CIBC sees major increase in accounts, transactions

CIBC FirstCaribbean International Bank has recorded continued growth in business as a result of its online services.

Chief Executive Officer Mark St Hill shared that report as the financial institution launched two new credit cards – the Jetblue Mastercard and Jetblue Select Mastercard – in partnership with Jetblue Airways and Mastercard, at the Sandy Lane Country Club on Wednesday.

“Our business growth this year has been phenomenal. We have increased our deposit book opening by about eight per cent. So in one year, we opened an additional 30 000 accounts and over six million more transactions are flowing through our businesses,” said St Hill. “That is because of the digital capabilities that we have offered our clients. So our clients are able to bank 24 hours a day, and that has been a tremendous journey for us.”

St Hill said bank officials have taken “a long hard look” at the structure of the business and necessary changes have been made in an effort to strengthen the growth.

The statistics for digital transfers and online payments are also up in all categories as more clients fully embrace online banking services.

St Hill said it was during the COVID-19 pandemic that customers truly realised the benefits of online banking, resulting in an acceleration of the digital transformation at the financial institution.

“We have been rebuilding, and innovation has been very important to staying ahead of the competition. Like everyone else, we are looking for the best products and services in everything that we do and, therefore, that is why Jetblue is such a perfect addition to the suite of products and services we already have.

“With the technology in place, the correct structure in place, and we now have our brand in place, we now turn our attention to deepening our strategic partnerships,” said St Hill who explained that Jetblue was chosen because of the airline’s close ties to the region and the routes it services.

He said the partnership, which started several years ago, was another step in the transformation of the bank’s operations, adding that the bank was committed to being “the best omnichannel bank” in the region.

The two new cards, which replace the Mastercard Standard and Gold cards, come with several perks and are being introduced in Barbados, The Bahamas, the Cayman Islands, Jamaica and Trinidad and Tobago.

In addition to earning TrueBlue points, cardholders will be able to redeem points on Jetblue flights and vacation packages, and earn towards TrueBlue perks and Mosaic status with the airline. There is also no annual fee, no points expiration, no blackout dates and Jetblue Select cardholders will be able to get their first checked bag free.

CIBC’s Managing Director for Barbados and the Eastern Caribbean Donna Wellington acknowledged that the partnership came at a time when the region was experiencing continued growth in tourism.

“Even with the maturing economic recoveries, and despite uncertainty associated with current global headwinds, our economies remain poised for growth,” she said.

Adding that investment in many of the Caribbean’s economies was expected to increase the region’s capacity for growth, Wellington added: “There is still much cause for optimism and this partnership is a reflection of that upbeat outlook.”
(MM)