To compete in an era where financial services are provided on a global scale, The Bahamas must develop strong communications networks and enhance skills within the sector, according to SG Hambros managing director Dorothy Hilton.

“The financial industry is becoming more of a global industry than an industry by jurisdiction,” says Hilton. “The ongoing development of our air links and communications networks will be a key determinant in our success an an international finance centre going forward.

“Mobile phones and data networks need to be up to 21st century specifications for us to be able to compete internationally.”

Hilton also believes that developing skills within the profession is key–especially language proficiency, as it allows professionals to interact with their clients on a more personal level. 

“We have to reach global networks, we need to engage with them in their own language and we must ensure their culture is respected,” she explains.

“A practitioner in The Bahamas needs a skill set that is transferable to other jurisdictions. The Bahamian professional has to be prepared to move or partner with others around the world. We are keeping abreast of what the market needs, but I believe that we need to enlarge our distribution network.”

Hilton also warned against becoming complacent, saying that keeping up with a fickle market is crucial to the success of offshore jurisdictions. “Jurisdictions can be flavour of the day. A person may have an experience that turns them off and then something else happens and they get turned back on,” she said. “We enhance our reputation by staying relevant to the needs of our client base.”