HYLTON... dangerous to think we have time to change because<br />we are in Jamaica
Banks not truly disruptive — Hylton
NATIONAL Commercial Bank of Jamaica (NCB) group managing director Patrick Hylton admitted that many banks are truly not transformative, but that his bank aims to improve.
He urged private sector leaders to transform by disrupting traditional procedures from within or face disruption from rivals.
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“Banks in many societies including ours are guilty of not truly transforming, but that has to change. It is something we recognise at NCB and that change process has started and will continue. Apple and IBM are two companies that have successfully reinvented their business models and created significant value for their shareholders and companies. Meanwhile Kodak, once synonymous with photos, invented digital technology, failed to transform and became disrupted by other players,” he stated at a Private Sector Organisation of Jamaica (PSOJ) breakfast on Tuesday at the Jamaica Pegasus Hotel in Kingston.
Hylton added that if this generation’s experience with “your business” is essentially the same as the prior generation’s, then your business has not transformed.
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He indicated that disruption of one’s own business should include the right mindset, an awareness that it’s not about the technology, and realisation that things will go wrong sometimes, “but that’s okay”.
Companies should avoid the belief that its customers are not ready; and thinking “we are” cushioned from disruption due to our existing size, market share or regulatory protections.
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“Thinking we have time to change because we are in Jamaica and we are only seeing the changes in developed markets. These are all dangerous mindsets and failure to shift them will be at our own peril,” he said.
NCB is incorporated in Jamaica with 47.9 per cent held by AIC Barbados Ltd. The ultimate parent company is Portland Holdings Inc in Canada and controlled by Michael Lee-Chin, chairman of the bank.
The banking conglomerate, often seen as the nation’s most profitable bank, made $3.15 billion net profit after tax for its June third-quarter 2015 or 7.5 per cent less than a year earlier due to slightly higher expenses.
The group registered increased profits in five of its seven banking segments over nine months. The two segments which declined included payment services and wealth, asset management and investment banking.
