The Challenge

In Belize, a small country with a population of just under 400,000 people, the banking sector is dominated by a handful of large banks, limiting opportunities for growth. Additionally, the country’s financial services industry was hit hard by the 2008 financial crisis. Today, banks continue to grapple with low interest rates, greater regulatory scrutiny and changed customer expectations. To maintain its market-leading position in the face of these pressures, Belize Bank has been on a mission to transform both the way it manages operations and how it serves customers. Jose Cardona, Chief Information Officer at Belize Bank, elaborates: “For continued growth in a saturated market, we must offer a banking experience unlike any other, and deliver innovative products backed by exceptional service. To achieve this, we need deep insight into each customer’s unique needs, so we can tailor our products and services suitably. “However, our existing core systems did not offer a complete picture of a customers’ engagement with the bank. It was difficult for us to see how customers were interacting with us and if there were additional services that they might be interested in taking up, limiting cross- and up-sell opportunities.” He continues: “What’s more, our core banking system had been in place for more than a decade, and was really starting to show its age. We recognized that moving to a new, modern core system would help us to boost efficiency and renew our focus on the customer experience.”

The Solution

As the foundation for its core banking transformation, Belize Bank selected Fusion Essence. Jose Cardona recalls: “Fusion Essence appealed to us because it was built on latest generation and open technology. Finastra has also infused a significant degree of innovation and industry knowledge into the solution. All of this provides a future-proof platform on which to build our business and reduce the risk of obsolescence.” With a cutting-edge core banking platform in place, Belize Bank will be able to drive more stable, standardized operations, and react faster to new demands. “Fusion Essence provides a visionary solution for a visionary bank,” notes Jose Cardona. “Our transformation required a new platform that would allow us to expand our presence both locally in Belize as well as in the wider region. Fusion Essence provides that platform; it enables us to launch products rapidly into the market.” In addition, Belize Bank will be well-positioned to meet ongoing regulatory requirements. Jose Cardona confirms: “Fusion Essence offers us a very capable platform for reporting and regulatory compliance. A key advantage with Fusion Essence is that the system can be easily configured for different regulatory reporting scenarios. This kind of flexibility is very helpful for maintaining compliance.”

Connecting with Customers

Today, Belize Bank benefits from faster, more reliable end-of-day processing, as Jose Cardona states: “We have seen a marked improvement in end-of-day processing, which is now much faster and stable.” Thanks to Finastra solutions, Belize Bank can gain a much more nuanced view of its customers, and plans to use this newfound insight to shape more relevant and compelling banking services. “Previously, extracting data on customers from our core banking system was a complex, time-consuming process,” says Jose Cardona. “That has all changed thanks to Fusion Essence. We can obtain data from the system very quickly and easily; we are using this information to shape a much better understanding of who our customers are and what they want from a bank.” He continues: “The new insight will enable us to grow our share-of-wallet with existing customers, increasing cross and up-selling of additional services and products. In an era of shrinking interest margins, the ability to generate additional revenue streams such as these is highly valuable for Belize Bank.” Equally importantly, Belize Bank will be able to bring these offerings to market rapidly. Jose Cardona comments: “Fusion Essence will help us to generate new services and products quickly and in a straightforward way. For example, we are launching a new mobile banking service, and our enhanced core banking capabilities will play a key role in driving this innovation.”

Finastra (2018). Belize Bank Reinvents Core Banking to Capture New Growth Opportunities. Retrieved April 6, 2018 from Finastra. Website: www.finastra.com 

One of the questions that are sure to come up when you are considering a place to call home is whether you should build your own home or rent. Both options have their pros and cons but in the end there is really nothing like having a home of your own. Not only does it build your assets or wealth, in the long term, but it provides stability for you and your family.

The Belize Bank First Time Home Ownership Program can make acquiring your home a whole lot easier, because we will get you started with 100% financing for the purchase of your land.

100% Financing for Land with Pre-approved Mortgage

• • The mortgage specialist will pre-approve the mortgage amount that you qualify for based on your income.
  • Based on the mortgage payment, you will be informed of the maximum amount you can borrow to acquire your land.
  • Once you’re pre-approved, you can begin shopping for your land.
  • When your land loan is executed you will be presented with a Pre-approved Mortgage Certificate for the amount the Bank will be prepared to lend you for the construction of your home.

Grow your Equity

• You will be rapidly building equity or wealth as your make your monthly payments.
• While you’re building your equity and on your way to owing your land outright, you can start planning the construction of your home. This will involve the following:
  • Acquiring your building plans
  • Acquiring approval of building plans from Central Building Authority
  • Selecting a suitable contractor
  • Acquiring Bill of Quanity

Start Building

• Repayment of your land loan should be completed in 36 months. At that time you will be a proud land owner and can visit your Mortgage Specialist to apply for your mortgage.
• You can also choose the option to commence construction before the 36 months have elapsed but you must have built up equity in the land for an amount equal to or greater than 10% of the value of the property( land and proposed building).
• During the construction phase the mortgage proceeds will be disbursed in tranches based on the approved bill of quantities.

We’re always here to help with advice and to assist you in reaching your financial goals and dreams, so visit us soon to discuss how we can help you in becoming a home owner.  Belize Bank is the ideal place to fully prepare and educate yourself about first time home ownership.