Harness technology to reach new markets, advises industry professional.

TLDR:

• Fintech expert stresses the importance of leveraging technology to tap into untouched market segments.
• Regional financial institutions should focus on digital transformation to compete effectively with larger global players.

Fintech expert, Kathryn Chin See, highlights the benefits of using financial technology to serve the unbanked and underbanked market segments in the Caribbean region. She emphasizes that regional institutions need to transition urgently to compete with international players who have already tapped into this market space. Chin See also underscores the importance of focusing on the lifetime value of customers rather than immediate profit and losses, pointing out that digital transformation can lead to lower costs, barriers to entry in new markets, and swifter service delivery processes. She urges regional institutions to leverage their understanding of the Caribbean market and cultural knowledge to outsmart larger global players. Senator Dr. Dana Morris Dixon also emphasizes the importance of customer engagement and making services intuitive and easy to understand. She highlights the development of the Jamaica Data Exchange platform to streamline the verification of government data, enabling banks to offer online products more efficiently.