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Six domestic commercial banks, digital wallet providers, credit unions and the Central Bank of The Bahamas will collaborate in an ambitious full-scale customer-oriented program – pooling resources and coordinating events to roll out the red carpet for customers for a week of activities designed to increase client satisfaction, boost confidence in contemporary banking methods and improve understanding of speedy alternatives to in-branch transactions in a digital age.

Called Live Digital Week, it is part of an ongoing two-year educational campaign launched earlier this year when banks and the regulator joined forces to demonstrate the convenience, cost-savings and real-time benefits of digital payment solutions.

Activities begin Monday, September 23 and run through Friday, September 27. A Live Digital Tech Expo expected to draw an invitation-only capacity crowd of 300 to the British Colonial Hotel is set for September 26.

“If it were up to me, I would call this coming week the five days of red-carpet treatment,” said Central Bank Governor John Rolle. “The goal is to provide opportunities for customers to meet with experts who will guide them through every step of digital banking practices whether it is a credit card application, setting up or amending online banking or using digital wallets with Sand Dollars and other features.”

The line-up of events for the week ranges from radio shows to extra in-branch assistance in completing credit or debit card applications, mentoring on online banking and an atmosphere of customer appreciation.

Participating commercial banks include Bank of The Bahamas Limited, Commonwealth Bank Limited, Fidelity Bank (Bahamas) Limited, CIBC FirstCaribbean International Bank (Bahamas) Limited, RBC Royal Bank (Bahamas) Limited and Scotiabank (Bahamas) Limited. Several credit unions and digital wallet providers are also participating. 

Chairman of the Clearing Banks Association Gowon Bowe said focused attention would help erase any confusion or mystery surrounding the term “digital”. 

“The word digital simply means conducting a transaction using an electronic device,” said Bowe. “Digital payment solutions are as simple as tapping a credit or debit card or paying a bill through online banking. However, for many persons the very phrase ‘digital banking’ sounds daunting and confusing, so it is important that banks find a way to broaden the understanding.”

Bowe said the adaptation to alternative measures of making and receiving payments beyond paper transactions is critical.

“Consistent with every business, costs are increasing, particularly for in-person activities, and to compensate for these increasing costs business must find ways of increasing revenues, which sometimes will mean increasing fees for certain services,” he said. “There is always the concern among customers that such fees are unfair, and banks are not immune to this concern being expressed by its customers.  However, sustainability and stability in the commercial banking sector in The Bahamas is paramount to its continued national development, which will require adjustments to fees periodically. Customers can, and should be encouraged to, take action to keep their cost of banking to a minimum and one powerful means of doing so is by going digital.  In addition to the benefits of lower costs, there are also the benefits of efficiency, no waiting in lines to transact, accountability with an appropriate audit trail, faster, safer and greener; This is what it’s all about.”

Each day of the week focuses on a different aspect of digital payments. Monday and Tuesday are designated as debit and credit card days, Wednesday is dedicated to assisting with online banking and with credit union applications for new accounts or other credit union business. Thursday is business banking day and Friday is digital wallet and business banking day.