Clearly defined and communicated goals Additional staff and third party consultant Direct interaction with the vendor Hands-on, onsite input from the vendor.
Results
System live and allowing clients to benefit from a range of integrated private banking and wealth management modules
Significant cut in productivity time Expansion underway with e-banking module.
Market overview
The Jamaican economy plunged into recession during 2009, due largely to the impact of the global economic meltdown. This financial instability has
been particularly harsh on Jamaica because of its prolonged battle with structural problems such as declining production and productivity and high debt. Since the crisis hit, the market – described by many as being 'one-dimensional' for a very long time – has changed.
The Jamaican market is an open economy and individuals in the country can invest their money, there are no restrictions on the movement of capital. But, it previously had to deal with the high interest rates offered by the government and the perspective that it was a safe asset. However, those perceptions seem to have changed over the last couple of years and clients are increasingly looking to diversify their investment activities away from the government as an asset class. Instead, there is interest in exploring investment options on a global scale, and many banks and financial institutions are moving away from the domestic route and towards specialist third party suppliers. Examples here include BCW Capital, a wealth management start-up, which selected IPBS in 2012 and Jamaica Co-operative Credit Union that selected theMimics System from a long-standing US player,Mimics Inc, in 2010. The latter supplier has a well-
