1. Development & Marketing New Products & Services in the Caribbean Financial Services Sector

2. Outline of Presentation
Economic Backdrop
Core Product Offering
Financial Product Evolution
The Future of Caribbean Financial Services

3. Economic Backdrop Phase 1: Development Phase 2: Liberalisation &
Trinidad & Tobago Financial Crisis
Privatization of Jamaica’s Banking sector
1980s
Change of Government and Economic policy
in Barbados
Phase 2:
Liberalisation &
Restructuring
Recovery Trinidad &Tobago Financial System
Trinidad and Tobago Financial Liberalization
1990s
Jamaica’s Financial Crisis
Recovery from Jamaica’s Financial Crisis
Phase 3:
Growth
Technological advancement help create
Dynamic financial product changes, re-shaping
The regional financial landscape
2000

4. Core Product Offering
Commercial/Retail Banks
Merchant Banks

5. Evolving Financial Products
Reflecting:
Increasing customer sophistication
Global competition – No time lag in information flow between markets
Commercial/Retail Banks
Merchant Banks

6. Financial Landscape Phase 1 Phase 2 Phase 3 Phase 4
So this is what the market looks like now…where each institution provides a separate service to each distinguished segment of the market.
Phase 1
Phase 2
Phase 3
Phase 4

7. Drivers of the Evolutionary Process
Internal Factors
Cost reduction
Channel development
Risk management
External Factors
Globalization
Financial liberalization
Technology
Growing Client Sophistication

8. Next Evolutionary Phase
LOW-COST TECHNOLOGY
So this is what the market looks like now…where each institution provides a separate service to each distinguished segment of the market.
WEALTH MANAGEMENT SERVICES

9. Competing Imperatives
In the evolving wealth management era a Strong Brand is crucial to attracting and retaining long-term customers
A one-stop shop – to fulfil all customer needs under one roof
Growing product sophistication requires an internal focus on Risk Management
Implication:
A collaborative approach amongst niche providers.
International and regional partnerships to complete product offering

10. Marketing and Distributing Financial Products

11. Marketing & Technology
Phase 1
Product homogeneity
Technology Impact
From Branch marketing to Remote marketing
Phase 2
Differentiated products, made to fit clients
Face to face marketing, but with more intense competitive forces
Phase 3
BankAssurance Products
Combining product development with insurance distribution channels
Key niche - HNWIs

12. Competition vs Collaboration
PRODUCT
COLLABORATION
HIGH
Core Funded Products
LOW
MODERATE
Core Non-Funded Products
Knowledge-Based Products
Wealth management

13. Resourcing Evolution Knowledge based resources
Integrated IT to for customer information capture
Systems for high level service delivery and follow up
Constant Learning and Growth