The Caribbean Confederation of Credit Unions was created with the aim of being the pre-eminent Regional Apex Organization Empowering Caribbean people through a Unified Co-operative Sector. And, ADVANTAQ was a part of their 64th Annual Convention.
During the event we presented our products for KYC Compliance, Sanctions and PEP screening and debut our newest Digital Member Onboarding product. These solutions provide a faster more efficient way for Caribbean Financial Services of onboarding new clients and meeting KYC requirements.
In addition, our CEO Mr. Bruce Bowen spoke on the topic “Caribbean Financial Services – Risks and Opportunities Looking Forward” during the CEO’s Roundtable discussion.
Highlights of Bruce’s Presentation for Caribbean Financial Services Leaders
Bruce discussed key issues over the past 10 years within the financial sector:
- The need to de-risk the correspondent banking relationships.
- Growth in electronic payments.
- The exit of international banks from smaller markets.
- Increasing requirements for AML Compliance.
- Challenges brought by the COVID pandemic.
Then he moved onto the areas of opportunity and risk as we look into the future:
Compliance and Fraud
Institutions should look beyond AML/ATF to understand that regulatory requirements continue to increase. Bruce also discussed the risks associated to non-compliance as well as the impact of customer experience to complying with requirements in a non-automated manner. These realities also introduce opportunities for financial institutions to differentiate themselves and deliver a great member/customer experience while using technology and automation to collect the necessary information in a non-invasive manner.
Cyber attacks continue to grow exponentially. Criminals are not just targeting large financial institutions, they are actually looking for weak links in the system to cause damage.
Digitization and Technology
There has been a rapid development of technology offerings across the Caribbean region, many serviced from the US or Europe. However, it is critical to identify those that understand our markets and members needs.
Technology introduces opportunities to improve customer experience, lower the cost of operations and reduce operational risk.
Natural Disasters and Pandemic
The Caribbean is prompt to natural disaster, such as hurricanes, storms, flooding, etc. This is why a robust business planning is required to ensure the safety of our staff and the continuity of our operations to support our members. And, while we are quite acquainted with these risks, we must continue to work on new innovative ways to continue to serve our members without interruption.
Over the past couple of years we also experienced a global pandemic that faced us with new requirements, having everyone to work remotely for extended periods of time, service our members virtually, and develop new interaction protocols. Therefore we must continue to prepare for scenarios like this.
Changing Customer Expectations
Generations are changing. Our current customers were born in the age of technology and they are avid to extend its use to all aspects of their lives. We are seeing rapid adoption of online, with mobile as the primary channel for access. Also, there is a desire for personalized services, but fast. And, there is a growing demand for new products and services. So, we need to continue to evolve with the market to meet customer expectations, today and tomorrow.
How to Respond?
Bruce close his presentation presenting options to leaders on how to respond to these changing areas. It is critical to focus on members, and keep them as a center to the different growth strategies. Leverage partnerships to gain expertise while optimizing processes and cost. And, continue to remain focus on Market needs and prioritize based on the FI’s mission.
We should strive to:
- Serve our Members/Customers
- Keep their Savings Safe
- Comply with Regulations
- Serve Our Communities
Thank you to all Credit Union representatives that dropped by ADVANTAQ’s booth and had a chance to meet our team!
Interested in Learning more about ADVANTAQ?