-Guyanese can now apply for a loan and open an account online

DEMERARA Bank Limited (DBL) is making significant strides in enhancing banking services in Guyana for the 2024-2025 financial year.

The bank is focusing on building new branches and technological centres to make banking more accessible to all residents, regardless of location.

Among the host of new and groundbreaking initiatives, is the bank’s online platform, which is slated to be the next step in banking as the company wishes to develop a new kind of digital banking which eliminates the need for standing in long lines.

These announcements were made during the ‘Banking Made Easier’ conference held at the Pegasus Suites on Tuesday. The event which focused on tackling major problems facing the banking sector, was hosted by Demerara Bank in collaboration with the World Trade Centre.

The bank has seen great milestones in the last few years as they have been cited as the second-largest lender in Guyana, achieving phenomenal growth by expanding credit by 34 per cent over the past 12 months. With the launch of a whole host of new processes, the bank has also taken into consideration the Guyanese public, with the next step being the development of technological centres.

The CEO of Demerara Bank, Dowlat Parbhu, explained that these technological centres, will be found in new banks in the new year and will be geared towards educating customers on the safety and benefits of digital banking.

Sharing that DBL is aware of the concerns of Guyanese, Mr Parbhu stated that, “We’re going to hold your hand and we’re going to teach you how to use it,” he said, emphasizing the importance of guiding customers through the process to ensure they feel confident using these new services.

The bank’s push for accessibility includes implementing cutting-edge technologies to better serve the public. “What we have is definitely, without a doubt, will change banking in a positive way,” the CEO added.
Parbhu also noted that Demerara Bank has contributed $24 billion in lending over the past year, accounting for almost 40 per cent of Guyana’s lending.

Furthermore, the bank impressively holds the lowest average lending rate in the country at a whopping 53.1 per cent when compared to the banking sector’s average of 2.1 per cent.

Additionally, the new digitised loan application process has streamlined operations, reducing what once took two weeks to complete into a one-day process. “With our new system, loan applications are processed in 20 minutes, providing quicker decisions and faster service for our clients,” the CEO explained.

Demerara Bank is also taking inspiration from international best practices, having incorporated AI technology into its operations. “I can say that Demerara Bank is the first bank in India to incorporate AI technology, leading a digital transformation in the way banking is done.” the CEO stated.

All of these efforts, according to him, are part of DBL’s broader goal: “All that we’re doing, all that we’re building, is to serve the public,” ensuring that their services are accessible and efficient for every Guyanese.