Digital banking platform for small businesses

CIBC Caribbean has just launched its Business Banking Digital Client Onboarding (DCO) feature, which it says is a modern, mobile first solution that allows small entrepreneurs to open business banking accounts entirely online.

“The new platform is a significant step forward in the bank’s digital transformation agenda and reinforces its commitment to supporting the growth of small and micro businesses across the region,” it stated in a release.

CIBC said in addition to Barbados, the DCO is up and running in Antigua and Barbuda, Jamaica, St Kitts and Nevis, and St Lucia, and will be released in the other five territories where the bank has a presence in the coming months.

“The new system is designed to remove traditional barriers to opening a business account, providing entrepreneurs with a faster, simpler and more transparent onboarding experience, replacing paper-heavy requirements with streamlined digital interactions. Entrepreneurs can upload required documents, verify details and complete their business profile from any device, at their own pace,” said Deepa Boucaud, executive director, personal and business banking, CIBC Caribbean.

She added that one of the innovations “allows new or early stage businesses to provide estimated income and expense information digitally, eliminating the need for formal financial statements for lowrisk sole proprietors”.

“The system also guides users through jurisdiction specific documentation, reducing confusion and ensuring compliance across multiple markets”.

Boucaud said that for the bank, the framework delivers stronger compliance controls, improved data quality and reduced processing times, enabling teams to serve clients more efficiently while maintaining robust anti-money laundering and risk standards.

(PR/BW)

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