Bahamas News
Digital Banking/e-banking vs normal traditional Banking
Rashaed Esson
Staff Writer
#TheBahamas, April 11, 2023 – Last year December, a leaked memo which was confirmed to be true by CIBC revealed that come January 3rd of 2023, CIBC branches in the Bahamas and TCI would no longer process over the counter transactions which can be performed through digital banking channels.
This is indicative of the shift to digital banking in the banking industry as technological advancement diffuses into the corporate world. The success of the shift so far, has been good. There is much to say about the benefits of the newly digitized banking system, but this brings forth the question of whether it outweighs the drawbacks that come with heavily computerized banking systems.
Last year in October, Scotia Bank TCI alongside its branches on other Caribbean Islands namely, The Bahamas, Cayman Islands, Jamaica and Trinidad and Tobago, were titled the Best Consumer Digital Bank for 2022, by the North America Financial Publication, Global Finance. During that time, the Bank highlighted that they gained positive results from their investment in digital banking.
The figures spoke for themselves. During the eighteen months prior to when they were awarded, the Bank saw a 6 percent increase in customers actively using the bank’s digital channels as well as a 41 percent increase in online transactions.
This is an indication that digital banking for Scotiabank throughout the Caribbean, a major banking entity, has been
good.
There are many pros to digital banking or e-banking including quicker and easier processing times, not needing to wait in lines to do business and going cash free.
Naturally, however problems will and have presented themselves.
Back in December of 2022 the Royal Bank of Canada (RBC) experienced a three-day shut down of their digital banking platform. The Tribune reported that this caused multiple Bahamian Businesses to suffer as they were unable to conduct transactions crucial to the seamless running of the businesses and make or receive payments given that they were ‘locked out’ of their accounts due to the issues with RBC’s online and mobile banking platform.
The aim then and now for the industry regulator is to be rid of cheques by 2024, reducing the need for other manual forms of payment. But due to this, at the time of the issue, this led to the question of whether this move to the digitization of banking is a move too fast.
So far there have not been any major reported issues with e-banking. However, taking into consideration the issue with RBC in December, and its impact on Bahamian Businesses, do the risks outweigh those that would come with normal physical banking as well as the pros of the digitization of the industry?
That we are not so sure about just yet but we are aware that various banks are committed to make the transition seamless.
This was expressed by Deepa Boucad, CIBC’s Executive Director, Retail and Business Banking, at an award show earlier this year where CIBC copped an award for great advances in digital banking, claiming the title for “Best Digital Transformation Bank 2022.”
“We will continue to lead the way with modern, innovative products and services that simplifies the everyday banking experience for our clients by providing them with new digital capabilities across all our service delivery channels. Digital is the future of banking, and we are continuously enhancing our digital channels to provide innovative solutions to meet your unique and changing banking needs,” she said.
Rashaed Esson
Staff Writer
#TheBahamas, August 5, 2023 – An American woman has been arrested in The Bahamas, accused of conspiring with two men, one of them alleged to be her lover, to murder her estranged husband.
The woman, 36 year old Lindsay Shiver and the two men, 28-year-old Terrance Bethel, the alleged lover and 29 year old Faron Newbold, were taken into custody last week following police investigation of a reported burglary at
Grabbers Bar and Grill restaurant on Great Guana Cay.
The police looked into their cell phones and found WhatsApp messages detailing the assassination plot to kill her husband.
The couple, who built a life in South Georgia have three children and are home owners on the island in the Abacos.
News outlets throughout the US have reported on the scandalous story, including that a nasty court battle over the couple’s reported, $5 Million dollar fortune and three children was underway. Shiver, an entrepreneur is a former beauty Alabama queen, her husband a former football player was an insurance executive.
According to US media, the husband, Robert, recently filed for divorce from Shivers after a decade of marriage upon discovering she had an alleged extra-martial affair with Bethel whom she met in The Bahamas.
While the husband claims infidelity on the part of his wife, the wife claims he was abusive.
The suspects Shiver, Bethel and Newbold appeared before Acting Chief Magistrate Roberto Reckley on Friday July 28th. Their next court date is set for October 5th.
Rashaed Esson
Staff Writer
#TheBahamas, August 5, 2023 – The Bahamas is now facing an unfortunate reality as sexual assault has become and is a growing issue since 2023. Women and girls are said to be living in fear for their safety from these perpetrators.
The Royal Bahamas Police force has reported on instances of assault in press releases found on their Facebook page.
One report spoke of a 50 year old they were searching for after he burglarized a home and sexually assaulted an elderly woman, 82 years old. She was reported to be asleep when he woke and assaulted her.
This took place on Tuesday July 11th, 2023 at the home in the Centreville area of Nassau.
There is another incident that took place on July 17th, 2023 which the police are seeking in catching the suspect as they investigate. It involves a man believed to the perpetrator in for an armed robbery and sexual assault.
According to preliminary data, he approached the victim, a female, with a firearm, robbed her and sexually assaulted
her. He proceeded to enter the house and robbed a male and escaped. This happened in the Cowpen Road area; also in Nassau.
The assaults continue to grow in number as the police reported that they were investigating two other incidents that took place on July 24th.
The first had to do with a female, 30 years old who reported she was driving on West on Marshall Road when two men approached her after she slowed down near Faith Avenue. One of the males with a firearm, forced her from her vehicle and took her to nearby bushes where they sexually assaulted her after which they escaped.
The second incident involved à 32 year old woman who was sexually assaulted by a male known to her. It is reported that she was walking in the Fleming Street area when she accepted transportation from the suspect, who drove her to a dirt road off Gladstone Road where he presented a firearm and proceeded to rape her.
Furthermore, another assault, this time involving a 9 year old girl, was reported. As revealed by preliminary information, the victim was playing with friends outside where she lives on Saturday July 29th, 2023 when the suspect, a 42 year old male of Summerset Estate, driving a white Nissan Skyline, arrived and gestured to her to enter the car.
She entered the car after which he took her to an unknown location, threatened her and sexually assaulted her. She was later found somewhere in Spikenard Road; this also happened in Nassau.
Fortunately, he was caught and arrested for abduction and sexual assault on Sunday July 30th by officers affiliated with the Drug Enforcement Unit.
There are other reports of sexual assault throughout The Bahamas as well as rape and attempted rape during the earlier parts of the year, dating back to as early as February.
CAPTION: Women Leaders, including Ann Marie Davis, wife of the Prime Minister filled the gallery of The Bahamas Senate this week as members of the upper chamber debated the Protection Against Violence Bill 2023. The debate came just as the country experiences a spike in sexual assaults against women and girls. Photo by Patrick Hanna, BIS.
#TurksandCaicos, August 5, 2023 – On August 3rd, 2023, Premier Misick met with the Leader of the
Opposition of the Commonwealth of the Bahamas, the Honorable Michael Pintard. The discussion was highly productive, and they delved into matters of mutual concern between their neighboring nations. Hon. Pintard was accompanied by other opposition members, including Senator the Honorable Darren Handfield and Mr. Joshua Sears.
Group photo caption:
From Left to Right: Mr. Joshua Sears, Senator Hon. Darren Hendfield, Premier Hon. Charles Washington Misick, Bahamas Leader of the Bahamas Hon. Michael Pintard and Deputy Premier Hon. Erwin J. Saunders.
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