CIBC offers innovative banking experiences

by Marlon Madden

The process and time it takes to apply for a loan is about to be dramatically reduced with one commercial bank.

CIBC FirstCaribbean International Bank is expected to introduce its new digital LoanStore towards the end of this month, giving customers the option of being able to apply for, and getting approval and transfer of funds to their accounts, all within just 10 minutes.

Speaking about the digital LoanStore during a recent press conference, Managing Director of Retail and Business Banking Mark St. Hill said the financial institution has been carrying out testing of the new offering with some 2,500 customers, and the response has been favourable.

“Right now, we have sent out 2,500 invitations to clients and the response has been extremely good and we are about to release another 1,000.

“The reason we are doing it in that phased manner, is that we are making sure that it is tested, and all things are moving extremely well,” said St Hill.

“We have harnessed the very best in technology, accessing significant data across our bank, providing access to loans in 10 minutes – whether it is a personal loan, auto loan or credit card. And by the way, those 10 minutes include approval and crediting your account with the funds. We are making our clients’ ambition a reality in 10 minutes,” he said.

“So often in our daily lives we have to make financial decisions quickly due to life experiences . . . We are redefining how banking is conducted across the region, bringing the very best technology and applications to continually enhancing our clients’ experience,” he added.

He highlighted a range of other digital services now available at the financial institution, noting that the aim was to continually enhance the banking experience while giving customers the option of how, when and where they wanted to do their banking.

St Hill said he was pleased with the performance of the multiple award-winning online banking platform, which now offers customers the option of opening a bank account online.

“Digital client on-boarding allows you to open a new account from the comfort of your home. Again, this has received great accolades from our clients,” said St Hill, who reported that last month was a record one for that service, with over 3,000 clients on-boarding.

He also boasted of tremendous use of the bank’s free peer-to-peer payment service known as 1st Pay. St Hill said it was “an enormous hit especially among small business clients who now promote this service via their own advertising means”.

The financial institution has also introduced a digital financial coach, 1st Insights, which gives clients a detailed tour of their spending habits, advice and the ability to budget.

“Our clients are responding positively and promoting our products and services,” said St Hill.

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

marlonmadden@barbadostoday.bb