Development

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 Jamaicas 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
Jamaicas Financial Crisis
Recovery from Jamaicas 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
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
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 Technology Impact Face to face marketing, but with more intense competitive forces
Phase 3 BankAssurance Products Technology Impact Combining product development with insurance distribution channels Key niche - HNWIs
12
Competition vs Collaboration
COMPETITION PRODUCT COLLABORATION
HIGH Core Funded Products LOW
MODERATE Core Non-Funded Products MODERATE
LOW Knowledge-Based Products HIGH
HIGH Wealth management HIGH
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