Traditional banks can adapt to a digital-only model. Here’s why they should consider it.

The banking industry is looking to better serve its customers in an increasingly digital world. With his background in traditional banking 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 more than 20 years of experience in financial services, Devine has held leadership roles at KeyBank, Citizens Financial Group and PNC. In a conversation with host Jim Marous of the Banking Transformed podcast, Devine offers insight into the future of banking and how institutions can adapt to meet customers’ changing needs.

Q: How do you think the banking sector has evolved, particularly in terms of digital transformation?

Dennis Devine: My first job in banking was as a CFO. And when a really great executive gave me the opportunity to do something different in the business, he asked me, “What would you think about leading our alternative channels?” At the time, that meant digital, and that meant contact centers and other channels like that.

It’s funny to me to think that over the course of my career, something that was once considered a benefit that we should develop – because some of our customers might ask for it – has become the very center of how most of our customers, members, clients now interact with us every day.