In January, Dana Scherff was promoted to Senior Vice President, Chief Information Officer, succeeding Dean Trout. Dana, a longtime employee, celebrated 20 years with North Shore Bank in September. She started as a consultant and was ultimately hired as an Application Development Manager. Prior to this position, Dana worked closely with Dean as Vice President, Information Systems.

The following is a lightly edited interview with Dana about technology’s role in banking today, her priorities for her first year in her new role, her time at North Shore Bank and more. 

What are the technology trends shaping the banking industry today?

There’s quite a bit of new and continually changing technology in the banking industry. We need to keep a pulse on both sides of the business: what technologies our customers want to improve their experience and retain engagement and what technologies our employees need to service our customers as effectively and efficiently as possible. 

The technology getting the most buzz today is artificial intelligence (AI). For customers, AI can be used to present personalized offers, assist customers with routine inquiries, anticipate customer needs and potential issues then provide proactive solutions, and help identify and prevent fraud on their accounts, to name a few. For bank employees and the operation of the bank, AI can be used to automate tasks and enhance productivity. AI Assist technologies can help employees draft documents, analyze data, and predict customer churn.

We use AI today for fraud detection. It helps us identify fraud patterns quickly, which helps our customers from taking a loss. 

That’s just a start as the AI technology is always changing.  We’ll continue to assess how we can leverage AI to meet strategic objectives.

How do you see emerging technologies impacting banking?

There are multiple emerging technologies that impact banking. There have been several emerging payments solutions over the past few years and more are coming. Consumers now use contactless payments and digital wallets which were relatively unknown 5 years ago. Real-time payments is one emerging technology affecting payments. We are working with our vendors to fully understand the functionality and risks associated with the technology.

Another emerging technology getting a lot of traction in the market is Open Banking. Open Banking allows Third-Party Financial Service Providers access to customers’ financial data. It’s getting attention from customers and our government. The Consumer Financial Protection Bureau’s Open Banking rule, also known as the Personal Financial Data Rights rule, went into effect in October 2024. A bank’s requirement to comply with the new rule is based on asset size. NSB will be required to comply by April 1, 2029, as the rule is currently written. Anything can happen between now and then, so we’ll keep a close eye on this rule and the technological innovations associated with it.

What is most important to our customers when it comes to technology?

I believe ease of use is the most important factor for our customers in their digital banking experience. A ubiquitous digital experience is becoming more important for our customers as well. As always, security is key too. Customers have to feel safe using our digital products.

What are some top priorities you’ve set for your first year in your new role?

There are some technology opportunities we need to evaluate, like AI, to see if the technology helps the bank achieve its strategic goals. I’m also working on a technological gap analysis for the bank, looking to identify gaps between our current technology capabilities and our business objectives. 

What are some key things you’ve learned in your time at North Shore Bank? What do you like best about working here?

Oh my, where to start? I have learned so much about technology, banking, and myself throughout my 20+ years here. I never worked for a bank prior to North Shore Bank, so I have learned an incredible amount about all things banking. I learned a lot from Jim McKenna, who helped me understand the bigger picture when it comes to operating a bank. 

From an interpersonal perspective, I believe I have learned to really listen. In a world where people want to have their say, especially on social media, I think it’s so much more important to slow down and listen. What do I like about working here? That’s another ‘where to start?’ response! However, if I had to pick just one thing, it would without a doubt be the people—all of my colleagues. Everyone here has created a wonderful culture. It’s special.

Outside of work, you are involved with Riding With Angels. What do you love about that organization and the work you do with them? 

I love Riding With Angels mission. It’s two-fold: save abused and/or neglected horses and offer a horsemanship program for kids facing adversity. It’s very rewarding watching a horse come to the rescue scared and often untrusting, usually incredibly underweight and sick with a multitude of issues then slowly transform into this beautiful, sweet creature. It’s a very similar experience watching the kids spend time at the barn. Over time you see their walls coming down and watch their bond with the horses solidify.  They have earned the horses’ trust and they trust the horse. Quite a few of the kids have lost trust with adults so it’s really amazing to see. 

I got involved with the group six years ago through friends who told me they had a dire need for volunteers after nine horses were dropped off at the property. I always loved horses, so I jumped on the opportunity to volunteer. I ended up with one of those nine horses, so I’m a rescue fail! My horse’s name is Hope. 

I volunteer when the kids visit the farm and help with the horsemanship program. I also help with the horse rescues—feeding, brushing, socializing, etc. And lastly, I help organize their annual open house and fundraiser. It’s a fun-filled day of everything horses and more. This year it will be held on Aug. 23. Mark your calendars!