The island’s newest commercial bank wants to give all Barbadians bank accounts, lower fees, and higher deposit rates.
Since March 9, Barbadians have responded positively to Sagicor Bank (Barbados) Limited’s wholly digital bank, according to CEO George Thomas and Chief Client Officer Lee-Anne O’Selmo.
Many folks requested accounts. In an interview with Barbados TODAY on Friday, O’Selmo said, “So far, we have seen a steady flow of clients onboarding on a daily basis, a certain number of accounts being opened.”
She said Sagicor Bank wanted to improve Barbadian financial literacy as well as make bank accounts easy for young people.
She added that a senior citizens account and youth account would be created later this year.
Thomas said that some Barbadians were shifting their money to Sagicor Bank as an alternative.
We’re not advising bank switches. “We are an alternative, another channel, but we are seeing people coming in and transferring [funds] and we encourage people to avail themselves of our low to no fee approach and our relatively high interest rates on deposits,” the CEO added.
Sagicor Bank, which employs 45 people, offers numerous savings accounts, a deposit account like a chequing account, credit and debit cards, loans, bill payment, and transfer alternatives.
Customers can interact with specialists online or visit the Worthing Corporate Centre.
Officials claimed they were considering adding to the island’s eight Sagicor Bank ABMs.
Thomas said a totally digital commercial bank was founded after listening to market demands for an easier, safer, and simpler way to bank without lines.
He noted that the Sagicor Bank Barbados Limited mobile app allows customers to open an account in as little as 10 minutes.
We made onboarding easy. Thomas stated, “We are a low-fee bank and our primary accounts are fee-free and we pay above market interest on our long-term deposit accounts.”
Sagicor Bank’s local currency deposit account has no fees and 1%–1.25% interest rates.
Sagicor Bank was “the endpoint of digital transformation” in banking, according to the CEO.
He said he was “very optimistic” that the financial institution would reduce the number of unbanked people by working with authorities to develop and roll out a spectrum of services to meet client needs.
Thomas said the goal was to involve everyone while minimizing risk and protecting.
It’s for everyone, not just millennials and Gen-Zs. We actively meet with the elderly to understand their needs, how they feel about technology, and how we might engage with them. “We’re also meeting with disabled people to make sure we’re as inclusive as possible as we evolve,” he said.
The digital bank CEO assured security.
He claimed Sagicor Bank has a “relatively small group of very highly trained and talented people focused on delivering high levels of service” and cutting-edge artificial intelligence that can predict problems.
Thomas noted that the financial institution planned to collaborate with regulators to simplify stock and bond investing.
Sagicor Financial Corporation owns Barbados-based Sagicor Bank.
