NASSAU, BAHAMAS — The Clearing Banks Association yesterday noted that the financial services sector is undergoing a significant digital transformation which has been accelerated by the COVID-19 pandemic and the emergence of fintech, adding that the industry must continue to introduce new electronic and digital channels to meet the needs of their customers.
Roger Archer, President of the Bankers’ Association said: “The financial services sector is undergoing a significant digital transformation… presenting financial institutions with the choice of pivoting to meet and anticipate customer needs or taking the risk of falling behind.”
He continued: “Customers globally and locally continue to seek out faster and more flexible solutions to simplify their day-to-day banking needs, from easy payment channels to the ability to access financing quickly.”
“They are also using branches differently and less frequently, as they turn to online, mobile and ATMs channels to conduct more financial transactions.”
Archer remarked that to meet the evolving needs of their customers, financial services companies are simplifying their processes and streamlining their operations while providing innovative and insight-driven solutions.
He further explained that banks have begun to tailor services and products with a mobile design first while making branches more nimble and advice centric.
“Across the local market, we have introduced new electronic and digital channels and have received positive feedback from our customers. The changes over the years have been incremental but steady,” said Archer.
Pointing to some of the changes local banks have made over the past several years, Archer noted that banks have moved away from physical passbooks in favor of debit cards and mobile apps, and facilitated the use of debit cards for payments in stores. According to him, this means that customers no longer have to perform account reconciliation or wait for the frequent printing of cheques.
He also pointed out that access to foreign currency is no longer dependent on instruments such as travelers’ cheques or drafts.
Bills can also be paid online or using mobile apps, without visiting the bank or utility company.
“At The Bahamas Clearing Banks Association, we are excited about the future of banking in the country and are aware of the opportunities for us to further advance digitally. The local banking industry has made great progress in integrating and connecting our channels to provide a better more connected customer experience,” said Archer.
“The industry must continue the journey to meet our customers in spaces which they find convenient.”
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