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Moving Toward Digital Banking Transactions

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December 1, 2022 – It is unfortunate that an internal briefing document that was meant to prepare our team for the cessation of payments over the counter has been circulated in the public domain, prior to the bank circulating communications to the public on the matter.

We encourage our clients who need additional support to perform transactions on our digital platforms, to reach out to our branch teams, who are there to provide that assistance.  Our Digital Banking Officers will be on hand to show clients how to use the ABM to make deposits, transfers or to get cash during the transition.   Additionally, our website cibcfcib.com has video tutorials to walk clients through the processes.

The fact is that, since the days of the pandemic, when no-one was allowed in our branches for transactions of any kind, we have been preparing our clients for this change.  It is also a fact that at this stage a very small percentage of our clients are still coming into the branches to make payments.  We have continued to observe a noticeable decline in clients performing over-the-counter transactions.  With advancements in our digital services, there have been an increasingly greater number of clients who wish to execute their transactions in a safe, easy, and convenient manner through our alternative channels.  In fact, over 85% of our clients have been performing transactions such as wires, credit card payments, and withdrawals under the ABM limit have been in effect for a number of months.

With the advancement of technology and the availability of digital banking solutions that have allowed our clients to do their banking anywhere and at any time either from their mobile devices, the home computer or our extensive ABM network, it is simply no longer necessary for clients to come into the branch to perform everyday transactions such as payments.  This allows our branch teams more time with each client to be able to provide more value-added service.

It is also public knowledge that from as early as last year, The Bahamas has been moving towards the elimination of the use of cheques in the country, and that the use of electronic channels such as those employed by CIBC FirstCaribbean are being encouraged.   Additionally, most entities such as utility companies have introduced over the past several years methods of online payments for their services, thereby eliminating the need for commercial banks such as CIBC FirstCaribbean to continue to process such payments.

 

Debra King | Director, Corporate Communications |CIBC FirstCaribbean | Corporate Communications Department | Head Office, Warrens, St. Michael, BB 22026, Barbados | Tel: 246 367-2248 |debra.king@cibcfcib.com | www.cibcfcib.com

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Bahamas News

Bahamas as Caribbean top 2024 Spring Destination

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Rashaed Esson

Staff Writer

#Bahamas#Tourism, February 23rd, 2024 – The Bahamas has been categorized as the most popular Caribbean destination for travel in the upcoming spring season by travel insurance company Squaremouth, in a new report. It was the only Caribbean nation to make the list for the top 10 destinations. The report is derived from travel insurance purchases made through Squaremouth.

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Bahamas News

Regional Soldiers head to Jamaica to train for pending Haiti mission

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Rashaed Esson

Staff  Writer

 

#Haiti#KenyaMultinationalForce#CARICOM, February 22nd, 2024 – About 150 Bahamian soldiers are heading to Jamaica within the next one or two weeks for a joint training with Jamaican soldiers, in preparation for the pending Kenya led multinational force mission to Haiti according to Bahamian Defense Chief Commodore, Raymond King, in reports. Soldiers and security forces from Chile and Argentina will also travel to Jamaica for the training.

King informs that Kenya and Haiti are in the process of signing off on an agreement to allow Kenya to lead the force into Haiti, following advice from Kenya’s High Court which recently deemed Kenya’s decision to deploy police officers to the gang run nation as unconstitutional. This agreement includes a formal request for assistance from Haiti, allowing Kenya to legally intervene on the ground.

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Bahamas News

Major plans for The Bahamas announced Davis

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Rashaed Esson

Staff Writer

#Bahamas#Development,February 22nd, 2024 – “Things are changing in The Bahamas,” were the words of Prime Minister Philip Davis as he outlined some of the Government’s plans to improve the nation through a decrease in the cost of living, enhanced security for Bahamians and the expansion of access to opportunities. Davis, who was presenting on February 21st, the Bahamas Mid-Year Review of the fiscal performance for the fiscal year 2023/2024, highlighted a long list of plans for the archipelago.

Here’s the full list stated in Davis’ address :

  • A new energy policy and an expansion of renewable energy, including microgrids, and an emphasis on engaging local Bahamian firms and building local professional capacity; 
  • An expansion of Bahamian ownership in our economy, including support for entrepreneurs, small and medium sized enterprises, and an expansion of affordable housing –with hundreds of families moving into new homes by this summer; 
  • A modern and award-winning specialized tourism product, with new investments across our archipelago, and major visibility and branding campaigns in New York, Florida, and the UK;
  • Progress on redeveloping downtown Nassau, long overdue;
  • New commitments to education, including a Parental Engagement Unit; more teacher training, modernizing the curriculum, classroom enhancements, improving school attendance, and using the Renaissance testing results to design individualized support for students; 
  • An expansion of technical and vocational training, including certification at the high school level;
  • An Empower Grand Bahama micro-grant programme for entrepreneurs; $1.5 billion in investments for Grand Bahama in the pipeline; the Beautiful Grand Bahama programme, in which collaboration has led to safer communities; and Collab Grand Bahama, which fosters partnerships between the government and the private sector to bring change and progress to Grand Bahama;
  • Major upgrades to our health infrastructure;
  • More support for our athletes and sports programmes;
  • We’re on track to pave 65 miles of road in New Providence alone this year;
  • Investments in NIB to improve fairness and efficiency;
  • A National School Breakfast pilot programme, which is already giving thousands of our children breakfast in their primary schools, and is ready to expand;
  • New classes, camps, lessons, and programmes at our Urban Renewal Centres;
  • A Youth Guard to strengthen our capacity during national emergencies, and give more young Bahamians a path forward;
  • A Task Force addressing unregulated shantytowns in New Providence and Abaco, with other islands to follow;
  • The selection and training of new immigration officers;
  • Saturation patrols and new investments and collaboration in crime prevention; 
  • A juvenile detention facility;
  • A cadre of officers trained to recognize and manage psychiatric issues;
  • Stronger partnerships and new patrol vessels to secure our nation’s borders; 
  • Major new investments across our Family Islands, including new airports, and road paving in Andros, Bimini, Cat Island, Abaco, Long Island; Great Harbour Cay, and Crooked Island;
  • The development of our nation’s blue carbon credits strategy; and
  • A major investment in agriculture and national food security.

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