CIBC first caribbean reports significant spike in online banking

by Marlon Madden

CIBC FirstCaribbean International Bank is reporting a significant increase – double-digit growth, in fact – in the number of customers shifting to digital banking.

Officials made that disclosure during a media conference on Wednesday, as they reported that since 2016, the bank has embarked on a major buildout of its digital footprint in order to meet customers’ demands.

Chief Information Officer Esan Peters said new digital data and security technologies, methodologies, processes, and frameworks, have been adapted while staff has been retrained, and talent acquired.

“We have seen high double-digit growth in our clients banking online as well as in the number of online transactions they have been executing. We have seen over 200,000 clients now banking online. These are active clients transacting throughout the day,” he reported.

“We have seen an increase in our users of the online and mobile banking platforms as over 80 per cent of our transactions are now done via our automated banking machines, our mobile banking app, our online banking app or corporate online banking app. Over 98 per cent of the wire payments we do within our bank, going to the US dollar market, is done online.”

Peters said the growth was especially fastest in Barbados, Jamaica and The Bahamas, but added that other markets in which the bank operates were also quickly adapting, putting systems in place to allow for digital banking growth.

“Our clients are demanding more and more digital products and faster service and our bank continues to evolve to be more client-centric, engaging and addressing the shifting client demands. We are investing in technologies to modernise and accelerate our product delivery models and keep pace with the fast-evolving demands of our clients and employees,” he said.

Managing Director of Retail Business Banking Mark St Hill said he was pleased that over 80 per cent of the bank’s clients were accessing its products and services digitally.

March represented a record year with over 3,000 clients in a single month, following the launch of the digital on-boarding which allows individuals to open a new account from the comfort of their home.

Highlighting other digital banking solutions offered by the bank, St Hill said he was pleased by the overwhelming response from customers.

He gave the assurance that the continued build-out of digital banking services would not result in the closure of the physical locations.

“What you will see over time is that the composition of the brick and mortar may change slightly in that we may be providing more advisory and sales services within the centres,” he said.

Meantime, Peters, who is also the Managing Director of Technology and Operations, gave the assurance that CIBC FirstCaribbean was investing heavily in security to protect customers’ data.
marlonmadden@barbadostoday.bb