevant opportunities. He will have his finger on the pulse of what is happening from a technology perspective and within the industry.

“I am delighted to welcome Ravi to our Executive Leadership Team,” said Anthony Labozzetta, President and CEO. “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.”

Prior to joining Provident, Vakacherla was Executive Vice President, Chief Transformation Officer with People’s United Bank. Before that, he was responsible for Product Management, Operations, and Digital at People’s. He brings exceptional breadth and depth of experience, helping to build-out technology and digital platforms during periods of high growth. During his 17 years with People’s United, he held leadership positions of increased responsibility. He played an integral role in building the technology foundation to support the bank’s expansion through 12 acquisitions, growing from $9 billion in assets to more than $65 billion in assets.

Vakacherla holds a Bachelor’s degree in Electrical and Electronic Engineering from Jawaharlal Nehru Technological University and a Master’s Degree in Computer Science from Midwestern State University.