Spotlight On: Ryan Bailey, President & CEO, Cambridge Savings Bank
October 2024 — In an interview with Invest:, Ryan Bailey, the newly appointed president and CEO of Cambridge Savings Bank, emphasized the enhancement of customer experience and the importance of digital capabilities through Ivy Bank. He detailed the bank’s commitment to community involvement and educational initiatives, underlining strategies for sustainable growth and adaptation in a dynamic financial environment. “As a 190-year-old bank, staying agile is crucial,” said Bailey.
What are your plans for Cambridge Savings Bank as you enter your new position?
Since starting the role as president and chief executive officer at Cambridge Savings Bank on February 28, I’ve initially been focused on understanding our team and market presence by visiting all 18 of our branches and the call center, and getting to know the team that supports our operations. It’s important for me to hear directly from our employees and customers. A top priority is ensuring that Cambridge Savings Bank continues to provide a legendary customer experience, making banking straightforward and enjoyable for everyone.
What sets Cambridge Savings Bank apart from other regional competitors?
Cambridge Savings Bank combines the feel of a community bank with national digital capabilities through our online only division, Ivy Bank, which serves customers across 49 states. Backed by CSB’s 190-year history of financial stability and success, Ivy provides competitive online savings products, certificates of deposit (CDs), as well as financial wellness tools, along with live customer support to help consumers work towards reaching their financial goals. A local community bank coupled with a national digital bank is not common in our market, this unique combination allows us to fund and lend in the Boston area while also accepting deposits beyond our traditional footprint.
What makes Boston an ideal location for business and banking?
Boston is an entrepreneurial, diverse, and tech savvy city and home to a talented and highly educated workforce, thanks to its premier universities. This makes it an excellent source of candidates as well as a tremendous opportunity to serve businesses across many disciplines. Additionally, Boston is conveniently located, providing easier commuting options compared to larger states like Texas. This geographical advantage, coupled with a skilled local population, makes it a strategic spot for businesses and expansion.
What role does CSB play in supporting and developing new businesses?
It is our privilege to support business owners as their financial partner, to be there for them through-out their journey of growth, including providing educational resources from starting to managing a financially sound business. Our team of branch managers, business bankers, and financial educational specialists work together to craft unique solutions for their customers’ specific needs, and of course we also have a full library of educational topics on our website and lifecycle content in our business hub for those seeking more self-service options. We also partner with local organizations to provide support in growing our local communities, and our charitable giving is directed to the communities we serve.
How is CSB adapting to the evolving expectations of the workforce?
Our approach is strategic and forward-thinking. The board prioritized selecting a CEO with a strong digital background, which aligned well with my extensive digital banking experience and my previous role at Bank of the West, where I developed a robust digital infrastructure. As we continue to grow and embrace an increasingly digital landscape, we’re not just enhancing our current team’s skills but also bringing in new talent to bolster our capabilities and drive innovation forward. For example, we’ve recently promoted an exceptional internal candidate to Chief Operating Officer. We have also hired a Head of Consumer and Small Business Banking who brings extensive industry experience and fresh perspectives to our leadership team. These developments are indicative of our commitment to nurturing internal talent and adapting to new operational demands.
How does CSB uphold its commitment to diversity, equity, and inclusion?
At CSB, we value the diverse experiences, perspectives, and identities of both our colleagues and customers. We have a diverse workforce, including leadership, with women representing more than half. Our steadfast dedication to fostering a diverse and inclusive workforce underscores our commitment to serving the community with empathy and fairness, empowering individuals on their personal paths towards financial wellness.
How is CSB enhancing digital services to better meet customer needs?
Banking has historically been complex, but our goal is to simplify it. Within the last year, CSB has improved customer experience for online account opening and mobile deposits, launched business online banking experience enhancements, upgraded electronic tax documentation retrieval, and more. We’re inspired by the efficiency of online retailers like Amazon, banking should be that easy. Our approach involves evaluating those ‘moments of truth’ through customer feedback, including complaints and survey responses, to simplify the banking experience. We want to ensure that moving money and opening accounts are as seamless and quick as possible. We will continue to invest in cutting-edge technology and enhance its integration capabilities to enable more streamlined customer onboarding, servicing, and support and remove friction from our customers experiences.
What risk management strategies are you implementing to maintain trust and stability?
CSB is well-capitalized and has ample liquidity. We have a diversified approach to sourcing funds, not just through customer deposits but also via the Federal Home Loan Bank and brokered CDs. We’ve historically been conservative lenders, focusing on individuals within our community whom we know well, which bolsters our stability.
How are you advising your clients in the current economic climate?
There’s a lot of talk about interest rates being higher for longer. We didn’t foresee the rate hike in June. It’s uncertain, but we expect high rates towards the end of the year. I advise our clients to prepare for this scenario — expect continued high rates and plan conservatively, hoping for the best but preparing for less favorable conditions.
Can you share your thoughts on Boston’s economic resilience in the face of a potential recession?
Over time, Boston has demonstrated stability in contrast to other regions across the country. With its resilient economy and well-educated workforce, I anticipate continued stability in Boston, particularly within the suburbs. While we are prepared for various scenarios, overall demand, particularly in the housing market, consistently outpaces supply.
What are CSB’s initiatives to foster community involvement?
At Cambridge Savings Bank we are dedicated to helping stabilize and improve the financial well-being of the communities that we serve. Each year, we commit six percent of the prior year’s earnings to charitable giving in this spirit. This vital work would not be possible without the hard work and determination of our valued nonprofit partners and our dedicated employees. Our team aspires to create a world where our communities have equitable opportunities, confidence, and the financial well-being to thrive.
What are CSB’s key focus areas for growth in the coming years?
One strategy I emphasize with my management team is to “digitize inside and out.” This means enhancing not just the customer-facing processes but also our internal operations. As a 190-year-old bank, staying agile is crucial. We are developing capabilities that allow us to pivot quickly, which is vital for our longevity and success. Investments in technology are a core part of our strategic plan so that we can enable those experiences that customers will expect of banks.
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