Kevin Tracy |
President, Rhode Island market, Bank of America Corp.
1. You’re celebrating 40 years with Bank of America – how has the bank’s role in Rhode Island changed in that time? When I started my career, the state was still defined by its traditional industries: textiles, manufacturing and jewelry. Mills and factories powered our local communities, and banks like ours were focused on supporting that industrial backbone, financing equipment, inventory and expansion. As those industries shifted overseas, Rhode Island reinvented itself. Today, we see a more diversified economy rooted in education, health care, tourism and entrepreneurship. Bank of America’s role has evolved alongside that.
2. What’s the most significant shift you’ve seen in banking, and how is technology like artificial intelligence reshaping the industry? The most significant shift I’ve seen is how technology has completely redefined what access to banking means. When I started, everything happened face to face. People came into their local branch to deposit checks, apply for loans, or simply ask for advice. Today, most transactions happen instantly on a phone or through digital tools, including AI-powered virtual assistants.
3. Many community banks have been expanding their branch networks in Rhode Island in recent years, but most bigger banks have been pulling back. What part are branches playing in BofA’s strategy in the state today and in the future? Even as digital tools transform banking, our brick-and-mortar financial centers and ATMs remain an essential part of our strategy as resource hubs where clients can have deeper conversations about their goals: buying a home, starting a business, planning for retirement, or saving for college.
4. What challenges are Rhode Island businesses facing right now, and how is the bank helping? Rhode Island businesses are navigating a period of both opportunity and challenge. On one hand, we’re seeing remarkable optimism as commercial lending is up, entrepreneurs are expanding and key sectors like health care, higher education, tourism and hospitality continue to grow. But at the same time, businesses are facing real pressures: a tight labor market, rising costs and the need to keep pace with rapid technological change.
5. What’s your advice to young people looking to build a career in banking or fintech? Be curious and adaptable. Learn how emerging technologies like mobile platforms, AI, digital payments and cybersecurity are transforming the way customers interact with financial services. At the same time, don’t underestimate the value of interpersonal skills: strong communication, empathy and the ability to build long-term relationships are what will set you apart in a career that blends human connection with technology.
