DigiBuzz Magazine - 4th Issue

OCT 2022

All You Need to Know about

Digital Transformation in the Finance Sector in 2022

ncb captial markets

a people-centric approach to digital wealth management

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WHAT’S INSIDE PG. 4 A NOTE FROM OUR TEAM

PG. 6

NCB CAPTIAL MARKETS

A PEOPLE-CENTRIC APPROACH TO DIGITAL WEALTH MANAGEMENT

PG. 8 ALL YOU NEED TO KNOW ABOUT DIGITAL TRANSFORMATION IN THE FINANCE SECTOR IN 2022 PG. 14 SPOTLIGHT KRISTALLE CHIN - HEAD OF SMB SALES PG. 18 DB: OUT AND ABOUT

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A NOTE FROM OUR TEAM It is with great enthusiasm that I write this my first editorial in welcoming you to another edition of DigiBuzz. As Chief Marketing Officer, I have the pleasure of building the success of the publication through engaging and thought-provoking content that resonates with our growing audience of readers.

As we celebrate our second anniversary as Jamaica’s Digital Operator, we are renewing our promise to deliver powerful digital experiences to our customers. As Digicel continues to step into its future, DigiBuzz is one of the ways we highlight other key movers and shakers who are also using tech and innovation to improve their customers’ experiences. A handful of global industries have been influenced by digital disruption over the past five years; finance is no exception. Nowadays, the power of digital is enabling customers can take control of relationships with their financial institutions in ways never once imagined.

Indeed, our local financial houses are also upping their game to support the changing digital needs of their clients and customers. One such is NCB Capital Markets, and we are very pleased to share their digital journey in this our fourth edition. As you read, you’ll gain insights on how NCB Capital Markets has become one of the leading local innovators in banking and finance. They’ve developed innovative strategies to make investing simple and accessible to everyone. Paired with an added focus on financial literacy, their customer-centric approach has led to a dynamic and vastly improved digital experience for all.

I hope you enjoy all that we have to offer in this edition, and I invite you to share your feedback with our Digicel Business team.

Tamara Ward

Chief Marketing Officer Digicel Jamaica tamara.ward@digicelgroup.com

Hello!

Welcome to another exciting edition of DigiBuzz magazine.

Since the last time we published, so much has changed in the digital space! With more companies creating online alternatives to conduct business, cyber-threats have emerged as a clear and present danger to those interactions and the overall integrity of business operations. With all that’s happening, your Digicel Business Solutions team is taking an even more proactive approach toward safeguarding your operations against potential cyber-threats. Prior to the upsurge across the Caribbean region, our team has been collaborating with squads of trusted cybersecurity experts who are constantly monitoring, detecting and eliminating the latest threats.

Barely a year out of the pandemic when businesses are still trying to get things back on track, businesses of all sizes are looking forward to ending the year on high with bumper sales expectations and record-breaking footfall in stores and online. It is in this spirit that we will ensure that your business infrastructure plugs those vulnerabilities that threaten to undo your most aggressive sales targets. Speaking of targets, I’m happy to share with you that some of the ambitious goals we set for 2022 have already been met them well before the year closes.

We’ve reached 99% population coverage for superfast LTE mobile data service, and our true Fibre-to-the-Business/Home footprint has expanded into all major towns in St. Catherine, Clarendon and Manchester. As Jamaica’s Digital Operator, we’re particularly excited about these expansions because they deliver true digital transformation to more businesses in rural Jamaica – fundamentally changing the way they operate and grow, while significantly improving interactions with their customers through e-commerce opportunities.

Finally, we welcome pieces from guest editors, columns and corporate features. Above all, we welcome your feedback and suggestions on how this magazine could serve you better.

Thanks, and have a good read!

Darragh Fitzgerald Selby General Manager Digicel Business darragh.fitzgeraldselby@digicelgroup.com

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Getting to know our clients:

A PEOPLE-CENTRIC APPROACH TO DIGITAL WEALTH MANAGEMENT

NCB

NCB Capital Markets has become a symbol of local innovation among Jamaica’s financial institutions. Since 2018, they have found ways to respond and effectively adapt to the digital disruption accelerated by Covid-19, to become among the top choices for small and large-scale investment banking. What’s their secret? People-first. The company’s digital roadmap is guided by the pillars of simplicity, accessibility and helping customers achieve their financial goals.

We visited The Atrium to have a conversation with NCB Capital Markets VP of Strategy, Research, Innovation & Projects, Annya Walker to discuss how the company has embraced the digital disruption and how they are using digital to transform the way we bank in Jamaica.

DigiBuzz (DB): When and how did this digital journey begin?

Annya Walker (AW): In 2018, we set out to be the leaders of wealth management in Jamaica. We modelled our aspirations off international leaders in digital to deliver the best experience to our clients. Our aim was to make the wealth management process simple, easy to use and navigate, accessible and able to deliver wholesome financial goals. With these in mind, we opted for a digital transformation to enhance customer experience. This is not just specific to investing, but how we deliver information to customers by providing everything you need in one place.

DB: Was NCB Capital Markets ready for the Digital Transformation?

AW: We were so ready! Clients, customers and staff members were calling for a greater level of convenience and efficiency with their investment process. We’ve found ways to improve and though things weren’t perfect at the time, we were well-equipped to handle the digital disruption caused by COVID-19. We are now able to deliver multiple solutions to offer a seamless customer experience.

DB: How is NCB Capital Markets using digital to enhance its client/broker relationship and experience?

AW: At NCB Capital Markets, we are leveraging our digital channels to put our clients in a position to keep abreast of market movements and make informed investment decisions through self-service via our digital channels.

DB: Tell us a bit about some of your digital solutions.

AW: We have a suite of digital solutions to include our mobile app, NCB Capital Markets online, but GoIPO is our game changer. Prior to GoIPO, the manual processing of IPO applications as overwhelming, and we were in dire need of digitization as IPO interest was growing. As a team, we recognized that if we didn’t transform our processes and innovate to make the

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DB: How does NCB Capital Markets stand out from others in the sector?

AW: It’s all about our customer experience. We think of ourselves as innovators, we’re transformational and disruptive. We set the bar high and we understand that it’s not just about automating manual processes, but determining how we can deliver a superior experience that exceeds our customers’ expectations.

process easier, then we’d get left behind. With GoIPO, it’s now a quick and easy process for customers to invest. Transactions can be funded from an investment or bank account with limited human interaction, limiting the margin of error. Clients can also access real-time market data via our app to inform investment decision-making.

DB: How are you enabling financial literacy and bridging the approachability gap?

AW: The first step for us was to make the product as simple and straightforward as possible so it’s easy to understand and digest. We are leveraging social media platforms to educate customers because this is the way our customers are engaging. And, our website will be launched soon with a financial planning centre with videos pertaining to financial literacy. This is a part of our digital roadmap which guides our progress through to 2024. Next, we found ways to partner with stakeholders where possible. The approach we’ve taken is agile and it can be redefined over time and there’s a lot more to come. We understand the importance of investor education as this will allow people to feel comfortable and make informed decisions.

DB: How are you enabling financial literacy and bridging the approachability gap?

AW: The first step for us was to make the product as simple and straightforward as possible so it’s easy to

understand and digest. We are leveraging social media platforms to educate customers because this is the way our customers are engaging. And, our website will be launched soon with a financial planning centre with videos pertaining to financial literacy. This is a part of our digital roadmap which guides our progress through to 2024. Next, we found ways to partner with stakeholders where possible. The approach we’ve taken is agile and it can be redefined over time and there’s a lot more to come. We understand the importance of investor education as this will allow people to feel comfortable and make informed decisions.

DB: How do you continue to meet the demands of your customers?

AW: With the way things are evolving with technology, customers’ expectations are also evolving and we must be able to move with that. At NCB Capital Markets, it’s not just about a digital experience, we want to help our clients build and grow their wealth. The digital experience we are trying to create is just a part of the journey, but we are a company that’s focused on becoming even more client-centric in our approach to wealth creation and management. When you invest with NCB Capital Markets, it’s a partnership that exposes you to local and regional investment solutions and worldclass knowledge and expertise. We are on a journey with you.

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Corporate

Yoga

Five Ways Jamaican Business Leaders Can be Flexible in the New Era

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The fact is that as far as agility or flexibility most Jamaican businesses were far behind the global curve before the pandemic hit, and it wasn’t a secret.

Consumers in the digital age expected convenient online platforms, simple advances such as food delivery, reliable online retail platforms, and digital medical interfaces should have been embraced long ago.

What we are seeing now is corporate Jamaica finally waking up to how much more competitive we need to be toward our consumers. The more remarkable change however has been within companies. Globally we are seeing what has been referred to as “the great resignation” where staff are realizing that the 9-5 desk job is completely unsustainable within modern expectations. People are waking up to the fact that workers have families and need to spend time actually raising their children, and that society has been crumbling because overwork means under parenting. We are realizing that stress loads and mental health hazards are causing a breakdown in physical health and that a sick or deceased labour force helps no one.

My advice to businesses is simple, though it is a concept which so many leaders struggle with and that is: BE FLEXIBLE. If you fight change your business will break. Period.

Move with the tide. Stop trying to keep things the same

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as whenever you started the job. If your business model isn’t working don’t force obsolete products and services onto consumers who don’t want what you are selling, change your model. If your staff is undermotivated then invest in training and personal development. Cracking the whip harder didn’t work on our ancestors, we rebelled.

What makes us think it will work now? Look at the facts, accept them, and see what you can do within your control to improve the circumstances. Here are five ways to increase your flexibility.

FIRSTLY, treat people like people.

I believe every business in Jamaica needs a policy on emotional intelligence and respectful communication.

As a country from parliament to the streets we literally don’t know how to talk to people. Honestly, we need a new policy on communication to be written into the labour law because most of us are having to learn this at a mature age.

Simple conversation is holding Jamaican business back from billions in profits. There was a UWI study that showed that the number one factor hindering productivity is perceived disrespect. For the sake of commerce, we must completely eradicate the remaining mental slavery in the workplace. No more of this thing

where because I am the boss, I can enjoy my life and if you work under me you have to earn the right to enjoy yours. No. Pay people what they are worth as far as your budget can withstand. If it will affect your margins to keep your staff paid well then your business model needs an overhaul yesterday. Create a new 5-year plan to get back on track. Don’t add insult to injury by talking down to people.

SECONDLY, re-engage HR. Every CEO should have some basic understanding of HR. If your HR department is only about benefits and firing you are wasting time and losing money. We have amazing HR professionals who are trained in modern corporate psychology and organizational behaviour.

This is key because we need to consider new dynamics in the office space. For example, this is the first time in history we have 4 completely different generations working in the same space. There are serious communication and culture gaps between Boomers, Gen X, Millennials, Gen Y and now Gen Z includes the 20–25 year olds so there is serious conflict that needs addressing. Also women make up most of the qualified workforce so our policies must be inclusive for mothers or have increased benefits for women’s health.

THIRDLY, Focus on what works now...

reports maybe only 3 are needed weekly and 3 more quarterly, or others you can drop. Or perhaps you used to have too many conference calls or meetings when all you need is a reporting template or software, allowing workers to focus on more important tasks.

FIFTHLY, Use Tech wisely.

Please stop adding technology for the sake of it or to say, “we’re digital.” It makes you sound outdated. Global business went digital in the 90s. Assess your online platforms and invest in the tech! If a 10-year-old can’t use it then dump it and start over. Look at benchmarks and hire a specialist with good references and proven outputs.

We must recognize that technology doesn’t help you in a vacuum. You do need personal interface especially in the service industry. But be interactive. For telecoms, finance etc. this means upgrading your call centres and customer service. Allow call centres to call back a customer instead of waiting on the phone to press a number and talk to a recording or get cut off. Work from customer experience backward instead of just from your company objectives.

Together these 5 concepts can start moving you toward a more flexible way of doing business today.

...as opposed to what you were told should work or what used to work a year ago. Consider that in 2022 remote jobs are already the norm everywhere else in the world and should be here in Jamaica. The outdated idea that “work” means sitting at a desk so your boss can see you moving around papers is illogical. Jobs don’t define this generation, and work depends on how much time you spend being productive. You will never attract the young bright minds with a 1950s mindset when fresh Harvard grads are living as digital nomads, working from the beach or the Eiffel tower.

If the work is getting done why burn AC in an office and put up your light bill? In the pandemic work from home for certain roles proved that people were more productive when they didn’t have to fight traffic and could take care of their personal matters.

FOURTHLY, Work Smart.

Change your processes and use tech solutions as much as you can. For example, consider either consolidating or expanding your internal reports based on what your company needs. Perhaps you don’t need 10 weekly

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All You Need to Know about

Digital Transformation in the Finance Sector in

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DIGIBUZZ POWERED BY DIGICEL BUSINESS image: Freepik.com

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The financial services sector is often considered one of the most traditional industries. However, it is also one of the fastest moving, making it a perfect candidate for digital transformation. In fact, companies in the finance sector are among the earliest adopters of a wide range of digital transformation trends.

According to a report by Cornerstone Advisor titled, “2022 What’s Going On in Banking,” 3 in 4 banks and credit unions have embarked on a digital transformation initiative. Another 15% are planning to implement a digital transformation strategy by 2022.

Stiffer competition and tight profit margins are among the significant challenges financial service providers face.

All of these have necessitated the need to evolve in order to keep up. Archaic systems and inefficient manual practices can no longer support businesses operating in the financial ecosystem.

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How exactly is digital transformation changing the way businesses operate in the finance sector and what are the major trends to look out for? Read on to find out.

Digital transformation in the finance sector: How, What, and Why? Digital transformation in the finance sector involves taking a holistic approach to financial management that relies on innovative digital technology. When executed effectively, a digital transformation initiative offers loads of benefits, including an overall improvement in efficiency, reduced errors, optimized workforce and resources allocation, and a tangible improvement in a company’s bottom line.

Considering all of these benefits, it is no surprise that forward-thinking finance companies are adopting digital transformation strategies to optimize their processes.

Financial service providers are undoubtedly among the most critical institutions in every society. However, if they must keep up with the changing times, they need to modernize their processes.

Digital transformation in the finance sector involves an end-to-end augmentation of processes, business practices, and methodologies in financial service delivery. Doing this effectively can be quite challenging.

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Even though the scale of work required to execute a company-wide digital transformation initiative may seem daunting, the consequences of not doing so can be equally costly. Failing to take the next step in your digital transformation drive may cause your company to lose valuable grounds in today’s fiercely competitive markets.

5 Digital Transformation Trends to Monitor Closely in 2022 Now that we have established that digital transformation is the future of financial services, what exactly will this makeover entail for your organization? What sort of digital technology initiatives will you need to deploy, and how will these benefit your organization?

The following are some of the digital transformation trends you’ll need to watch for as you look to upgrade your financial service practices.

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Paperless transactions Traditional manual processes are slow, cumbersome, and typically expensive. A lot of an organization’s digital transformation efforts are aimed at upgrading these internal systems with more efficient paperless alternatives. Not only are paperless transactions more seamless, but they’re also easier to manage.

Putting all of your processes in one place and maintaining a digital trail for financial transactions will do wonders for your process efficiency and record keeping. It is easier to deliver services that are bespoke to customers’ unique needs rather than taking a one-sizefits-all approach.

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Automation Workflow Automation as part of a digital transformation drive involves

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implementing a system where software robots execute mundane and repetitive tasks instead of relying on people. Several everyday processes can be optimized by implementing a workflow management system for your organization. Doing this ensures better allocation of resources and allows you to utilize talents in more dynamic capacities where human intelligence is the topmost priority.

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Digitization In recent years, digital banking has become quite a big deal. In the past, it used to be more appealing to a generation of young, tech-savvy users. These days, people of all ages have adopted the digitization of banking services. The digitization of your processes will make them safer, quicker, and more convenient.

Transactions can be executed quickly and are completed with greater accuracy than ever.

4 AI

Artificial Intelligence and machine learning have been at the top of the list of digital trends in various industries because they serve several important purposes. Trained AI systems can help financial service providers identify patterns and automatically implement measures to eliminate unfavourable conditions. For instance, an AI system can help identify unsavoury elements trying to open a fraudulent bank account or execute a fake transaction. AI tools can also be valuable for a broad range of other uses within the finance sector.

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Cloud services More and more financial service providers are beginning to migrate their services and processes to the cloud. This offers more scalability, making it easier to keep up with increasing demand by customers. They are also more secure and cheaper to implement than existing systems. In addition to these direct benefits, many organizations in the finance sector also see cloud services as a way to meet their environmental and social governance commitment, especially in terms of decarbonization and sustainability.

The Digital Transformation Effects Undoubtedly, implementing a digital transformation strategy holds plenty of benefits for organizations in the finance sector. It has also impacted the entire landscape, allowing the disruption of the status quo. Fintech startups have been able to compete effectively with traditional players in the finance sector thanks to the leveling field that digital transformation provides.

It is essential to note that adopting a digital transformation strategy won’t replace human effort. A more efficient approach to digital transformation is to think of it as a synergy between relevant technology and a skilled team. An efficient digital transformation initiative will only work for an organization with an experienced team and forward-looking goals interested in identifying and implementing the most effective digital technology trends.

Conclusion Organizations within the financial service industry are growing increasingly dependent on digital technology to gain an edge over the competition. As a player within this industry, it makes total sense to join the digital transformation revolution and implement forwardlooking changes that will drive better results and greater efficiency within your organization.

Chintan Jain is the Associate Director of Product Marketing at Kissflow Workflow, a unified platform that enables organizations to manage all types of work in one place. Chintan is a skilled marketing practitioner who writes extensively on topics like workplace technologies, work management, and the digital workplace. He also actively contributes to various business and technology platforms.

Article Source: https://www.paymentsjournal.com/all-you-need-to-knowabout-digital-transformation-in-the-finance-sector-in-2022/

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Spotlight

O

Often there are persons who are critical to us achieving seemingly impossible or complicated tasks. They help with a smile here, a joke there, no complaints and are reliable beyond compare. We’re taking some time to get to know - Kristalle Chin, Head of SMB Sales

DigiBuzz (DB): You started with Digicel Business as a Manager and now you are Head of Sales team. Do you feel pressure to perform at the same level as your peers who have years of experience?

Kristalle Chin (KC): My biggest and only competitor is myself. I don’t compare myself to others and as a result I don’t feel pressured to perform at the same level as my peers. I ensure to have my own work ethic which is undoubtedly at a high standard.

DB: What would you like your next professional achievement to be?

KC: I would like to continue growing in my career and I enjoy managing and leading people. Chief Operating Officer (COO) would be an ideal next step.

DB: What do you like most about yourself?

KC: I am self-motivated and always pushing

myself to grow. Growth for me in all aspects including professionally, academically and spiritually.

DB: How do you balance your career and family?

KC: As a young mother, it is very important for

me that my family is not neglected and with the reasonable support from my family, I have been able to ensure both work and family receive my dedication and focus so that neither suffers.

Also, I have learnt that work life integration is more suitable for me versus work life balance, especially given my desire to continue growing in my career. Work-life balance seeks to achieve an ideal state where work and life coexist and thrive

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separately; work-life integration is about bringing work and life closer together.

DB: What’s a fun fact about you that many people may not know?

KC: Although my ethnicity is of Asian descent, I only learnt to use chopsticks at age 19.

DB: What do you find most challenging and rewarding about your job?

KC: That would be managing people. I enjoy that aspect of my job the most as I get the opportunity to lead and push my team to be successful and nothing is more rewarding to me than to see others grow and achieve their goals.

DB: What do you find most challenging and rewarding about your job?

KC: That would be managing people. I enjoy that aspect of my job the most as I get the opportunity to lead and push my team to be successful and nothing is more rewarding to me than to see others grow and achieve their goals.

DB: Who/What motivates you?

KC: My son, Kenzo is my motivation. I want to not only provide for him but also be a great role model for him.

DB: What advice would you give your teenage self?

KC: It’s OK to make mistakes because no one is perfect. Just ensure to learn from them and don’t be so hard on yourself. Life is short so make sure to play just as hard as you work.

DB: If you could choose anyone as a mentor, who would you choose and why?

KC: If I could choose a mentor that person would be Michelle Obama. I both admire and aspire to emulate her core values of humility, ambition, love of community and unparalleled drive for success.

Michelle’s commitment of “when they go low, we go high” espouses her personal value system to always act with integrity, wisdom, class and charm. These are character traits that I value and hold dear and traits not surprisingly Michelle exudes so effortlessly.

DB: What advice would you give to

someone who wants to work within your team?

KC: Always remember that your personal brand is a reflection of not just yourself but also the team.

Therefore it is important to always work at a high level and don’t be afraid to ask for help because the team’s success is mainly a result of each member learning and helping each other.

DB: What is your motto or

personal mantra?

KC: if you fail to plan you plan to fail. I am a big believer of strategizing and planning ahead instead of waiting till last minute to complete tasks. I apply this not just to my profession but to every aspect of my life.

DB: Complete the sentence: The most important thing I learned about myself so far is….

KC: how resilient I am because whenever I am faced with challenges I never give up. In fact, I push even harder to ensure I overcome obstacles.

DB: What is your favourite part of being on the Digicel Business management team?

KC: I am able to put on my strategic hat in order to plan and execute on those plans so as to retain, manage and grow the business while managing all stakeholders, internal and external, and their best interest.

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Social Feature

OUT AND ABOUT

BUSINESS OF

FOOTBALL

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5K

ROAD RUN

Social Feature

Hall of Fame Induction HONOURING MICHAEL LEE CHIN

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Awards Ceremony

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“It’s not just about a digital experience, we want to help our clients build and grow their wealth.”

Annya Walker

VP of Strategy, Research, Innovation & Projects, NCB Capital Markets On NCB Captial Marketing and meeting the demands of their customers.

To provide feedback and comments,please email: digicelbusinesscorporaterelations@digicelgroup.com

www.digicelbusiness.com

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