In the forward-looking Caribbean finance environment, where old Caribbean concerns intersect with new Caribbean innovations, a new set of transformational leaders is emerging. At the forefront of this emerging generation is Denise Turnquest, President of Commonwealth Bank Limited. With extensive experience in all aspects of financial services, including lending, collections and operations, she is a tour de force.
A certified public accountant and a distinguished graduate of Harvard Business School’s Program for Leadership Development, Denise has a career predicated upon a commitment to continuous development and implementation through concrete expertise. Her commitment to education and development, reflecting her pledge to continued professional and personal development, extends from her early studies after Ivey Business School at Western University to her 2021 designation as Chartered Banker, being recognized by the Chartered Bankers Professional Forum.
Her experiences during the Harvard Business School Program were transformative, focusing on recent best practices, improving and developing through personalized coaching by exceptional professors, and engaging and sharing experiences and learning with peer leaders from around the world. which has shaped her as a professional and the remarkable leader she has become.
Doing Her ABCs in Banking
Denise’s career is a masterclass in leadership and learning, rooted in a solid focus on finance and financial services. Indeed her background makes her one of the most experienced and influential leaders across the business environment in the Caribbean.
Denise’s journey is a testament to the power of continuous learning and adaptability. Her career, which she describes as having “done my ABCs in banking” by working at American, British, Canadian, and Caribbean banks, in a series of progressive roles that consistently facilitated growth and development. “I’ve been really blessed to have had a progressive career, always taking on the roles that added responsibility and gave me opportunities for growth,” she feels.
Experiences outside the Bahamas including studying at the Ivey School of Business in Canada and working in Puerto Rico and Venezuela, taught her she could “keep pace, thrive, and in fact excel” in varied circumstances and with people from all over the world.
Varied Experience Which Prepared Denise
Denise’s extensive experience in varied circumstances and with people all over the world was a defining aspect of her career. Early on, in Puerto Rico, she underwent commercial credit training alongside colleagues from across the region. As one of the top performers, she was selected to work in Venezuela. Though she spoke very little Spanish at the time, she quickly learned and made strong contributions.
She spent most of her formative years honing her skills in commercial lending. Upon joining Commonwealth Bank, known as a leader in personal lending, she expanded her expertise to become equally skilled in consumer lending. Her progression at Commonwealth Bank enabled her to assume roles outside of lending, including operations, human resources and information technology. She also gained critical experience in delinquency management, a key success factor for any personal lending institution. Taking on these diverse roles exposed Denise to virtually all functions and uniquely prepared her for the Bank’s presidency.
A Legacy of Mentorship and Growth
Denise attributes much of her success to two impactful mentors. One, whom she describes as somewhat of a perfectionist with very high standards, taught her a valuable lesson: “If you come to me with a problem, you’d better be recommending a solution.” This mantra forced her to think critically and pushed her beyond being dependent on others for answers, to come up with recommendations, and to address problems with well thought-out solutions. Today, she pushes her team to think beyond their roles, preparing them for higher-level responsibilities. Executive leadership programs at both Ivey and Harvard Business School also shaped her. Both institutions use the case study method, which allowed her to collaborate with a diverse group of peers – sharing and gaining new insights. This approach, she says, taught her to “consider and understand different perspectives on a particular issue and then…make the best decision for all concerned.”
Her Guiding Principles
Also, for Denise, resilience and adaptability are not just buzzwords; they are the very principles that have guided her remarkable career. She believes that self-inspiration is key, as external validation or promotions may not always come. “I have set very high standards for myself, and I work to those standards,” she says. She advises others, particularly women, to never “work to rule” out of disappointment. This mindset, she says, only confirms any doubts others might have. Instead, she sees failures as opportunities to learn and grow, not as an end to the road. She looks back at challenging situations and asks herself, “What could I have done differently?” This self-critical, learning-oriented approach has allowed her to keep moving forward.
Modeling the Way Forward
When it comes to encouraging younger women, Denise believes in leading by example. “I try to model what I’m teaching,” she states. A powerful tool in her leadership arsenal is humility. She shares with her team that she has taken on roles in the past where she “really didn’t know anything about the area but committed to learning quickly” By being vulnerable and open to learning from those with more experience, she earns respect and the right to recommend and make changes.
She also embodies a strong work ethic. Known for being the last one to leave the bank in the evening, she laughs as she shares her secret: she is not a morning person and uses that quiet time to focus. People appreciate her accessibility and her willingness to put in the time and effort. She knows the bank “inside and out” because she has worked side-by-side with her team. She encourages every member of her team to always give their best, because everything they do adds a building block to their reputation. “If someone asks you to do something and you’re not able or prepared to give it your best, tell them sorry, I can’t do it,” she advises, a powerful message for aspiring leaders.
Remaining Two Steps Ahead
Denise has a keen understanding of how her past experiences have prepared her for the large-scale projects she is leading today at Commonwealth Bank. She points to two ongoing initiatives as the most transformative:
A Comprehensive Digital and Technology Overhaul
The technology transformation, now 2.5 years in, began with strengthening the “foundation of the house.” By migrating all systems to cloud technology, upgrading the bank’s network and Wi-Fi capabilities, and replacing and upgrading outdated equipment and software, the Bank is more resilient, more efficient and able to serve customers better and more creatively. Denise is particularly proud that Commonwealth Bank, a local bank, leapfrogged global giants like Scotiabank and Royal Bank to become the first bank in the Bahamas and the region to offer Apple Pay.
Her earlier experience taught her that while being a small, local institution means they don’t have the deep pockets of global banks, they could progress using a different strategy. Historically, the bank’s approach was to lag behind and adopt technology only when “all the kinks have been worked out” – purchasing the best in class at that time. However, now, she says, cloud technology and Software as a Service (SaaS) have made advanced technology more affordable. This new approach allows her team to be more aggressive and forward-thinking, reshaping the customer experience and the future of banking in the region.
A Fundamental Culture Change
The second major transformation is a shift in the bank’s culture. For 65 years, Commonwealth Bank operated as a family-style institution where leadership at the top drove decision making. Now an almost $2 billion bank, this model is no longer sustainable. Denise is leading a cultural shift toward ownership and accountability, moving away from a “leader tells you what to do” mentality to one where employees are empowered to take ownership of their work.
She explains that in the past, an error might be handled with a gentle, family-style correction. But she is pushing for a more efficient and accountable model. “I need you to understand what your job requires, and I need you to do your job properly,” she says, emphasizing that the Bank will provide the training and support needed for professional development and success. This change is focused on five cultural pillars: customer centricity, commitment to employees, transparency, innovation, and ownership and accountability. By focusing on these pillars, Denise is not only modernizing the bank’s operations but also building a more technologically empowered and collaborative workforce ready to face and overcome future challenges and to deliver sustained growth and innovation.
Under Denise’s leadership, post Covid, Commonwealth Bank has delivered very strong financial and resilient results representing the three best annual results in the Bank’s history. These results show how the Bank’s focus on technology, culture and customer service has translated into measurable value for both shareholders and customers.
Being the Breaker of the Glass Ceiling
Denise’s career has been about more than just breaking barriers; it’s about ensuring that the path remains open for those who follow. She shared that she didn’t fully grasp the significance of being the first female president of Commonwealth Bank until she was appointed. She saw it as the next logical step in her progression, a result of her hard work. But what she didn’t realize was the profound impact it would have on other women. People she didn’t know reached out to her, expressing their pride and calling it another glass ceiling broken.
This realization brought with it a tremendous sense of responsibility. As she reflected on her discussions with her country’s female Governor General and the first female Police Commissioner, she understood her duty to perform at the highest level. “It’s a responsibility to do well, so that you continue to pave the way,” she explains. She never set out to be a trailblazer, but her relentless pursuit of excellence has made her one. She wants to be a role model for her daughter and her daughter’s friends; someone they can look up to and who inspires them to believe that they can achieve whatever they aspire to be. The key, she says, is to “put in the work and continue moving forward and not be sidetracked by either mistakes or failures. But just keep pressing forward, keep picking yourself back up, and keep moving forward – learning the lessons as you go to avoid making the same mistake twice.”
The Legacy of a Trailblazer
When asked about her legacy, Denise’s answer goes beyond personal achievement. “It’s not so much what I have achieved, but what I am doing today to position Commonwealth Bank to continue to be the leader in personal banking in the Bahamas.” She is striving to leave a legacy of excellence and innovation which positions the bank for continued growth and development.
As a trailblazer for women in finance, Denise advocates for work-life balance and mutual support. She recalls times in her career when she had to pull back to be there for her young daughter, a choice for which she felt was sometimes judged – even though she was only pulling back to “regular working hours”. She wants to normalize this for other women. Her legacy is also built on the impact she has on individuals. She recently received a request for a reference from someone she worked with 20 years ago, a moment that made her stop and reflect. “I guess I did make a difference 20 years ago,” she muses, a testament to her quiet, yet profound, influence.
Denise is a leader known for inspiring others to be their best. She pushes for a culture where individuals “earn the right to move to the next level.” Her powerful final message to aspiring leaders is this: “You shouldn’t feel entitled because you’re a woman, but you should be entitled because you are the best person for the job.” In the next phase of her career, Denise will undoubtedly continue to inspire others to give their best and to be patient, knowing that if you keep giving your all, success will come when it’s supposed to.
“During this period of success at the Bank, I am fortunate to be part of a high-performing team, supported by professional banking staff – all Bahamian. Our fortunes are shared – we rise together.”
