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RBC wins CFI’s Best Digital Banking Services award in Caribbean

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#TheBahamas, April 12, 2022 – RBC Financial (Caribbean) Limited (“RBC”) has been awarded the coveted “Best Digital Banking Services – Caribbean 2022” by Capital Finance International (CFI). The award is an endorsement of the Bank’s strength in the area of digital banking.
“We are honoured to receive this recognition from Capital Finance International,” said Chris Ronald, Head of Caribbean.
“RBC has been on a digital transformation journey. We began this pursuit when we started to make significant investments in the channels we believed would be the future of banking across the region. We are grateful to CFI for recognizing the value of our digital banking channels. This award serves as a reminder that we are committed to anticipating how our client’s banking needs and preferences continue to evolve so we can serve them today and in the future. This recognition supports our vision to be the premier digitally enabled relationship bank.”
A report by the panel of judges made available to the Bank states “access and convenience were the driving factors for the early investments. People rely on the Bank’s digital services, which have proven convenient in normal times and critical during a crisis, like the pandemic.”
RBC’s digital banking app has more than 170,000 active users who log in more than two million times each month. Transactions have been moving steadily away from the branch into self-serve channels, with a notable surge driven by the initialCOVID-19 lockdowns.
Today, RBC clients do more transactions digitally than in the branch (over-the-counter).
The report further states “RBC Caribbean Banking has no intentions of becoming a digital-only bank. It will maintain a strategic branch network for more complex financial advice, supported by knowledgeable staff and modern banking infrastructure. The idea is to complement the Bank’s growing digital services with that ever-inestimable human touch.”

Bahamas News

Regressive recession looming, forces UN to issue Cease and Desist message to ‘big’ countries

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By Dana Malcolm

Staff Writer

 

October 6, 2022 – Central Banks in advanced nations must stop pushing up interest rates now or risk sending the globe into recession where developing nations suffer most according to the UN.

In the last several months, The U.S. Federal Reserve, the Bank of England and Bank of Canada have all spiked interest rates in an effort to control borrowing power, buying power and possibly push down inflation

A new report from the United Nations Conference on Trade and Development is warning them to cease and desist.

“The world is headed towards a global recession and prolonged stagnation unless we quickly change the current policy course of monetary and fiscal tightening in advanced economies.”  It said, mincing no words, the agency described the potential global recession as ‘policy induced’ by developed countries.   And this recession could be worse than the 2008 crisis.  This is especially true for developing countries like those in the Caribbean.

“While all regions will be affected, alarm bells are ringing most for developing countries, many of which are edging closer to debt default.” The agency said.

And if it happens the recession could set developing nations back years in the struggle to increase their standards of living.

“As climate stress intensifies, so do losses and damage inside vulnerable economies that lack the fiscal space to deal with disasters let alone invest in their own long-term development— The global slowdown will further expose developing countries to a cascade of debt, health, and climate crises.”

If the globe proceeds as is the world will lose 20 percent of its income by and push developing economies growth rate below 3 percent which the UN says  is ‘insufficient for sustainable development’

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Bahamas News

The Bahamas PM says the country is in a much better place than 12 months ago, reviewing one year in office

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#TheBahamas, October 6, 2022 – Prime Minister Phillip Davis believes that since being in office for 12 months, marked on September 22, The Bahamas is in a “much better place.”

In his statement to the House of Assembly, Davis noted that the country’s economy was headed downhill when he was appointed 12 months ago, however much has been accomplished since then.

Davis explained that in September 2021, the country was in a crisis of health, education and economy. He said the progress made since then was greatly due to the support of Bahamians.

Improvements such as a reduction in import duties on several food items have already been made. The Prime Minister added that other policies are yet to be implemented to help mitigate the high cost of living. Davis noted that his administration is committed to improving local clinics which also involves hiring more doctors and a salary increase for nurses.

Union agreements have also been made with educators, counsellors, teachers, customs immigration and allied workers which resulted in increased stipends for these workers.

Prime Minister Davis mentioned that the government has made large investments in food security initiatives and social assistance for residents.

The Defence Force was also a major focus for the Prime Minister, who said recruitment has been dramatically increased and a sum of $6 million was allocated to vessels for the Force to improve border protection.

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Bahamas News

Bahamas Police first to answer call for help, as TCI grapples with deadly gang turf war

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By Dana Malcolm

Staff Writer

 

#TurksandCaicos, October 6, 2022 – Significant physical support for the Turks and Caicos is on the way from The Bahamas to help with the crime situation. The announcement was made by His Excellency Nigel Dakin, TCI Governor in an address to the House of Assembly on Monday.

“We are not releasing a date or more detail, just now, for operational security reasons, but very substantive support that the TCI public will see, and the criminals will feel, is inbound from The Bahamas,” said Dakin.

Based on his address The Bahamas is the Caribbean country that has mobilized fastest to come to the TCIs aid.

Premier Washington Misick had announced on September 26th that he had reached out to Jamaica; The Bahamas, the UK and Barbados for extra “boots on the ground” and was expecting positive responses.

Jamaica, which now has an extra stake in the conflict after gangs affiliated with the country were fingered as partially responsible for the violence is also working quickly to respond to the Premier’s request.

“The Jamaican Cabinet is meeting — and we hope for support from them, as well. The trans-regional criminal links to their country makes a strengthened intelligence exchange a priority,” Dakin revealed in the address delivered shortly after 10 a.m.

In addition to the Bahamian officers the TCI will likely see physical support from the UK in the coming weeks. Governor Nigel Dakin revealed that after the third double murder over the weekend he has also joined with the Premier in making requests to the UK, this time for soldiers.

“I was on a call with the Directors General in No10, Ministry of Defense, Home and Foreign Office, at 5:30 am this morning working through with them the events of last night.” He said  “I have asked for significant Armed Police and UK military support; the nature of that is being determined.”

Already on the ground are firearms specialists from the United Kingdom, governor Dakin in a decisive statement said plainly ‘more help is coming.’ In fact he was confident enough to gamble his job on the surety.

“I can also say that ‘His Majesty’s Government knows that should the UK not be able to live up to its obligations, what my honourable position will have to be.”

No response from the UK Foreign Commonwealth and Development Office has yet been shared publicly but Dakin promised to keep the country up to speed.

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