By James McKeigue
Copyright caymancompass
Despite its position as a global hub for financial services, the standard of local online banking has often lagged international levels. Yet two recent announcements bode well for the future of online banking in the Cayman Islands.
On 22 Sept. the Cayman Islands Bankers’ Association announced that from 1 Oct. the cut-off point for same-day, domestic electronic payments would be pushed back to 3:30pm. The later time will be available at all the islands’ retail banks – Butterfield Bank, Cayman National Bank, CIBC Caribbean, PROVEN Bank, RBC Royal Bank and Scotiabank. However, people should check with their bank to see how the changes will be implemented on their account.
The banks listed are part of the Automated Clearing House network, which is the system that underpins electronic fund transfers between bank accounts in the islands, stated a bankers’ association press release.
“We are pleased that the [Automated Clearing House] participant banks have come together to offer this extension of service hours, to enable clients to transact digitally later in the day, improving the client experience and encouraging digital payment adoption,” said Richard Lewis, the association’s chief operating officer.
The news followed the 16 Sept. announcement from Scotiabank Cayman that it was upgrading its digital platform for personal investment accounts. The improvement, which has been live since August, gives individual investors much more control over their Scotia Funds holdings via the Scotia Caribbean Banking App and Online Banking platforms.
Scotia customers can now access daily online balances, filter holdings by asset and class, view detailed transaction information and access transaction history for up to 13 months.
They might sound like small changes, but the increased transparency and information will allow individual investors to make more informed decisions. “In our continued commitment to improving the client experience, we’ve introduced enhancements that make our systems more intuitive, reliable and aligned across all platforms and regions,” said Chervain Stuart, retail and small business banking director at Scotiabank Cayman.
