NASSAU, BAHAMAS — The head of the Clearing Banks Association (CBA) yesterday assured that “we will leave no one behind,” despite ‘millions’ being invested in digital banking and concerns regarding the potential elimination of cash.
Denise Turnquest, president of Commonwealth Bank, speaking at the launch of the “Pay Fast, Live Digital” campaign spearheaded by the Central Bank and backed by commercial banks, credit unions, and digital wallet providers, noted that the bank has invested “millions” into its digital banking capabilities.
“Our objective is to deliver first-class products and services, and this is because of the increasing use of mobile, online, and card products globally,” Turnquest said.
“We in The Bahamas want to ensure that we are keeping pace with the best that is available worldwide. The Clearing Banks are also investing heavily in cyber security. I know this is one of the concerns people have. We are investing not only in cyber security but testing the resilience of our cyber security systems to ensure they are safe from theft and damage and to ensure that our customer’s money is safe,” said Turnquest.
She also underscored the risks associated with handling cash, while allaying fears of cash being eliminated, noting that banks are also investing in ATMs.
“I want to allay any concerns you may have about cash being eliminated. We are also investing heavily in ATMs so you can have access to cash without having to see a teller. We want you to rest assured that we will leave no one behind,” said Turnquest.
The “Pay Fast, Live Digital” campaign comes after the Central Bank postponed plans for a full cheque elimination program, with local research revealing that while cheque usage has declined dramatically in recent years, resistance to its total elimination remains strong. The regulator and other stakeholders now intend to increase their efforts to promote digital transactions. In that regard, activities are planned for New Providence and the Family Islands, including expos and advertisements.
Central Bank Governor John Rolle noted that the education and awareness campaign will target businesses as well as consumers.
He stated: “As we continue to target and track improvements in payments, this campaign is to both empower and encourage more use of the digital channels for financial transactions. It will focus on educating the public on how to get access to and how to use digital channels more actively, and it will educate them on the range of digital instruments that are available locally. This includes more awareness on the enhancements that have already been made to the ACH infrastructure, and on how the rest of the payments infrastructure is being modernized to better support international commerce. It will address cyber-security and anti-fraud, explaining what safeguards are followed by financial institutions and the regulators to make digital payments secure; and it will emphasize the security-minded practices that all customers should also follow to protect their accounts and transactions.”
He continued: “For businesses, emphasis will also be set on how to do a more holistic cost-benefit analysis on digital payments versus cash and cheques, around issues such as accounting and record keeping, physical safety, and handling fraud. There are also data privacy concerns, which we will confront. Finally, this undertaking is very sensitive to the significant concerns that users have on the reliability and quality of the communications infrastructure for payments. More deliberate progress is needed in this area. This will influence how we collaborate and consult with the Government and URCA on both the infrastructure and communications sector policies.”
