CIBC speeds up digital banking: ‘20 minutes to open account’

As Barbadians prepare for the launch of the Central Bank’s BimPay digital payments platform later this month, at least one commercial bank is already moving decisively into the fast lane of digital banking.

CIBC Caribbean unveiled a major upgrade to its technology that allows Barbadians to open new deposit accounts online in as little as 20 minutes — a dramatic shift from the lengthy paperwork and waiting periods that have long frustrated customers in the banking industry.

In the bank’s newly released 2025 annual report, chief executive officer Mark St Hill said the Barbados-based regional bank had significantly modernised its digital systems to streamline the account-opening process for everyday customers.

In his message to stakeholders, St Hill explained that CIBC had further enhanced its “client onboarding platform for personal accounts”. He noted: “The improved solution transformed the new account opening experience and introduced immediate account opening for deposit accounts in as little as 20 minutes.”

The faster personal account-opening service has already been rolled out in Barbados, Antigua, St Lucia, and St Kitts and Nevis. According to St Hill, customers in the bank’s remaining markets can expect access to the service later this year.

CIBC’s digital push extends beyond deposits. On the lending side, the bank has also upgraded its systems to support a new online LoanStore. Customers can now complete loan applications digitally and, once approved, receive funds in less than ten minutes.

These advancements are being powered by cutting-edge technologies across the bank, St Hill said. “AI and Advanced Automation (AA) are increasingly being integrated into our business. Our bank is actively embracing these technologies to strengthen controls and automate repetitive processes and tasks that are susceptible to manual errors.”

With this rapid digital expansion, the bank is also tightening its defences. St Hill emphasised that the increased investment in technology has been matched with a greater focus on cybersecurity and fraud-awareness training for staff.

Turning to the bank’s financial performance, the CEO said revenue for the year “reflected solid underlying core performance”. However, he acknowledged that net interest income was “negatively impacted by a lower US interest rate environment”. Operating expenses from continuing operations rose by six per cent, or $26m, compared with 2024.

Chairman of the board of directors Brian McDonough described the 2025 financial year as a challenging one for regional banking but praised the resilience and leadership of CIBC Caribbean’s management team.

McDonough said: “In 2025, we reported a loss related to a non-core investment which consisted of structured notes issued by a third-party fund based in the Cayman Islands. There was also the loss the bank suffered as a result of a fraud incident in Trinidad and a significant credit loss, also in Cayman. All of this unfolded against the impact of lower US interest rates and higher funding costs on our investments.”

Despite these setbacks, he highlighted the strong response from leadership and staff across the region. 

“Our CEO, Mark St Hill, his executive team and the staff all around the Caribbean rallied together to put the fixes in place, both on the operational and client relationship sides of the business, to reassure our team and shareholders and to end the fiscal in a strong financial position.”

CIBC Caribbean achieved an adjusted net income of $213.5m compared to the previous year’s adjusted net income of $285.2m. (IMC)