Scott Vanderpool

Q: What most notably stands out about your leadership style or what is an example of leadership success you can share with our readers?

I am a huge believer in collaboration and purposeful leadership. There are few things in life more impactful than when someone who has a clear vision for the future is met with a collaborative environment where that vision can become a reality. We have such tremendous leaders throughout our organization and community with a passion for action. The ability to convene these leaders and enable the type of collaboration that can drive impact and change can drive our bank and community forward.

Though one of the most difficult leadership practices to employ, the ability to enable others to act and carry out a shared vision is fundamental to driving true change. We have a strong and diverse workforce at Bank of America, diverse both in background but also in thought. When we bring these leaders together in a responsible, client-focused environment, we can, and do, accomplish great things.

Q: What impact has COVID-19 or the disruptions of the past 18 months had on you as a leader?

As someone who spends most of his time meeting in-person with clients, teammates and members of the community, I found the pandemic to be a shock to my system. I had to learn the value of focused and deliberate communications in a variety of forms. I also learned that there is no such thing, at least for me, as effective multi-tasking. It became too easy to join a conference or video call while also responding to email or instant messages. In reality, I was not paying very good attention to anyone.

The work-from-home time forced me to find ways to minimize distractions and focus on the task at hand. This has continued as we have returned to the office and has allowed me to have more effective interactions with my teammates and those in the community I have the privilege of collaborating with regularly. Though I am not signing up to work from home again any time soon, there were some leadership lessons that I was able to take away from the experience.

Q: What do you feel we can be doing as a business community to empower economic growth here?

Investment in workforce development and preparing our community members for the jobs of the future is key. We continue to see new companies in a vast array of industries expanding or relocating to our market, and a key to sustaining this growth will be a workforce that is prepared to not only fill these jobs but excel in them. I think the private sector can work in collaboration with our education system to help design programs, certifications and degrees that focus on in-demand, high-wage skills that can increase economic mobility for our entire community. I am extremely optimistic for the future of our region, but education, upskilling and reskilling of our workforce, current and future, will be integral to our success.

Q: What is new and notable for your company’s near future that will impact our economy?

Technology is transforming the banking experience for clients both outside and inside the walls of our financial centers. Our high-tech capabilities together with our high-touch personalized approach deliver a more intuitive and efficient banking experience for our clients across all our channels. More clients are turning to digital for their everyday banking needs. With a record 11.6 billion digital logins and 56 million verified digital users in 2022 — up 3% year-over-year — there are increasingly more digital touchpoints to make clients feel valued and in control of their financial well-being. Clients can also use our digital platforms to make an appointment to meet with one of our client professionals at a nearby financial center.

We’ve made it easy, convenient and safe for our clients to manage their finances — any time and in any way they choose — through our integrated, timely and relevant digital experiences, innovative products and high-tech self-service solutions.

We’re also investing significantly in artificial intelligence (AI), machine learning and business intelligence to better understand individual financial preferences and enable us to deliver personalized, client-specific insights, advice and resources at key moments. Our virtual AI-driven assistant, Erica®, excels at resolving client inquiries, helping clients get the help and find the answers they need. Since launching in 2018, Erica® has already helped more than 33.5 million clients with nearly 1.2 billion interactions. Through voice, text chat or on-screen gesture, Erica® provides clients help with their banking needs and proactive insights to help make managing finances easier. For example, Erica® can proactively detect duplicate charges on an account and notify clients if their spending is higher than usual or their checking account balance is trending toward $0. Erica® can also assist with common inquiries, including billing disputes, fees, deposit holds and transaction-related questions.

Name of Leader: Scott Vanderpool