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Ashley Nagle Eknaian
Chief digital strategist and head of Eastern Labs, Eastern Bank
Age: 41
Industry experience: 19 years
Ashley Nagle Eknaian did not start her financial services career working with technology, but after almost two decades in the industry, she’s found her way to the top at heads Eastern Labs, Eastern Bank’s fintech incubator. As part of a five-person team in a large, open lab in the bank’s Boston headquarters near Post Office Square, Eknaian works on projects that range from customer-facing technology to internal process improvements to community.
Q: How did you get into fintech?
A: I worked in a variety of roles – financial advisory, operations, strategy – and through that work over the years started to research more what technology can bring to the table in terms of financial services. With one project in particular, I was doing some research, and it just sort of hit me that this was the future, that everything is going to be touched by technology – banking and financial services included – and I really needed to get better at being more of a champion of technology and becoming a part of this new area. I thought it was so exciting. I really jumped in feet first. I wanted to make this my full-time gig.
Q: What makes Eastern Bank a good place for you to explore fintech?
A: It starts at the top. I think Eastern Bank is known for having a willingness to try new things. When I got here, I was struck by the commitment from management. It’s not just about me or my team sitting in a lab by ourselves. It’s really a team effort. It takes all of our tech teams, it takes all of the business units, it takes all of our management and our support functions. Having that kind of buy–in from the top just made it so special. It’s a mindset here, and what I try to do in Eastern Labs is expand that mindset and make sure that we’re willing to try new things.
Q: What does your typical day look like?
A: I’m not sure I have a typical day. It varies depending on what we’re doing. I could be assessing startups; I could be looking at different fintech partners and seeing what the capabilities are and listening to demos; I could be in meetings with the business units talking about their priorities and what they’re looking for in terms of enhanced capabilities and how I can fit in there. I could be rolling through a product design session where we’re thinking about the product features or in a journey–mapping session that’s really interactive and we’re thinking about the customer’s journey through this particular purchase. So it does vary, and that makes it exciting too.
Q: How does Eastern Labs collaborate with other units at the Eastern Bank?
A: We bring the support functions and the corporate functions into the design process – legal, risk, compliance, audit, information security – we bring all those players together. We view them as advisers. So, it’s not like I’m going to do something random in the lab and not tell anyone about it. I want all those people to opine and really have an advisory role as we develop, because they’re going to think of things that we didn’t think of. It really brings up this diversity of thought that enables you to solve issues or problems in the design phase and not after you’ve rolled something out.
Q: How do you determine what projects Eastern Labs pursue?
A: We start out with a bunch of ideas that come about either internally or externally – either from market trends or from our business units and our employees – and then work through the ideas. What meets the criteria for a Labs project? Is it a couple years out? Is it aligned with our business strategy? What customer is it hitting? Not everything is going to make it to the testing stage, not everything is going to make it to pilot stage, not everything is going to be adopted, but having people be able to contribute up front and then have them involved throughout the process is, I think, really unique and a great way to partner with everybody.
Q: What are the challenges of working with technology in a regulated industry like banking?
A: I see it as more of an opportunity – technology is changing everything. There is so much potential in banking, you have to be willing to try new things, and sometimes that is difficult for institutions that have been at this for a long time. You need to build a collaborative environment with your risk management teams and invite them into the innovation process early and often. Whether you are in a regulated industry or not, it’s all about how we can leverage technology to provide our customers, employees and communities with great products and services. We can make a difference. It’s about a combination of a mindset shift, culture enhancement, collaboration with stakeholders, and respect for an existing risk framework.
Q: The broader tech industry has received a lot of criticism lately. How does that affect fintech?
A: With any new advances in technology, there’s both opportunity and uncertainty. You have to be aware of the potential on both sides. We actually benefit from being in a heavily regulated environment because we have a very robust risk management framework that we follow, and we have seen fintech firms become more attuned to handling those requirements in the last couple years.
Q: With so many options to work in technology, why would someone choose banking technology?
A: I always say, “Why not?” Banking touches so many aspects of what we do every day – saving money, paying bills, budgeting, investing, providing business owners with financing to help them grow, insurance. Banking is an enabler. It’s a great feeling knowing you can provide good solutions that impact someone’s daily life or help a business succeed. I think it’s an exciting space, and I can’t imagine working anywhere else.
Eknaian’s Five Favorite Contemporary Documentaries:
- AlphaGo
- Free Solo
- Street Food
- Apollo 11
- Inside Bill’s Brain: Decoding Bill Gates
