President of the Orange Media Group Earny St. Catherine this week addressed the largest gathering of regional bankers and non-traditional financial services providers, urging them to put their customers at the centre of everything they do.
St. Catherine was one of only two local presenters at the 40th AGM and Conference of the Caribbean Association of Banks (CAB), the other being Dr. Reginald Darius, Permanent Secretary in the Ministry of Finance.
His presentation focussed on ‘the importance of the sharing the brand experience to business success.’
He spoke of the gap between what’s important to people and what brands deliver. He told the gathering that “people reward brands that share, as sharing reflects strongly with actions that drive business value.”
According to St. Catherine, shared dialogue is the first step toward sharing a brand. He said on average 90 percent of persons want a brand to engage in more meaningful conversations with them.
“People want you to listen, show genuine interest, and most importantly, act on what you hear.”
St Catherine’s appeal comes at a time when indigenous banks in the OECS are challenged to change the way they do business in order to survive. They are also faced with the challenge of inevitably considering a deep colloboration and possible merger to remain competitive.
“At this time banks are faced with increased competition, regulations, contracting economies and record delinquent loans. It is therefore difficult for them to either lose customer focus or not revolutionise their process to make the customer the centre of their ecosystem. This will inevitably exacerbate their already stressed positions and lead to an even worse performance. The customer must be a critical part of the process”.