Thursday, May 28, 2015

Business: Bank on Your Phone coming from Grace, First Global

At a time when multinational banks (read "Canadian") have exited or are reducing their presence in Jamaica, the exec team at Grace believe their banking subsidiary, First global, now liberated of its investment service sibling (offloaded for some J$3bn) can reap the benefits of their local knowledge.

That was the word from Grace Kennedy CEO, Don Wehby and his bank cohort, First Global CEO Courtney Campbell, at the venerable giant's most recent AGM, held at its downtown Kingston headquarters.

The GK team believe that their superior customer experience enhanced by ongoing consumer tech, such as "Mobile Banking" (which the bank CEO himself later demonstrated for this writer) will give them a leg-up on their overseas-based competitors.

Consumers can expect to have the last word by end of June, when the Banking by Phone service is rolled out to take its place alongside the exiting Internet banking platform

A selection from Harbour Wines, the rebranded Grace subsidiary
And by the way, GK Group revenues for the year? J$77bn, a 15% increase over 2013, but profits dipped on acquisition costs associated with the purchase of US regional food line La Fe, as Grace continues its push for market presence in North America, Europe and Africa.

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