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

Development & Marketing New Products & Services in the Caribbean Financial Services Sector. Outline of Presentation. Economic Backdrop Core Product Offering Financial Product Evolution The Future of Caribbean Financial Services. Economic Backdrop. Phase 1: Development.

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

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  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 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 Commercial/Retail Banks Merchant Banks

  6. Financial Landscape

  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 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

  12. Competition vs Collaboration

  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

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