Execs share their vision for the future of tech in the Caribbean | Loop Jamaica – Loop News Jamaica

From contactless paymentsto self-driving carsto the race to space, technology is advancing at a rapid pace. Businesses and economies around the world are moving swiftly along with it, and several Caribbean companies have joined the dash.

Kyle Maloneyco-founder of regional tech ecosystem, Tech Beach Retreatanticipates that new industries will be birthed that can significantly change the economic trajectory of the region.

He foresees large corporations playing a key role in such advancements as a lot of resources sit in the hands of our region's executives capital, networks, and access. Having these players invest in closing the digital divide will only seek to yield tremendous benefits for all involved.

With these entities stepping up to the plate, Tech Beach believes it is important to highlight the work being done across the region. As a part of its continued efforts to facilitate constructive conversations around the topic of innovation, Tech Beach engaged executives from some of the Caribbeans largest enterprises to share their perspectives on how technology will impact the regions future. Heres what they had to say.

Stephen Price vice president and general manager, Flow Jamaica

A leader in the telecommunications industry, Stephen Prices vantage point over technologys impact on the Caribbeans future is wide.

Digital innovations are reshaping our society, economy and industries, and disrupting the way businesses operate, Price says. To stay relevant in this era of techno-economic change, Price advises all businesses to consider industry innovative practices and trends.

Among the innovations the region will see in the future, he says, are digital payments, artificial intelligence, robotics and automation, blockchain and cybersecurity, as well as digital currency and mobile wallets. He acknowledges that some Caribbean countries are already using these technologies, but theyre likely to be more widely adopted throughout the region in the near future.

To facilitate widespread adoption of digital solutions, the Flow Foundation has several digital education initiatives that provide support to Micro, Small and Medium Enterprises (MSMEs). Price encourages every business, regardless of size, to implement digital solutions to better facilitate the needs of its customers and increase its economic viability. And he emphasises that all companies should engage e-commerce platforms, which can expand their customer base with the ease of access to online platforms for potential customers.

Karrian Hepburn Malcolm vice president, sales and service, Unit Trust Corporation

As a leader in Unit Trust Corporations (UTC) Sales and Customer Service departments, Karrian Hepburn Malcolm envisions a highly digital future for financial transactions in the Caribbean. I expect to see tech- based changes and innovations emerging in the Caribbean in the near future concerning payments such asmobile wallets, digital currencies. Financial planning and advice will utilise artificial intelligence, robo-advising and e-trading platforms. Similarly insurance will use artificial intelligence to guide risk pricing and contracts. Malcolm also anticipates that businesses and individuals will rely heavily on non-traditional channels such as crowdfunding and an evolved credit scoring system to raise funds.

Emphasising the need to focus on tech education and foster a healthy ecosystem where innovation and adoption of new technologies can thrive, Malcolm advises that every Caribbean business should adopt the use of a website and e-payments system.

Malcolm notes that UTC has made significant upgrades to its digital strategy, including the introduction of a Digital Strategy Unit, to ensure our customers receive a real-time, accessible and user-friendly digital experience.

UTC is also contributing to driving innovation in Trinidad and Tobago by investing in local tech-based start-ups through initiatives such as URPRENEUR, Scale Up Trinidad and Tobago, and Enterprise Suite, along with partnerships with TechBeach, Wipay, The University of the West Indies, the Trinidad and Tobago Chamber of Commerce and the American Chamber of Commerce of Trinidad and Tobago.

Julie Avey Senior Vice President, People and Innovation, Massy Group

In her role heading the Massy Groups People and Innovation department, Julie Avey empowers Massys team from nurturing and supporting the companys leaders, to overseeing the wider teams health, wellness and financial benefits through the Human Resource department. As the co-founder of Nudge, a social enterprise developed in partnership with Anya Ayoung Chee and powered by Massy, she supports entrepreneurs across the region.

At the most basic level, Aveys work is in the empowerment of people and, as such, her vision for the Caribbeans future in a technology-driven world is one where we embrace our people and our culture.

She foresees the development of innovations that are more human-centric and embrace our creativity and joy, adding that though we are adopting such practices from other countries, the Caribbean should do more that suits our culture and humanity. Referencing Bob Marleys hit One Love and the elation that radiates from Trinidad and Tobagos Carnival, she believes that, marrying tech and our humanity is an opportunity.

Avey distinguishes between tech migrants [who] like me are born before 1985 and are in positions of power, and tech natives [who] have the answers with regard to tech. She urges tech migrants to responsibly release control and support the tech natives so that we can evolve as a region.

Nadeen Matthews Blair Chief Digital & Marketing Officer, National Commercial Bank Jamaica Limited

Nadeen Matthews Blair

NCBs Chief Digital & Marketing Officer, Nadeen Matthews Blair, has served as a driving force behind the NCB Groups thrust to digitally transform its business.

As the bank strives to enhance its customer experience and competitively position itself amidst the ongoing digital disruption of the financial services industry, Matthews Blair and her team seek to create a platform that will allow NCB to provide financial solutions that empower our customers and help them to unlock their dreams.

Matthews Blair anticipates that the region will experience an intensified focus on tech-based solutions for pain points such as payments and money transfers. In addition, she encourages businesses to interrogate any process that relies on paper, cash or takes more than a few minutes for their customers. There you will find the opportunities to begin digitally transforming your micro and small enterprises which can start with open source and free digital tools.

As it seeks to accelerate the pace of its digital transformation, NCB has created a fully digital start-up TFOB(2021) Limited under the leadership of CEO Vernon James and will launch Lynk, its first digital financial services solution, later this year.NCB will also be the first financial institution in Jamaica to make the Central Bank Digital Currency accessible to its customers. Additionally, the NCB Foundation, of which Matthews Blair is the CEO, intends to focus on initiatives that expand the pool of digital producers, such as software developers, data scientists, and robotics engineers, in the region through scholarships and grantsand supporting boot camps and skills development programmes for primary and secondary school students.

Noting her companys track record of working with younger innovative tech companies, Matthews Blair sees it as critically important to begin nurturing an interest in tech amongst the regions youths and she wants to begin investing in developing these capabilities as early as primary school.

Theres no denying that the future of Caribbean industry lies in digital innovation and these executives and their companies are leading the charge. Moreover, they have identified the need to harness the potential that exists within small and medium enterprises in order to capitalise on existing synergies and build a strong future for the region.

By Serah Acham

Continued here:

Execs share their vision for the future of tech in the Caribbean | Loop Jamaica - Loop News Jamaica