Traditional banks can adapt to a digital-only model. Here’s why they should consider it.
Alliant Credit Union CEO Dennis Devine shares insights on digital-first banking, highlighting how a branchless model allows for better rates, fewer fees and rapid growth. He offers strategies for traditional banks to adapt to the digital age.
The banking industry is grappling with how to best serve their customers in an increasingly digital world. With a background that spans traditional banking giants and his current role leading a digital-only credit union, Dennis Devine, CEO of Alliant Credit Union, brings a unique perspective to this challenge. With over 20 years of experience in financial services, Devine has held leadership positions at KeyBank, Citizens Financial Group and PNC. In conversation with host Jim Marous of the Banking Transformed podcast, Devine offers insights into the future of banking and how institutions can adapt to meet changing customer needs.
Q: How has banking changed from your perspective, especially in terms of digital transformation?
Dennis Devine: My first job in banking was as a CFO. And when a really awesome leader gave me an opportunity to do something different in the business, he asked me, “How would you feel about leading our alternative channels?” At the time, that meant digital — and it meant contact centers and other channels like that.
It’s funny for me to think about during my career, that something that was once regarded as maybe a nice to have that we ought to build out — because some of our customers might ask for it — became the very center of the way most of our clients, members, customers now interact with us every single day.
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