Moving Toward Digital Banking Transactions

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