Wayne Hewitt, vice president of corporate and commercial banking, Scotiabank speaks with Jobsmart on corporate portfolio, developments in this field, opportunities that exist, the challenges for incumbents

Overview
The Banking Industry to date has been growing and changing immensely over the last decade or more. There is a much more levelheaded approach in assessing and balancing risks and returns. As the economy continues to improve it will stimulate growth in the financial sector, with a strong level of competitiveness.

Regional and Global Outlook
Because Corporate Banking keeps pace with economic growth, the field may be more developed or advanced in other Caribbean countries with a higher percentage of growth. The cost of capital may also be lower and more companies will grow faster – as people may be demanding more money. When the macro environment improves and we reduce the cost of money, we create a need and there is also less default – and more companies will get confidence to do business, which will increase competition and create more innovation, continuing the cycle.

Maintaining a Global Perspective
The ability to understand the local environment while having an appreciation and clear understanding of what is happening overseas is critical. “This will help in your ability as a commercial banker to advise companies and identify clear strategies that will help them as your customers. You will be able to keep relevant, understand the global impact of certain decisions and let customer know how it will affect their business. This will benefit them as they can compare best practices and improve their processes, seeing opportunities to correct and improve.”

Emerging Trends & Impact of Technology
Technology has become important as a driving factor in this field as it has enhanced how we deliver services to our clients – particular non-credit services. It facilitates better cash management, speedier and more convenient ways to transact business. Customers now better understand products and are more sophisticated in their demands. Technology has also assisted us in better management of company portfolios , providing us with the tools for better analysis of data or statements. We can also make worldwide comparisons for customers and track developments across the globe.

Another trend that has emerged is ‘disintermediation’ as the role of Banks as intermediaries in making arrangements for raising capital is now sometimes not explored.

More companies are now going directly to the market to raise their own capital. While this may not happen much in Jamaica because of the issue of public disclosure, this is an emerging trend.


Strong Demand for People
Despite technological development have not detracted from the importance of the human element. This area is still about people relating to money, and the human element is critical in analysis and decision making. You will always need people who are analytical to dissect financial statements, understand the client’s business, ask the right questions and interpret their needs. There is also the need for persons with sales skills who can meet people, negotiate and manage relationships. People in this feel have to need to be likeable and relate to others well being good at communicating, forming great relationships, also understanding how to say no in a way that will not alienate.

Career in corporate and commercial banking
This area requires people with strong analytical skills. A strong background in mathematics, Economics and accounts will help. However, I have known people with diverse skills from engineering to the arts who have done well. An MBA in Finance will definitely give people an edge. Personally, I never employed a definite strategy, as I did accounts in High school. But I always knew that I wanted to be in business, so in University I did Economics and Management, with my MBA focusing on general management and finance.

From my experience I would also advise people to enter the area as a management trainee – and seek to get exposure in all areas with a special focus on risk management as the two key areas in corporate banking are Treasury and Risk Management.

Challenges and rewards
Because of the skills set that is needed it can be a challenge to finding it all in one person, as persons who are analytical then to be reserved and introverted. However the job requires you to be warm, sociable and outgoing. “I am naturally an introvert, so I have had to work on my ‘people’ skills to ensure that I remain balanced.”

However, the rewards are great as there is an immense satisfaction when a business you have helped to nurture and finance from concept to start up comes to fruition, generating jobs for persons and contributing to the economy. It feels good to share in the success of a client when their business thrives.

Networking and meeting people
It is important to network from a sales standpoint and meet people to grow the business, each individual’s personal strategy will vary, as people are all different. “ For some people it may be meeting people on social occasions, while for others it may be making direct contact through a variety of avenues. The important thing to note is that you need to have as many touch points and also remain visible and in contact with your client.”

amitabh.sharma@gleanerjm.com