Bahamian financial services providers have teamed with the Central Bank for a week-long drive aimed at improving consumer confidence and understanding when it comes to digital banking.

The six domestic commercial banks, digital wallet providers and credit unions are joining their regulator to stage Live Digital Week that begins today, pooling resources and co-ordinating events for a five-day initiative that is part of an ongoing two-year educational campaign launched earlier this year.

The event, which runs through Friday, September 27, aims to show the convenience, cost-savings and real-time benefits of digital payment solutions. A Live Digital Tech Expo, expected to draw an invitation-only capacity crowd of 300 to the British Colonial hotel, is set for Thursday, 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, use of a digital wallet or familiarising themselves with Sand Dollar.”

The week’s events include radio shows, extra in-branch assistance with completing credit or debit card applications, and mentoring on online banking. 

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

Gowon Bowe, the Clearing Banks Association’s chairman, said focused attention will help erase any confusion or mystery surrounding the term “digital”. He added: “The word digital simply means conducting a transaction using an electronic device.

“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.”

Mr 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 businesses 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 [their] 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 this week will focus 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.