Finance: Scotia is Tops in Digital

The Banker magazine has named Scotia bank Top Digital bank for Latin America, the Caribbean and Canada for this year.

This announcement comes at a time when the bank will be receiving an award for Best Digital Strategy of the year by Retail Banker International.

“We are very proud to have been recognized by Global Finance for the digital solutions we offer to our customers across the Caribbean, Latin America and Canada,” said Ignacio Deschamps, Group Head, International Banking and Digital Transformation.

“At Scotiabank, one of our top priorities is to make it easier for customers to do business with us by becoming the leading digital bank in the markets where we operate,” Deschamps added.
Scotiabank is undergoing a digital transformation to meet the changing expectations of customers, according to a release issued by the bank.
Some of the plans that are in the pipeline include the launching of a new online and mobile banking platform across Latin America and Caribbean countries to make it easier for customers to do business.
Secondly, the introduction of new digital branches in Mexico City and Canada and creating the Scotiabank Digital Factory, a stand-alone organization focused exclusively on delivering digital customer solutions.
The appointment of an Executive Vice President of Digital Banking is also in the making.
The financial institute will be creating a Banking Lab at Western University’s Ivey Business School, and the Scotiabank Centre for Customer Analytics at Queen’s University Smith School of Business.
And, the institute will be partnering with Kabbage, a leading financial technology and data company in the online lending business, to provide small business customers in Canada and Mexico with a new, streamlined digital lending experience.
Scotiabank was recognized as 2016 World’s Best Consumer Digital Bank in 23 countries including Guyana, Canada, and countries in Latin America and the Caribbean.
The bank won in two international regional subcategories, Best Integrated Consumer Bank Site and Best Mobile Banking App.
Scotiabank also won in six regional subcategories in Canada, Best Integrated Consumer Bank Site, Best Mobile Banking App, Best Online Deposits, Credit and Investment Product Offerings, Best Bill Payment and Presentment, and Best Website Design. Winning banks were selected based on a number of criteria.
Scotiabank is Canada’s international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America, and Asia-Pacific.

Business: CIBC's new Boss says "Yeah Mon"

The sitting US President may have raised the bar when it comes to mastering greetings in the Jamaican vernacular, but new CIBC First Caribbean boss Gary Brown, being a musician in his former and even present life, was ceding no ground when he took the podium at a welcome reception at the Terra Nova in his honour.

Preceded by a robust jazz suite from Harold Davis and Friends (Paul Madden -bs; Warren Harris -sx; and Andrew "Pregs" Thompson -dr), Brown adopted the now universal two-word greeting "Yeah mon" which elicited the expected peals of laughter from the clients, friends and well-wishers gathered in the hotel's Venetian room.

Based in Barbados, Brown arrives ata fortuitous time for the bank, which has seen strong capital gains over the past six months.

Brown confirmed the sentiments of other speakers thatthe bank's real growth prospects lay in the retail segment of the business, which it intended to make its presence felt, backed by the considerable resources and stability of its Canadian parent.

The gathering was also reminded of CIBC's strides i nthe digital banking space, including its online portal and its mobile app.\

Media Biz: post-Brexit pound KOs Starz-Lionsgate merger

The widely expected merger between Lionsgate and Starz has been derailed because of the Brexit currency chaos, The Post has learned.

One of the banks being lined up to provide the financing was forced to withdraw from the deal after the British pound fell about 10 percent versus the dollar over two days, one source told The Post.

“It fell apart over the weekend,” the source said. “Brexit hurt the financing. It’s dead.”

The person cautioned that the deal could be resuscitated if economic conditions improve.

Rumors of a likely deal between the Hollywood studio and the premium pay-TV channel gained steam in the last couple of weeks — pushing shares of both companies higher.

Shares of Lionsgate, the studio behind “Hunger Games” and “Divergent,” rose 5.8 percent on June 23, to $21.72, as whispers of an impending deal raced from Tinseltown to Wall Street.

Business: A Jamaican "In Reserve"

Dave Rodney

A Jamaican from Mulgrave Lane off Slipe Pen Road in Kingston, Clive W Blackwood, has been recently named executive vice president and general auditor of the Federal Reserve Bank of New York, the largest bank in the federal reserve system in the United States. The appointment was made by the bank's board of directors, and Blackwood will be responsible for internal audit at the New York Fed. He will report directly to the board of directors of the bank.

Blackwood is now the bank's liaison with all matters relating to the Office of the Inspector General of the board of governors of the Federal Reserve System. Additionally, he is the bank's liaison to the US Government Accountability Office. The Federal Reserve Bank formulates and executes monetary policy, supervises and regulates depository institutions, keeps prices stable, employment high, inflation low and fosters a stable financial climate.

Mr. Blackwood has a solid background in risk and auditing, spanning over twenty years in the financial services industry. For the past ten years, he has held a number of positions of increasing responsibility within the Internal Audit Group of the New York Fed. Previously, he was audit director at American Express Company. He also served as an auditor at KPMG's Assurance Services practice, and he has served on the board of directors of the New York Chapter of the Information Systems Audit and Control Association (ISACA).

"Clive has distinguished himself as an auditor and a leader both at the New York Fed and across the system, and he will be a great general auditor", William C Dudley, president and CEO of the New York Fed said.

Clive Blackwood is a graduate of Ardenne High School in Kingston and he holds a bachelor of science degree from New York University. While pursuing his studies in the United States, Blackwood held a number of non-banking jobs along the way to enable him to advance his studies, working as a cook at McDonald's and as a sales clerk at Macy's Department Store. Before migrating to the United States, Blackwood had worked at the COK Solidarity Cooperative Credit Union in Cross Roads for eight years under the leadership of former general manager Aloun Ndombet-assamba.

"At COK, Clive was a pleasant and hard-working staff member", Ndombet-assamba, now Jamaica's high commissioner to the United Kingdom recalls. "I am proud of his growth, and proud that COK had a hand in molding him and his work ethics", she continued.

Clive is now a certified internal auditor, a certified information systems auditor, a certified financial services auditor and a certified bank auditor.
"I am elated and humbled by this appointment, and it proves that hard work, determination and faith do pay". Blackwood told the Gleaner. And anything I do, I do it with passion and integrity", he affirmed.

source - Daily Gleaner

Business:To Bank, or Not to Bank? the island's two mortgage giants go different ways

The two shareholder annual meetings had markedly different tenors. At the Pegasus, the main ballroom had an expectant air, the air of a giant in transition. There, Earl Jarrett, General Manger (more on that later) of the Jamaica National Building Society, comfortably the nation's largest mortgage lender, and a firm rapidly on the move both geographically and service-wise over the last decade, announced that a "no objection" letter had been received from the Central Bank (Bank of Jamaica) to JN's long-standing proposal to establish a commercial bank.

This was a crucial development in the regulatory process, but, as Jarrett pointed , by no means the ultimate step. Pressed for a more specific timeline, he cautioned that the new entity would definitely NOT  be operational before the end of the 1st quarter of 2016. When it does come on stream, he said, it would significantly boost JN's operational capacity, and - ultimately - revenue and profit position. the banking sector has seen some heat in recent months, with insurance/financial giant Sagicor operationalizing its purchase of the former Royal Bank of Canada and with market number two, bank of Nova Scotia undergoing a region-wide rationalization of branches.

No such mood over at the Knutsford Court just days after, where number two mortgage lender Victoria Mutual, which has also expanded its reach into other financial services but has no plans, at leas in the foreseeable future, to return to the banking arena (it had operated, in tandem with insurer Island Life, the groundbreaking Island Victoria Bank in the 90s, before the FINSAC scythe). Chairman Michael McMorris did state to members that the company was looking for opportunities to expand its ATM network, which it has grown on the back of an aggressive "no or low fees" strategy and the more expected home sweepstakes promotion.

Both organizations are well run and known for the kind of prudent yet occasionally aggressive management that spawned deep shareholder (member) loyalty and goodwill, with one notable JN member seeking to put a motion to the meeting that Jarrett's title be "upgraded" to President, rather than GM, to reflect the scope of the portfolio

Business and Finance: Diversify, and Plan well before you Die

The cost(s) of living we all know; not that many know the manifold costs of dying, which those left behind must bear. Aside from the obvious funeral expenses, there are myriad transfer taxes, stamp duties and legal and other fees, depending on the asset value of the deceased.

This was among the unwelcome yet useful bits of info that emerged from a Scotia seminar on estate Planning held jointly by the investment and insurance arms of the financial giant at its Liguanea Branch
Noted Estate  attorney and part-time Lecturer at the Norman Manley Law School, Denise Henry-James spoke of the process that ensues once a loved one has departed for the beyond, including the inevitable payment of transfer tax, stamp duty, and legal and other requisite fees, depending on the value of the estate (as determined by the Government)

Hugh Reid, head of Scotia Insurance, who outlined some of the trends affecting the industry, spoke of a respite from taxes, at least for the companies - in the form of the abolition of premium income tax and investment income tax that should at least leave a greater portion of the insured's funds undisturbed by the tax man.

Trendiness may not be what one goes for in picking stocks, according to VP Treasury and trading (and unabashed Warren Buffet devotee) Gregory Samuels

Branch manager Michael Lee overdaw the proceedings, while Senior VP Sales and Service Courtney Sylvester  reminded the capacity audience of the bank's commitment to improving the financial well-being of its clients.

Business: Its Two (in a Row) for NCU

JarGro, a smart appliance created to support the production of foods using natural LED plant light, and a built-in irrigation system (aeroponics), earned Northern Caribbean University their second consecutive victory in the National Business Model Competition at the Jamaica Conference Centre yesterday. Last year's winner Herboo, went on to place 8th (and best non-US team) at the international business model selection in the western US state of Utah.

Team members Colin Thorpe, David Smith and Craig Campbell walked away with a cheque of J$2 million and will be entering the international level of the competition in Utah, United States, in May.

The University of Technology team, Feevr, placed second, while NCU's Vitae came in third. The teams were awarded J$1 million and J$500,000, respectively, which will be used to assist in converting their business models into reality.

Digital Farms and Genius Software Programs and Electronics shared the fourth place prize of J$200,000.

The JArGro system, aimed at urban dwellers faced with serious space restrictions, uses 98 per cent less water and 70 per cent less fertilizer along with various sensors which enables it to process and act.

The system replicates the natural way plants grow thus providing all the attributes for the plant to strive and is built around a minimalistic concept that enables it to fit in one kitchen.

The NBMC is specially designed to encourage and promote the creative and innovative thinking of local students. It facilitates entrepreneurial skills and enhances collaboration and communication between the private sector stakeholders and education.

The competition is presented by the Development Bank of Jamaica, in association with the IDB, National Commercial Bank, GK Capital, Pan-Jam, the PSOJ, the ICD Group and US-based Alta Ventures.