‘We want to put more power in the hands of the consumer’

— Senior Manager says, Demerara Bank advances towards a cashless economy with tech

IN Guyana, where most citizens still carry wads of cash for daily transactions, Demerara Bank Limited (DBL) aims to shift this culture towards a more cashless economy, which will see digital wallets, innovative technologies and even faster loan approvals.

Senior Manager of the VISA and Finance Department, Jerrett Morgan, expounded on these ideas on Saturday during the launch of the bank’s $10 million Corporate Social Responsibility (CSR) Revolving Programme with a Dream Build Lead (DBL) Innovation Tank-Style Event at its corporate office.

“As the country grows at an exponential rate, it is important for us to keep our innovative spirit, trotting forward. Oil, which we love, may last for a lifetime, but our innovative capacity will solve problems for generations to come,” he said, explaining that within the past few years, DBL has made a massive push in its technology.

The bank is preparing for the launch of its first mobile app, a revamped e-banking platform, and cutting-edge digital services, according to Morgan. Notably, DBL has already adopted other applications to ensure more efficient and convenient service delivery.

Salesforce, the world’s most popular cloud-based Customer Relationship Management (CRM) software, has been adopted by DBL to aid in managing customer interactions and service processes, particularly in the loan sector, Morgan explained.

Adding to this, the senior manager emphasised that the bank is positioning technology as the new face of convenience, especially as Guyana rapidly expands.

“Guyana is still a heavy cash-based economy, but as we push forward to move this economy to a cashless one, Demerara Bank is incentivising electronic usage,” he said, while pointing to their recent launch of the Priority Pass programme.

Priority Pass is a globally recognised programme that provides travellers access to over 1,600 airport lounges and amenities across more than 650 cities in 145 countries. Beyond lounge access, the programme offers additional services, including airport transfers, duty-free shopping, and airport takeout, making travel seamless and enjoyable.

“Plastic cards are seen by some as a future, but globally, it is the past, and we need to keep on top of that trend. So, as we make advances in our card payments and technology, you’re going to see much more coming from the Demerara Bank, going forward. We’re talking about adding tokens, which is adding your cards to wallets,” he said.

DBL is targeting the usage of digital wallets and tokenisation, transaction controls, strengthened security tools, along with other protections for safer e-banking and enhanced customer support.

Just recently, at a press conference, President Dr. Irfaan Ali spoke on the need to modernise Guyana’s financial sector, making banking more accessible and promoting digital payments.

He stated that a team was put together, comprising representatives from the banking sector, the Ministry of Finance and the Bank of Guyana, to identify the gaps within the financial system.

“We will promote more electronic transactions by online banking, faster payment systems, and other electronic means, ensuring every Guyanese can have a bank account and ensuring that every Guyanese, at the end of this modernisation, can conduct a financial transaction within minutes from wherever they are,” President Ali said.

This move is part of the government’s wider strategy to modernise the economy and enhance financial inclusion, while making financial services more accessible to citizens.

Further, Morgan had stated that soon, DBL will be the only bank in the Caribbean that will have end-to-end processing of forex transactions with their Bank of New York Mellon Corporation (BNY) partner.

The senior manager explained that this significant step will reduce manual interventions and reduce operational burdens.

“We want to put more power in the hands of the consumer, allowing their banking experience to be versatile, flexible, and allowing them to bank as they need. Everybody banks differently. So, we cannot do the same thing for everybody, but at the end of the day, we want to give you, the consumer, the power in your hands,” Morgan said.