Build out will be predicated on five prioritised strategic themes

National Commercial Bank (NCB), Jamaica’s largest commercial bank, is prioritising on building out its digital capabilities as it seeks to emerge from the pandemic stronger than ever.

Dennis Cohen, deputy chief executive officer and group chief financial officer, told shareholders at the bank’s annual general meeting on Friday (February 4) that NCB’s digital build out will be predicated on five prioritised strategic themes.

These involve building leading digital, analytics and technology capabilities; deepening relationship with customers significantly, shifting cost structure sustainably, delighting customers with experience and winning with talent.

With regard to building leading digital, analytics and technology capabilities, Cohen said NCB would be transforming its Information Technology network, accelerating the data and analytics machine and capabilities and re-focussing the digital operating model on value capture, while continuing to upgrade capabilities.

As for deepening relationship with customers significantly, Cohen said this would be achieved by moving from a product to customer segment centric, evolving the risk framework and upgrading the product suite.

Re-charging and enhancing cost optimisation strategies

Shifting cost structure sustainably would be attained by re-charging and enhancing cost optimisation strategies as well as revamping operating model for retail to unlock efficiencies in the cost base.

The NCB second in command spoke about delighting customers with experience by enhancing client service through increase in availability and quality to lower customer attrition.

By wining with talent, NCB plans to focus the talent development model on the top two per cent to power the enterprise, identifying key talent pools to expand and shrink and shifting the talent attraction model to reflect the key initiatives.

Cohen highlighted that the financial performance for 2021 saw net operating revenues going up eight per cent year over year to J$121.11 billion, up from J$108.83 billion in 2020. Net profit totalled J$20.08 billion, a decrease of 25 per cent compared to J$26.88 billion for the corresponding period of 2019.

Net operating revenues amounted to J$34.01 billion for the three months ended December 31, 2021 compared to J$33.78 billion booked the prior corresponding period. Net profit for the three months ended December 31, 2021, totalled J$2.64 billion compared to J$3.92 billion for the corresponding period of 2019.