CIBC FirstCaribbean International Bank is now offering ten minute loans, managing director, retail and business banking Mark St Hill has said.
St Hill made the statement during CIBC First Caribbean’s virtual regional press conference on Wednesday where he described the new initiative as a the “latest cutting edge technology driven automated lending tool.”
“We have harnessed the very best in technology accessing significant data across our bank providing access to loans in ten minutes.
“Whether it is a personal loan or auto loan, a credit card and by the way that ten minutes includes approval and crediting your account with the funds,” St Hill said.
“We are making our clients’ ambitions a reality in ten minutes so often in our daily lives we have to make financial decisions quickly due to life experiences.
“And this is very dear to me whether an invitation to travel or urgent house repairs, the need to change your car unexpectedly, or unfortunately you have medical issues and the list goes on,” he said.
St Hill said the process can help give customers peace of mind in the face of trying financial circumstances.
“You now have the comfort of knowing that your bank will provide a ten-minute digital loan prep and process for approval. All in the palm of your hands,” St Hill said.
“Folks, we are redefining how banking is conducted across the region bringing the very best technology and applications to continually enhancing your experience,” he said.
CIBC FirstCaribbean’s chief executive officer Colette Delaney said the bank is committed to the region.
“As I said earlier in October, we announced the sale of our businesses in Aruba and four Eastern Caribbean territories: Dominica, Grenada, St Kitts and Nevis and St Vincent and the Grenadines,
“So far, in February we completed the sale of our Aruba business to Aruba Bank and we are awaiting regulatory approval for the sale of our businesses in the OECS,” Delaney said.
“Let me hasten to point out that our asset sales in those five territories is in no way a reflection of a lack of commitment to doing business in this region but a part of our current strategy of simplifying our business structure and this decision will enable us to strengthen our efficiency over time,” she said.
Delaney said CIBC FirstCaribbean is positioning itself as a” truly agile bank, reshaping how we engage with our employees and our clients to respond to their changing needs.”