EMERGING in the 1970s, a time of great change in Jamaica’s banking industry, First Global Bank has grown from humble beginnings to become a major player in the country’s financial sector.

From its early days as the First National Bank of Chicago, Jamaica Limited, to its evolution through various acquisitions and partnerships, the bank has navigated significant changes in the country’s financial sector. Today, it stands as a major local player, with a story shaped by decades of growth, adaptation, and strategic transformation.

“In 1993 there was a joint venture between Trafalgar Development Bank and GraceKennedy, with Trafalgar having 51 per cent shareholding at the time and GraceKennedy, 49 [per cent] operating as Trafalgar Commercial Bank until 2001 when GraceKennedy bought out the shares held by Trafalgar Development Bank, and in 2002 it became the First Global Bank since January 2002,” shared president and CEO of First Global Bank Limited Radcliffe Daley in an interview with the Jamaica Observer.

In the 1970s, several foreign banks operated in Jamaica, with only a handful of local institutions, such as building societies and Workers Savings and Loan Bank, serving the local market. However, First Global Bank had ambitious goals from its inception, aiming to become one of the top commercial banks in Jamaica.

“You can imagine that’s a very lofty goal for an organisation that started out with only one branch. But over time, yes, the dream was to see how it is we could have expanded and served a wider cross-section of Jamaicans, not only in Jamaica but in the diaspora,” Daley added.

Initially, the bank started with a single branch in New Kingston, which still operates today. Over time, it has grown to eight branches and 16 agency branches, marking another milestone as the first bank in Jamaica to launch an agency operation. But Jamaica’s banking sector was highly competitive in the 1970s, with around 7-8 commercial banks vying for market share.

“If you ever visited the branch when it just opened, it offered the greatest level of convenience to customers. So customers who came in never stood in a line. Everybody was seated when you went to the teller. It was low counters, so everyone was seated there; customer service was just of the highest standard,” Daley boasted as the bank’s earliest competitive advantage.

First Global Bank’s welcoming opening concept catered to individuals seeking a higher level of banking and customer service, a commitment that continues to this day. Meanwhile, the bank’s overarching goal of serving Jamaicans worldwide drove its focus on digital innovation, given its limited size and branch network. Recognising that traditional expansion was not feasible, the bank prioritised creative remote engagement and service methods, making digital transformation a key priority.

First Global Bank emerged as a leader in digital transformation with the launch of Global Access in 2010. At the time, online transactions were typically restricted to corporate entities, but First Global Bank pioneered access for both retail and corporate customers. This move revolutionised the market space and industry, offering more convenience to customers. With Global Access, users can effortlessly transfer funds and collect payments, leveraging platforms like ACH and RTGS. This innovation solidified First Global Bank’s position as a trailblazer in the digital banking space. Since then, it has expanded its offerings to include a wide range of cards, such as credit cards, debit cards, and specialised cards like classic, gold, platinum, and tax cards for businesses. It also offers various business cards for corporate entities.

“We are also now in the process of investing in our core banking system, and we have started that process recently. The first is a two-year project, but coming out of that, our expectation is also that we’re going to significantly improve how we serve our customers, so things such as automated loan approval, online application, and onboarding of customers,” Daley revealed as a few things to be features of its new system, which will be launched soon.

First Global Bank has navigated its share of industry-wide challenges over the years, including the debt exchange program. However, according to Daley, the bank has never faced any extraordinary hurdles. Strong governance and a focused board, backed by parent company GraceKennedy, have been key to its stability and compliance. Since GraceKennedy took the reins, First Global Bank has undergone a remarkable transformation, shedding its previous reputation as an elite institution catering to a select few. The bank has made significant strides in expanding its customer base, now serving a diverse clientèle that spans the spectrum. From corporate giants to small and medium-sized enterprises (SMEs), and a retail customer base that has ballooned from a few thousand to nearly 100,000. It has also increased its ATM network almost by 100 per cent over the last two years and continues to look at opportunities to expand and widen that reach.

As technology continues to advance, First Global Bank has strengthened its defences against fraud. The bank leveraged innovations like the dynamic CVV (card verification value) to stay one step ahead of hackers. This technology reduces the risk of credit card fraud by limiting hackers’ capabilities.

“One thing we intend to do and continue to do is to see how we protect our customers and the bank from having any opportunity of syphoning funds or creating fraud on any account,” Daley told the
Business Observer confidently.

First Global Bank has been a pioneer in promoting financial inclusivity, introducing innovative solutions like the simplified due diligence account. This initiative allows customers to open accounts with ease, requiring only a national ID and Tax Registration Number (TRN) while adhering to regulatory guidelines. By streamlining the process and setting limits, the bank has made significant strides in making banking more accessible and user-friendly.

In a move to ensure continuity and drive growth, First Global Bank has implemented a comprehensive succession planning strategy that extends beyond senior leadership to management levels. According to Daley, the bank’s approach is designed to identify and develop future leaders throughout the organisation. He explained that the bank’s succession planning process is not limited to top-tier executives but rather encompasses a broader range of roles.

“We’ve taken it down to the management level, so every branch manager has a successor, and every operations manager has a successor,” he said. “We’re identifying multiple successors for each leadership role and creating a purposeful programme to train and develop them.”

For now, First Global Bank is set to revolutionise its customer experience, with a major transformation project underway. According to Daley, the bank is committed to building on its customer experience and total experience initiatives.

“We have two major projects in addition to the core banking project that will be looking at changing our processes and a major transformation project around just custom experience, and those are areas of focus that we intend to see bearing fruit before the end of this year and into 2025. So you can look out for bigger and better things from First Global Bank,” Daley said.