Connect with us

Bahamas News

Digital Banking/e-banking vs normal traditional Banking

Published

on

Rashaed Esson

Staff Writer

 

 

#TheBahamas, April 11, 2023 – Last year December, a leaked memo which was confirmed to be true by CIBC revealed that come January 3rd of 2023, CIBC branches in the Bahamas and TCI would no longer process over the counter transactions which can be performed  through digital banking channels.

This is indicative of the shift to digital banking in the banking industry as technological advancement diffuses into the corporate world.  The success of the shift so far, has been good.  There is much to say about the benefits of the newly digitized banking system, but this brings forth the question of whether it outweighs the drawbacks that come with heavily computerized banking systems.

Last year in October, Scotia Bank TCI alongside its branches on other Caribbean Islands namely, The Bahamas, Cayman Islands, Jamaica and Trinidad and Tobago, were titled the Best Consumer Digital Bank for 2022, by the North America Financial Publication, Global Finance.  During that time, the Bank highlighted that they gained positive results from their investment in digital banking.

The figures spoke for themselves.  During the eighteen months prior to when they were awarded, the Bank saw a 6 percent increase in customers actively using the bank’s digital channels as well as a 41 percent increase in online transactions.

This is an indication that digital banking for Scotiabank throughout the Caribbean, a major banking entity, has been good.

There are many pros to digital banking or e-banking including quicker and easier processing times, not needing to wait in lines to do business and going cash free.

Naturally, however problems will and have presented themselves.

Back in December of 2022 the Royal Bank of Canada (RBC) experienced a three-day shut down of their digital banking platform.  The Tribune reported that this caused multiple Bahamian Businesses to suffer as they were unable to conduct transactions crucial to the seamless running of the businesses and make or receive payments given that they were ‘locked out’ of their accounts due to the issues with RBC’s online and mobile banking platform.

The aim then and now for the industry regulator is to be rid of cheques by 2024, reducing the need for other manual forms of payment.  But due to this, at the time of the issue, this led to the question of whether this move to the digitization of banking is a move too fast.

So far there have not been any major reported issues with e-banking.  However, taking into consideration the issue with RBC in December, and its impact on Bahamian Businesses, do the risks outweigh those that would come with normal physical banking as well as the pros of the digitization of the industry?

That we are not so sure about just yet but we are aware that various banks are committed to make the transition seamless.

This was expressed by Deepa Boucad, CIBC’s Executive Director, Retail and Business Banking, at an award show earlier this year where  CIBC copped an award for great advances in digital banking, claiming the title for “Best Digital Transformation Bank 2022.”

“We will continue to lead the way with modern, innovative products and services that simplifies the everyday banking experience for our clients by providing them with new digital capabilities across all our service delivery channels.  Digital is the future of banking, and we are continuously enhancing our digital channels to provide innovative solutions to meet your unique and changing banking needs,” she said.

Bahamas News

Diamond Stubbs, 17 • Betrica Brown, 19 • Stania Webb, 19 • Fourth victim yet to be identified

Published

on

Deandrea Hamilton | Editor

Six road deaths in two days leave a nation searching for answers

NASSAU, The Bahamas – A nation that only days ago celebrated graduations, scholarships and bright futures is now united in grief as six lives were lost on Bahamian roads in just two days, including four young women whose deaths have shaken the country to its core.

The names Diamond Stubbs, 17; Betrica Brown, 19; and Stania Webb, 19 have become the heartbreaking symbol of one of the country’s deadliest road tragedies in recent memory. A fourth young woman, believed to be 18 years old, had not been publicly identified by authorities up to publication time, as families continued to mourn and await official confirmation.

The four were among eight occupants travelling in a gray Mazda when it crashed into a tree on Shirley Street shortly after 1 a.m. Sunday. Police said the 19-year-old driver reportedly struck a pothole, looked back toward his passengers and lost control before the vehicle slammed into the tree. Three young women died at the scene, while a fourth later succumbed to her injuries in hospital. Four others, including the driver, remain hospitalized as investigations continue.

The tragedy’s impact reached the House of Assembly on Monday, where Members observed a moment of silence – led by Prime Minister Philip Davis – in honour of the young women whose lives were cut tragically short.

What has resonated most across the country is not simply how they died, but who they were.

Diamond Stubbs had just graduated from Old Bight High School in Cat Island as valedictorian and head girl. She was preparing to attend Langston University in Oklahoma on scholarship and was remembered by her father as an exceptional student who earned virtually every academic award presented at graduation while inspiring other young people to pursue their dreams.

Betrica Brown, who called both Cat Island and Abaco her homes, had recently travelled to Nassau to secure her student visa. Youth and Sports Minister Mario Bowleg said she was preparing to begin college on a volleyball scholarship.

Stania Webb had already distinguished herself at Langston University, where she earned both President’s List and Honour Roll recognition after graduating from Old Bight High School at just 16 years old. Family members remembered her as a quiet, ambitious young woman deeply committed to her Christian faith and education.

Speaking in Parliament, Prime Minister Philip Davis described the loss as heartbreaking, extending condolences to the families, classmates and loved ones whose lives have been forever changed. He urged Bahamians to keep those still hospitalized and the grieving families in their prayers. Similar expressions of sympathy came from across the political divide, churches, schools and communities throughout the country.

Some residents were also chided for sharing gruesome and graphic photos and video in the hours following the shocking car crash.  Relatives said it made a difficult, heartbreaking time more unbearable.

Condolences poured in from government and Christian ministers; The Bahamas Union of Teachers; The Bahamas Christian council and other leaders from across the islands.

The national tragedy extended beyond New Providence. Also on Sunday, 26-year-old Nica Julien lost her life in a separate traffic collision in Grand Bahama. Then, on Monday, a road traffic accident claimed the life of a 30-year-old man on the highway of Abaco.

Together, the six deaths have transformed what should have been a season of celebration with graduations and independence festivities in play, into one of national mourning, leaving families, communities and an entire country searching for answers—and praying that no more names are added to the list.

Continue Reading

Bahamas News

Twist of Timing Shifts Focus in Jonathan Gardiner Case

Published

on

The Bahamas, June 26, 2026 – Imagine boarding a plane for another Bahamian island, only for it to crash in U.S. waters during what now appears to have been a remarkable twist of timing.

Jonathan Gardiner’s Election Day flight has dominated headlines for weeks, but Thursday’s decision by a New York federal judge suggests the story may be far bigger than the crash itself.

Gardiner was denied bail after U.S. District Judge Gregory Woods described him as a danger to the community, a significant flight risk and concluded that the government’s evidence is “very strong.”

For many Bahamians, however, the public narrative has remained fixed on the approximately $30,000 recovered after the crash, including an envelope reportedly containing $5,000 intended for an unnamed politician.

Gardiner’s attorneys have argued the cash was legitimate, saying roughly $20,000 had been withdrawn from his business account the day before the flight. They also maintain the prosecution’s case is circumstantial and have argued that his speedy trial rights are being violated.

But prosecutors say the charges stem from a three-year federal investigation into an alleged conspiracy to import cocaine into the United States—not an investigation that began because a plane crashed in Bahamian waters.

That distinction may prove critical.

The crash brought the case into public view, but it may not be what ultimately determines its outcome.

The judge’s ruling raises a question that now deserves greater attention: What evidence from that three-year investigation persuaded a federal judge that the government’s case is “very strong”?

The answer may not lie in the cash recovered after the crash, but in investigative material that has yet to be fully presented in open court.

As the case moves toward trial, Magnetic Media will continue looking beyond the headlines and following the evidence that underpins one of the most closely watched criminal prosecutions involving a Bahamian in recent years.

Continue Reading

Bahamas News

He’s Not Dusting Off Yesterday’s Plan… He’s Trying to Rebuild Government  

Published

on

By Deandrea Hamilton | Magnetic Media

 

The Bahamas, June 26, 2026 – Just in case you thought Sebastian Bastian, The Bahamas’ first Minister of Innovation and National Development, was about to dust off Vision 2040 and carry on where others left off… think again.

In his maiden Budget Communication on Monday, June 15, Bastian unveiled what amounts to a blueprint to rebuild how the government works.

Not with another glossy vision document.

But with an execution machine.

The clearest indication came when the Minister acknowledged that while Vision 2040 was an important national achievement, it also exposed a weakness.

“So we are changing what we are building. The National Development Plan will no longer be a document we complete and set aside. It will be a living instrument — continuously reviewed, always current, resourced by full-time professionals, and grounded in real data — that shapes how this government, and every government after it, chooses its priorities. A plan is a document. What we are building is an institution.”

It is a remarkable shift in philosophy.

Instead of governments producing national plans every decade, Bastian wants professionals monitoring implementation in real time, measuring progress and ensuring administrations stay focused on delivering what they promised.

To Bastian, national development goes far beyond the roads, airports and buildings Bahamians can see. It also means creating the invisible infrastructure of government — smarter systems, better planning, reliable data, accountability and institutions that survive changes in political administrations.

His speech repeatedly returned to one central idea: government itself has become an obstacle to opportunity.

He described a Family Island entrepreneur waiting weeks or even months for approvals because government systems do not communicate with one another. He spoke of public servants trapped by outdated manual processes instead of serving people. And he highlighted an 18-year-old entering a workforce being reshaped by artificial intelligence before graduation.

As he explained:

“…our job is a practical one: to make government work better, to make The Bahamas easier to do business in, and to make sure our country and our people are ready for what comes next.”

For ordinary Bahamians, he said the objective is simple.

“…a government that is simpler, faster, and far easier to deal with… dealing with your government will get easier, year after year, by design.”

His ministry’s four pillars are ambitious: modernizing government, preparing the nation for artificial intelligence, developing Bahamian talent and driving long-term national development.

Among the initiatives announced were a National Artificial Intelligence Authority, the country’s first AI legislation, a National Digital ID, SmartGov productivity tools for public officers, connected government systems, a National AI Literacy Initiative, an independent National Planning and Development Institute and a Delivery Division dedicated to turning plans into action.

The speech stopped short in one important area.

While Minister Bastian thoroughly explained how government intends to transform itself, he did not establish the measurable targets by which Bahamians can judge whether that transformation is succeeding.

However, he did reveal the next milestone.

Beginning in August, the National Development Plan Secretariat will begin assessing the planning capacity of every ministry and department while establishing a national tracking system before the renewed development plan moves into execution.

With 23 ministries and offices in the Davis administration, Bahamians now have a timeline.

It would not be unreasonable for the public to expect Minister Bastian to return once that assessment is complete with the findings, benchmarks and measurable goals that define success.

After all, the Minister’s own philosophy leaves little room for anything less.

“Delivery does not happen by good intentions — it happens when you build the institutions to carry it: capacity for research and policy thinking; teams dedicated to implementation; structures that demand accountability; systems that measure progress; and continuity that outlives any election cycle.”

If this speech is any indication, Minister Sebastian Bastian is not asking Bahamians to judge him by promises.He is asking to be judged by performance.

Continue Reading

FIND US ON FACEBOOK

TRENDING