NCB kicks off Customer Town Hall in MoBay

National Commercial Bank has embarked on a transformative initiative, using its Customer Town Hall series as the vehicle for engagement.

Spearheaded by NCB’s Group Chairman, Michael Lee-Chin, the series aims to foster direct interactions between the bank’s leadership and its customers, shedding light on the business’ current state, financial outlook, and future plans.

At the western Jamaica kickoff, NCB Jamaica CEO Bruce Bowen highlighted the significance of the town hall series, its role in facilitating open discussions and obtaining feedback.

“We want to talk about where NCB is and what we are trying to focus on and to solicit some feedback from you,” he stated.

Reflecting on his initial impressions of NCB, Bowen acknowledged the organisation’s strength and size, while noting its impact on Jamaica’s population.

“The strength and the size of the organisation mean that we touch a huge percentage of the population of Jamaica. Even if we are not their lead bank, we somehow are playing a role in helping from a lending, from a deposit, from a transaction, from an insurance or from some perspective,” Bowen underscored.

He then spoke of the responsibility that comes with being a Systematically Important Financial Institution (SIFI).

“In regulatory speak as a SIFI, NCB represents 30-40 per cent of the capital that is in the banking sector and because of that, the regulators hold us to a higher standard. What we have to maintain as capital in the market is higher than anyone else,” he continued.

He acknowledged customer pain points, discussing challenges and subsequent wins, primarily as it relates to two key areas – the deluge of feedback on the automated banking machine (ABM) network and concerns about fraud.

He said that due to improved ABM functionality, the network was able to support a 63 per cent increase in cash demand during Christmas while maintaining a 95 per cent cash availability rate.

Regarding fraud, Bowen detailed the implementation of key anti-fraud measures, resulting in a substantial reduction in response time from several months to two weeks for reported cases. He said that the bank also experienced a 70 per cent drop in newly reported fraud cases from their peak.

Lee-Chin focused on NCB’s vision and values, identifying inefficiencies reflected by a cost-to-income ratio trending in the 80s; governance – which was not where it should be; and customer experience as the primary concerns that necessitated organisational shifts.

Acknowledging the need for transformation, Lee-Chin declared, “We had to change. This is the people’s bank. We have to turn the ship around, and we are confident that we will.”

The town hall event concluded with a question-and-answer session, allowing guests to engage directly with key leadership team members, including Lee-Chin, Bowen, Sheree Martin, executive vice president, retail banking division; and Dr Karrian Hepburn Malcolm, head of wealth.