TCI Bankers & Finance Meet

By Deandrea Hamilton

Editor

#TurksandCaicos, March 16, 2022 – Members of the Turks and Caicos Bankers Association met with the Minister and Permanent Secretary of Finance on Tuesday in order to assess how and what improvements could be had in the commercial banking sector.

Magnetic Media was given a sneak peek into the meeting at the Office of the Premier, where some Banking executives attended in person, others participated virtually.

The hybrid meeting was called by E. Jay Saunders, the Minister of Finance, Investment and Trade and the TCI’s Deputy Premier.

“The whole idea behind it was to get an idea of the challenges that are being faced by consumers and bring banking into the 21st-century.  We basically want to modernise.  I think we’re certainly behind where a number of other countries are right now, I don’t think it is because of a lack of technology…”

The Minister, who is also heading the TCIG’s digital transformation, said he believes some problems are due to c.

To the Bankers he expressed that he also wants to support their initiatives and advancements, “I want to help you guys to be able to roll out any new products and services and make sure you are not de-banking in the Family Islands and as you know with the Premier and how he feels about it: de-risking.”

Consumers should benefit from the collaborative effort.  We asked about better services and better access to money for the marketplace; a set of points passionately raised by the Premier in a strong message about issues he has with Banking services.

A strong message was sent last year, ahead of the UK Overseas Territories Joint Ministerial Council Meeting held in London in November 2021.

“Like minds meeting together to solve or to provide solutions could really and truly only benefit the people of the Turks and Caicos Islands. So having constructive conversations like these with key decision makers and stakeholders could definitely benefit the market,” said Marcus Samuel, RBC Country Head.

Ironically, the surging popularity of the technology companies billions of people are enjoying may be the catalyst to banking services which some characterise as archaic, disconnected or expensive.

“I think there is the opportunity to communicate more, there is a lot of change happening in financial services, it is not unique to Turks and Caicos, it’s happening at businesses across the globe.  When looking at what is happening in businesses and commerce in general, what we are seeing is a digital and electronic evolution or revolution – depending on how you want to look at it – and if banks are in the same place, and they don’t make those changes, banks will become irrelevant.”

Roger Archer, Vice President & District Head Caribbean North said this invasion of financial services in small jurisdictions like the Turks and Caicos by these international internet juggernauts is making it a lot harder for banks going forward.

“Our competitors are not necessarily the ones around the table.  We have Google, we have Facebook – these are all entities which are looking to get into Financial Services.  They are breaking it into small pieces and they’re taking the pieces that are more profitable.”

Banks have to adapt to ensure their model is sustainable.  So the reality is banks have to adapt but there is an opportunity to communicate with our consumers as we go through the process.”

Minister Saunders candidly shared his thoughts on the long term goals for the banking sector.

“We are behind where other countries are right now and I don’t think it’s because of a lack of technology. I think culturally we have certain things. For example standing in line isn’t as bad for us as it is for some other people. We use it as a way to socialize. We have to get rid of that.”

Association Members present in the meeting were British Caribbean Bank, RBC Bank, CIBC First Caribbean, Scotiabank and Bordier Bank.