Disruptive technology and competition from non-traditional financial service providers continue to test the durability of The Bahamas’ financial services sector, according to Chief Executive Officer of Deltec Bank & Trust Limited Odetta Morton, who contended that the key to the industry’s survival is efficiency, automation and innovation.
Morton said in a statement that Deltec is positioning itself this year to bring those three tenets to reality, starting with the “automation of controls within the onboarding and screening process to enhance our risk management framework”.
The bank believes that it must fuse modern technology with corporate agility in order to compete in the changing world of financial services globally.
“Our industry is changing before our very eyes, with disruptive technology and competition from organizations outside of traditional
financial services,” said Morton.
“This is happening at a time when there is a demographic shift in the client base towards the Generation X’ers and Millennials.
“We have a unique advantage as an agile, innovative and solutions-driven institution with our headquarters in The Bahamas.
“For 2020, our main goal is to increase efficiency and effectiveness so that we can better serve our clients and provide an enhanced and positive experience.”
Morton added that Deltec is uniquely positioned to pivot positively in the midst of the changing landscape and expects this year to “solidify” itself as the choice financial service provider in the country.
Morton, a dynamic and young chief executive officer, took a position at Deltec last year and believes the bank already has the talent, skills and experience to “deliver exceptional service” to its clientele.
“Our people are our greatest resource and without them Deltec cannot achieve its objectives,” she stated.
“In the coming year, the bank plans to continue to develop and incentivize our people to reach optimum performance.”