THE president and CEO of Scotiabank Jamaica is the newly elected president of the Jamaica Bankers Association (JBA), taking over from the managing director of RBTT Jamaica, Minna Israel. Bowen's election has been widely well received with many in the banking fraternity pointing to his acumen, his ability to be a team player and always putting the financial well being of the country at the forefront of his thinking, as qualities that bode well for his tenure

Sunday Finance caught up with Bowen at a handing-over cocktail do at the Spanish Court Hotel in New Kingston on Wednesday. So how does he see his new role and what changes will he be implementing?

"The JBA is an organisation that has great continuity so there isn't going to be any dramatic changes but I do think Jamaica right now is in a unique position and the financial sector has a big role to play in a lot of things. The priorities have to be to increase public education and communication and that people have banking choices. It is important that people understand the role of the financial sector. Jamaicans must be made aware that there is competition in the banking sector and that they have choices," said Bowen.

The Scotiabank Jamaica boss holds the view that the government together with the relevant regulators needs to now look at increase accessibility of financing and banking services. He sees the area of mobile banking as one that will redefine the financial sector but that it is vitally important that the JBA works closely with the regulators and the government because if not done right it will cause too many problems. He pointed to the success of mobile banking in Haiti where Scotiabank has partnered with Digicel. He further added that the Central Bank there played a pivotal role in its implementation.

"Mobile banking is the way of the future and we must be adequately prepared for it. In this regard the JBA, the government and the regulators must collaborate to ensure that the legal parameters and compliance are adequately adhered to.

"We are increasingly seeing the use of technology in banking. Web-based ways of interacting with the banks are now with us. We now have to make sure that all this is done in a safe and secure way," explained Bowen.

He is particularly focused upon seeing the financial system play a vital role in the growth of the economy. On this issue he said: "The financial sector invested an awful lot of money in the JDX and that was money betting on a turnaround of the economy. The bet we took only pays off if the economy starts to really move forward and the country prospers. The country and the banking sector have made huge progress in the 17 months since the IMF agreement took hold and the JDX was implemented. Today what do we have? The exchange rate has been stabilised, interest rates have been coming down and the reserves are very healthy. The challenge right now is how do we grow the economy and how do we efficiently get credit into the hands of people who do need it, deserve it and can repay it? How do we play a role in ensuring that the confidence is there? How do we make sure that we can facilitate financing in those areas that the government is trying to get investment in? How can we play a role with foreign investors that are looking for local opportunities?"

The new president of the JBA, sees the association he now heads as having to facilitate a dialogue between the private sector, the public sector and the unions.

"I firmly believe that while there is huge opportunity for us to move forward as a country we have got to stop pointing fingers at people who haven't done things right. We all need to sit down and say all right, what's my role in this and how do we work together and make sacrifices. We have to make sacrifices if we are to see the economy move forward and this doesn't apply to just the banking sector.

"If the economy is not moving forward then there is no banking sector in the world that can for any sustained period of time do better than the country's economy is doing. That is why as a sector we have to play a role in this," Bowen told Sunday Finance.

The banking fraternity generally view Bowen as a very good professional who is amiable and aware of the challenges facing the sector. A banker at NCB speaking under condition of anonymity said: "We all concur that Bruce (Bowen) is the right choice at this time to head the JBA. He can bring the sector together and is all ears. He earned major kudos over the JDX and getting the bankers to buy into it. He has an ability not to just look out for Scotiabank's interest but to see how that institution can play a worthwhile role in the development of Jamaica. He will get plenty of support as president of the JBA."

How does he feel about the ringing endorsement from his banking brethren?

"I feel proud of the faith that has been placed in me. The sector has given me a lot of support at times when it has been necessary. As far as personal style goes I don't think a stand-offish approach accomplishes much. It is only by sitting together as professionals and acknowledging that we need to make changes that we can move forward.

"Those who know me may well say that though they may disagree with me at times and that I may be blunter than some people may like, that I put my interest on the table but at least I understand there is a greater good. It's all about what is important for the country and realise that you have to compromise. Everything can't be I win or Scotia wins. Obviously I look after an organisation and I need to make sure it does well but we all have to sacrifice that's why I have tried to lead the market in moving down interest rates. Someone has to take the lead and I do believe it is the right thing for the country.

"I can tell you all the reasons why rates cannot drop precipitously overnight because of all kinds of systemic issues and credit risk issues. The reality is they have to come down. I think I have earned a reputation of being honest."

Bowen remains optimistic about the Jamaican economy. The indications he sees sitting as the head of Scotiabank Jamaica are new non-accrual formations are slowing down and loan demand picking up which point to confidence in the economy.

"The right ingredients are there but there are still a lot of things that could throw it off so it is important that we remain focused. I think you will see competition increase as things stabilise. Outside of NCB and ourselves some of the other institutions have had their own issues that have kept them focused externally but I am seeing that already beginning to turn around. Competition is good for the sector because it forces us to be doing the right things. Correspondent telling will undoubtedly take off and we must all ensure there are no safety and security issues in that area. We have to get more money out to small businesses. None of the big banking entities have been really focused on the small end of the market. We just haven't done it well. Here a credit bureau will help. As we continue to invest in technology, we will be better able to serve that section of the market."

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