Deltec focused on decentralization and technology use amid COVID-19

COVID-19 has sped up Deltec Bank & Trust Limited’s decentralization of its operations and proven that the company can still service its clients efficiently and effectively outside of the office, the bank’s Chief Executive Officer Odetta Morton told Guardian Business yesterday.

Morton added that while the pandemic has left the bank’s asset management service flat through 2020, there has been some increase in its corporate banking space.

According to Morton, the bank was always considering decentralizing is operations and now, she contended, COVID-19 has proven that there is no decline in employee productivity while working remotely and that technology is key to continuity.

“It (decentralization and technology use) was always at the forefront of our minds and our priorities, but definitely now that we are working remotely and everything that we’re doing is pretty much digital,” Morton said.

“We’ve been trying to think of new ways to interact with our clients especially, so that it’s more personalized.

“Because everything is so unpredictable now we’re just trying to keep our clients engaged and informed. So, communication has definitely been enhanced, especially as it relates to our clients’ assets that we manage.”

Morton said while markets have been responding well, the bank’s clients are concerned that the impact of the pandemic might just be delayed.

She said the pandemic has therefore made innovative communication in order to stay on top of their clients’ needs a priority.

“We have a markets Monday call, we send out communications on research and new products just to make sure that they know we are keeping our eyes on it 100 percent and that it is a priority to make sure that we’re managing their assets well,” said Morton.

The company’s decentralization will mean savings for Deltec and an increase in staff engagement, leading to increases in client satisfaction, according to Morton. 

“The old norm is kind of deficient, so we need to embrace a new way to do things and interact with each other in a professional setting,” she said.

“I’m not pushing for anyone to be back in office in the near future.”

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Chester Robards

Chester Robards rejoined The Nassau Guardian in November 2017 as a senior business reporter. He has covered myriad topics and events for The Nassau Guardian. Education: Florida International University, BS in Journalism

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