After graduating from CERGE-EI, Mária Valachyová returned to Slovakia and built a career in private banking that led her to her current role as Head of Strategy at Slovenská sporiteľňa (Erste Group). In this interview, she reflects on the key turning points that shaped her path, the real-world impact of research and strategy on households and businesses, and the innovations her team is delivering.

Building a Career in Banking Strategy

Your career has taken you from economic analysis to senior leadership roles in banking and strategy. Looking back, what moments or choices were most important in shaping your professional path?

The first moment was returning to Slovakia after my CERGE-EI studies and entering the private banking sector, where I have stayed until now. I started as an economic and financial markets analyst.

The second important moment was when, after some years in the industry, I applied for an internal program for potential managers. This led me into managerial roles—first as Head of Research and later as Chief Economist of Slovenská sporiteľňa (SLSP). In those roles, I was responsible for macroeconomics, banking market analysis, investor relations, and customer market research.

After several years, I applied for the internal Erste Group leadership program, which helped pave the way for a senior managerial role. About six years ago, I was entrusted with the role of Head of Strategy. In this position, my colleagues and I became responsible for the bank’s strategy formulation, rooted in economic and strategic analysis. Today, my team handles a wide range of responsibilities, including economic research, strategy, customer experience, complaints management, the CEO’s office, and the governance of Environmental, Social, and Governance (ESG) and Diversity, Equity, and Inclusion (DEI) agendas.

Strategy in Practice

Your work connects research, strategy, and real-life decisions that affect households and businesses. Where do you feel your work has the most tangible impact today?

To give a few examples: our economic forecasts directly influence asset allocation and serve as key inputs for risk-cost provisioning, stress testing, and the calibration of financing conditions. Our banking-sector forecasts are a primary input for the SLSP budget. On the consumer side, our customer experiences research impacts business propositions and improves the smoothness of customer journeys—helping us identify and fix errors or systemic issues.

As a bank, we want to be successful—but the way we achieve that success matters.

In strategic discussions, we aim to bring a broader perspective so stakeholders understand the “what and why”: where we stand as a sector, and what the expectations, trends, risks, and opportunities are. We work very closely with the board to align priorities across the bank and to track our progress. Ultimately, as a bank, we want to be successful—but the way we achieve that success matters. The prosperity of our clients and of the society we live in is crucial.

What do you enjoy most about your current role — and what continues to challenge or inspire you after so many years in the field?

I find great satisfaction when we manage to shift the media narrative in Slovakia toward the things that really matter. I enjoy making our products and digital features more attractive, simpler, and easier to understand. Creating something new and useful—like our new customer voice platform, which integrates data and feedback using AI to smooth customer journeys—is very rewarding. It is a point of pride to see that we are not only the biggest bank, but in many aspects, the best bank in the country. Seeing my people grow—and seeing how much more productive we can be using AI—brings me genuine joy.

The challenge remains finding the best ways to communicate ideas to colleagues and get everyone on the same page. We all come from different backgrounds and experiences; across the Group, we also navigate different languages and communication styles. We Slovaks tend to be quite direct and efficient, which other cultures sometimes perceive as being too blunt. On the other hand, they always appreciate that the work is delivered on time and of high quality.

I am inspired by smart people around me who know things I don’t. I’m inspired by differences—different cultures, knowledge, and perspectives. I always try to understand the work of others across the bank.

Beyond the Bank

You are deeply involved in long-term questions about prosperity, innovation, and trust in institutions. What motivates you to stay engaged in these broader societal debates?

As I mentioned, I chose to return to Slovakia. Over the years, I was offered positions in Prague, Vienna, and London, but I chose to stay home. Whether that was the right decision, only time will tell.

At the moment, Slovakia is facing significant challenges on both the economic and political fronts. Democracy—which is crucial to our prosperity—and the quality of institutions have declined. We are no longer catching up to the EU average. We also face the most significant “brain drain” among young people in the CEE region: about a fifth of our university students study abroad, and many do not return. We are stalling in competitiveness and in research and development, and we have high taxes. Furthermore, we are not utilizing female talent or the labor potential of marginalized communities to their full potential. My motivation comes simply from looking at these numbers and trends. They demand action.

Looking back, what from your time at CERGE-EI has stayed with you most in your professional life?

Thanks to CERGE-EI, I feel I can master new materials very quickly. My analytical thinking definitely improved because of that environment. While I don’t work in academia, we still use econometrics and quantitative methods quite often. Most importantly, I have several very good friends and colleagues who came from CERGE-EI.

Looking forward, CERGE-EI celebrates its 35th anniversary this year. What do you see as its key strengths and its role evolving in the years ahead?

CERGE-EI remains a top-tier institute in the region. It is a center of excellence for those pursuing academic careers or roles in public institutions like central banks. It has been, and will continue to be, an excellent starting point for a career in the private sector as well.