Turnpage

Please visit our sponsors

RSS Feed
 

Current News & Press

 

Advertisement

The Bahamas Investor

News & Press Archives

 
The Bahamas Investor on facebookFollow The Bahamas Investor on TwitterSubscribe to RSS feeds from The Bahamas Investor
HOME > 
News & Press > 
Industry urged to become Fintech hub

Fintech is changing all aspects of the financial services industry and it is vital that The Bahamas stays ahead of the curve. This was one of the key messages from this week's Nassau Conference which saw the sector come together to discuss strategies for future growth. 

Source:
Date:
Updated:
TheBahamasInvestor.com
Thursday, October 5, 2017
Thursday, October 5, 2017

Fintech is changing all aspects of the financial services industry and it is vital that The Bahamas stays ahead of the curve. This was one of the key messages from this week’s Nassau Conference, which saw the sector come together to discuss strategies for future growth.

According to PricewaterhouseCooper’s 2017 Global FinTech Survey, more than 82 per cent of financial services providers plan to increase fintech partnerships in the next 3 to 5 years and 88 per cent believe they will lose revenue to innovators.


Financial technology includes all aspects of financial services including retail banking, investment and crypto-currency.

Kelly Banks, senior technology & operations leader at Ansbacher, says the widespread adoption of fintech could provide opportunities for Bahamian practitioners. Presenting at the Nassau Conference, she said The Bahamas should move to position itself as a fintech hub – following the lead of Jamaica and Barbados.

Fintech is changing the way companies operate, as well as client expectations, she said. Using digital services brings management closer to clients, gives companies more flexibility and encourages a culture of collaboration.

According to Banks, most clients now expect digital services and it has become a “cross-generational norm”.

Speaking on a panel later in the day, managing director at Deltec Fund Services, Brian Jones agreed saying: “The fintech movement is taking over. We need to make sure we are technologically savvy. We have to improve our level of efficiency in client delivery.”

“There is a steep learning curve when it comes to new technology but the information is there, I think it is a matter of us having the will [to embrace it].”

Speaking on the same panel, Cristel Sands-Feaste, partner at Higgs & Johnson, cautioned that with greater adoption of technology came greater risk and added that data protection is a key concern for clients.

The Ministry of Financial Services has established a fintech working group to assess the sector’s capabilities and develop policy in this area.

Tanya McCartney, CEO of the Bahamas Financial Services Board (BFSB), urged the financial services community to get involved and have their voices heard. “There is tremendous public, private sector cooperation and collaboration,” she said. “If we are to move the industry forward, we need all hands on deck.”

cmorris@dupuch.com

The United Nations World Tourism Organization elected The Bahamas as president of the Commission for the Americas at the 22nd session General Assembly held in Chengdu, China, in September.

Bahamas Minister of Tourism and Aviation Dionisio D’Aguilar says he is looking to renegotiate contracts with cruise companies to increase the economic benefits for The Bahamas. Watch an interview with the Minister here.

The Bahamas Investor
Administrative Links
  


  © 2017 ETIENNE DUPUCH JR PUBLICATIONS LTD