Categorized | National News

NEW OPPORTUNITIES IN BANKING, SAYS FORMER AG

Former Attorney General, Allyson Maynard-Gibson says there are tremendous opportunities in the financial services industry. She says, “whenever there is a crisis and we are in a state of crisis at the moment, but not just we, the world is in a state of crisis, a tremendous change and with that comes tremendous opportunities .”

Mrs. Maynard-Gibson said, “just as an example, banks that have been banking in an old fashioned way, shutting down in some of the family islands, well here is an opportunity. Look at India, remote parts of India and in remote parts in certain countries in Africa, all of their banking is being done on a cell phone. India is a part of our commonwealth, and look at its technology. It’s a technological world leader. These are opportunities here for us to think differently about how we will conduct commerce.

“So, if we think along these lines; let’s get out of the box and see how we can make things happen and look at what’s happening elsewhere in the world as well. We can continue to meet the highest international standards and very importantly tap into the creativity of our young people for using information communication technology.

“ We are seeing the end of financial services conducted in accordance with the old model, just like we’ve seen the end of using fountain pens,” said Mrs Maynard-Gibson, who also served at one time as Minister of Financial Services.

“When the new is emerging the old dies. I don’t want to make things overly simplistic because it is a complex situation; but I think to understand it and not to be crushed by it, we have to try and keep it simple. Look at India, the remotes parts of India you have commerce and thriving and they do not have a place where you can go and say here’s my money in the ATM or here’s my cheque I’m cashing at the bank. They are conducting commerce on their cell phone,” she said.

Mrs Maynard-Gibson made these comments as she appeared last Friday on the Radio Love 97 Show “On Point.” When asked if the Bahamas had acquiesced to pressure from the OECD countries , she responded:

“I will not call it acquiescence. I think that what is happening is that we are recognizing the realities of the world of commerce today. We have to get on with recognizing 21st century realities and meet the exciting challenge of creating 21st century opportunities in the Bahamas while meeting the highest international standards.

“ Our young people are absolutely up to this task. We older ones who are grounded in private banking, like I said to you a fountain pen is a communications instrument, but it is really a fancy quill; a smart phone is a communications instrument, but it is very different quantitatively different from a fountain pen.So we are talking about unleashing especially the talent that is within our young people to create an entirely different reality,” said Mrs Maynard-Gibson.

 

 

Written by Jones Bahamas

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