San Francisco-based Bank of the West is often overshadowed by California’s two banking behemoths, Bank of America and Wells Fargo, but changes lie ahead for Bank of the West as a new CEO takes the reins. Nandita Bakhshi assumed her new role at the $81 billion bank in June.

Bank of the West’s low profile in the Bay Area may stem from the large role it plays elsewhere in the West as the nation’s third-largest ag lender and a major employer in cities such as Fargo, N.D.

Now Bank of the West, with 600 branches and offices in 23 states primarily in the western United States, is emerging as a more active player in the Bay Area’s fintech community. Earlier this year the bank and its parent, BNP Paribas, became corporate partners with Silicon Valley accelerator Plug and Play and its fintech innovation platform. The relationship with Plug and Play, which counts among its successes PayPal, Lending Club and Dropbox, gives Bank of the West a front-row seat to the innovation that fintech entrepreneurs are pursuing.

Business strategy

How’s business? Business is fantastic. I have spent my first four months at Bank of the West traveling our footprint and meeting with 2,000 colleagues to learn more about the bank, our culture and how we serve customers and our communities. That’s been an amazing experience.

Was there something memorable from meeting all those employees? What was interesting is that when I asked them, ‘Why are you here? What energizes you to come to work every day?’ I heard consistently that they liked what they do and that they could make an impact. When you have a culture like that, it’s easier to grow the bank.

What attracted you to Bank of the West? The Bay Area, of course. I was coming from sub-zero temperatures in Toronto and New Jersey. (Laughs) I was also attracted to what I had seen and heard about Bank of the West in the industry: Its focus on customers, doing things right and taking risks that the bank could handle.

How did you get into the banking business? Completely by chance. I needed a job and there was a bank branch in Albany, N.Y. I started out as a part-time teller. I love banking. I think we’re dream makers. There’s a great social cause here because we’re helping that individual to buy their first home, get a student loan or retire. I see banking as more than numbers. It’s an opportunity to serve the community and society at large.

Biggest challenge for your business? The low economic growth and super-low interest-rate environment. Those are challenges we share with all banks.

What’s your philosophy on innovation in financial services, since so much of your career has focused on online and mobile banking? We’re in an environment where customer expectations and behaviors are changing rapidly, so we need to address those changes. It’s a fast-paced environment. I’m a big advocate for innovation.

Why is Bank of the West working so closely with fintech startups? What I have historically seen in my experience elsewhere is that these entrepreneurs bring a mind frame and approach that’s different from a legacy bank. To have them constantly inspire us and help us think differently about how we do business and how we serve our customers is extremely important.

Management philosophy

Guiding principles for good management? It’s all about the people. It’s the team that makes things happen. I surround myself with the best people possible.

Best way to keep competitive edge? To be constantly looking at the landscape, learning and partnering with fintechs to see what they’re doing as well as talking with colleagues and industry trade groups. I have a “virtual corner” on the bank’s intranet, which features a picture of my office, that lets employees write me so I can respond to them. That engagement is extremely important. It also humanizes the CEO.

Hardest lesson learned and how you learned it? As you move up in an organization, folks want you to deliver results. And yes, you deliver results and yes the numbers are important. But more important are the people. You deliver results through people.

Most inspiring entrepreneur? Steve Jobs.

Predilections

Most influential book? I love biographies, especially those on Mahatma Gandhi.

Favorite cause? Women’s literacy.

Favorite restaurant? Asian fusion. I’m a good cook, so I’m constantly savoring others’ cooking.

Favorite way to spend free time? Visit countries and get to know other cultures.

Favorite music? Indian classical music.

Automobile? Porsche Panamera, red, 2010.

Nandita Bakhshi

President and CEO, Bank of the West
HQ: San Francisco
Background: Bakhshi recently joined Bank of the West from TD Bank, where she headed North American direct channels. Prior to joining TD Bank, Bakhshi was responsible for consumer deposits and payments at Seattle-based Washington Mutual, now part of JP Morgan Chase. She also held executive roles at FleetBoston, now part of Bank of America, as well as at First Data Corp., where she was managing director of mobile payments.

Source: San Francisco Business Times, Mark Calvey
Photo: Nandita Bakhshi, Bank of the West president and CEO, has made it a point to seek out employee engagement since she came aboard. (Todd Johnson, San Francisco Business Times)