Parker Shi | FinTech Magazine

Founded in 1973, the East West Bank (EWB) opened as the first federally chartered savings institution that focused primarily on serving the financial needs of Chinese Americans in Los Angeles at the time.

In recent years, EWB has grown along with this market and expanded to become a mainstream commercial bank with over 120 locations across the United States and China – cementing it as “the financial bridge between East and West”.

Develop a strategy and growth implementation

Shi and Rakesh Nambiar – senior CEO and chief digital officer – have been an integral part of the bank’s journey so far, with their respective roles linked together.

As COO, Shi is responsible “for the overall strategy of the bank, manages the bank’s business operations and technology, and leads the bank’s retail banking business”, a role that requires him to wear a multitude of different hats throughout the working day. Such a broad focus means that Shi is required to monitor and digest a certain amount of important information daily, which must be difficult to maintain, right?

“It’s part of the training I’ve had for many years as a consultant,” says Shi, referring to his over 20 years of experience from major consulting firms such as McKinsey and Accenture. “I used to work with a number of clients at the same time on a number of topics, which means that constantly switching between topics is something I actually really like to be able to do, prevents me from getting bored and allows me to work on a number of things. same time.”

Part of Shi’s role includes keeping in touch with the other leaders to “hold [him] informed and engaged »about any key issues throughout the day. Nambiar – which focuses on realizing “the overall growth performance and operation of the digital banking business” – reports regularly to Shi, keeping him informed of identified problems and their solutions.

“There are three main areas I focus on regularly: The first is to ensure that our customers get the best possible experience when they board and operate their accounts digitally; two is to expand our digital product sets to support our customers’ ever-growing needs and meet their financial goals, ”explains Nambiar. “Third is to ensure that we can support the bank’s digital transformation by leveraging our current platform across all businesses.”

In 2021, the EWB was recognized as No. 1 Performing Bank in the asset category $ 50 billion and above in the Bank Director’s 2021 Bank Performance Scorecard, consolidating its position as one of the best managed banks in the United States and highlighting the bank’s dedication to serving society.

Embark on a digital banking journey based on innovative R&D

Back in 2017, EWB had discovered the benefits both itself and the community it serves could reap from digitization.

“We had recognized the growing consumer trend of seeking digitally delivered services that were traditionally delivered in person – which is why we embarked on an innovative R & D process and committed to providing the right user experience,” outlines Parker.

This process included developing and evaluating a digital banking platform, generating omnichannel features and ensuring consistency throughout.

To do this, the bank first had to assess the entire customer experience, the balance between available products and services, and ensure best-in-class digital and personal space for consumers; data has been a core facet of the overall process.

Projects on the horizon – expanding digital and physical bank footprint

EWB’s digital banking transformation began back in 2017, establishing it as a frontrunner in “becoming digital”. At that time, it has created a well-structured and architectural digital platform that can be easily expanded. But what exactly is the future?

“Our goal for the future is to build on top of the platform and add more curated products,” says Parker. “To some extent, we want to be a bit like Costco: While it may not have everything in the world, as Walmart usually does, every single thing in their stores will be curated by Costco – which will be something customers look for in the future.

“We want to be able to do the same and build an economical Costco for our customers on top of the digital platform.”

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