A shift towards greater digitization was overdue for Caribbean banks, and has been accelerated by the current pandemic. Now, they are rolling out their digital channels, seeking to implement ways in which to help bank customers and employees protect themselves while providing the same and enhanced services.
Traditional credit screening approaches are based on qualifications that many low-income applicants do not have: credit histories, collateral, and verifiable income streams. What if these applicants could be assessed differently?
In January 2018, Larry Fink, the CEO of BlackRock published an open letter to the CEOs of publicly traded companies. His message was clear, companies have a responsibility to deliver profit, and make “a positive contribution to society.” Failure to do the latter comes at the risk of losing its license to operate. Consumers can influence through decisions to purchase products from companies that value broader corporate goals of environmental impact, workforce diversity, and community engagement. What may come as a surprise statement from a private equity fund with $6 trillion under management is increasingly the de facto market standard.
Narrowing the global gender gap could add $12 trillion in annual global gross domestic product by 2025. In Latin America and the Caribbean, access to finance for women-led companies is a key driver of this gap. Two out of five small and medium-sized businesses in the region are owned or managed by women, yet 70% of them still have unserved or underserved credit needs. Despite this discrepancy, there is an overwhelming sense of optimism: more than two thirds of active, early-stage women entrepreneurs are opening businesses because they see clear opportunities, not out of necessity.
A Caribbean bank leader highlights her experience promoting gender equality both inside and out Maureen Hayden-Cater, President of Jamaica’s First Global Bank, visited the IDB Group to participate in our speaker series “Promoting Women Leaders in the Private Sector.” The initiative is part of the IDB Group Private Sector’s goal to showcase women leaders in the region and strengthen diversity and gender equality. Before her keynote speech, which will be followed by a question and answer session with IDB Group staff, I reached out to First Global’s President to learn more about what women and leadership mean to her.