Banking Sector encourages use of technology

The banking community in Grenada is encouraging its customers to adopt to the new ways of banking that are being provided to them rather than continuing with the old ways of doing business in-house.

The advice has come in the wake of the increased charges that are put on a number of banking services.

The use of the modern technology was articulated by two senior banking Executives, Richard Duncan of the Grenada Co-operative Bank Limited, and Keith Johnson, Managing Director of Republic Bank (Grenada Limited) during a television program last week Wednesday.

Duncan who manages the local indigenous financial institution known as Co-op Bank told the host of the program that clients have been enjoying services that come at a cost, but were not asked in the past to pay for those services.

He said that people now need to be advised of what choices they need to make that are considered to be in their best interest when it comes to accessing the services from any enterprise.

The Co-op Bank manager said his financial institution always encourages its customers to avoid having to pay fees by making use of the free services that are provided to them.

According to Duncan, customers can avoid paying some fees by making full use of the international debt card that is provided to them when paying their utility bills rather than making cash withdrawals from the ATM machines.

He indicated that apart from facing the charges, customers will also save time when conducting their business.

Clients of some banks whose account fall below $100 are often penalized with a monthly deduction of $5.

However, this does not apply to Co-op Bank which over the years had become known as the “Penny Bank”.

According to Duncan, the bank has not applied that kind of fee structure because the foundation of Co-op bank was based on small savings and this is precisely what it did when it was set up back in 1932.

In the case of Republic Bank, its Managing Director said that the banking sector in Grenada gas been under a lot of strain over the past 5years.

Johnson indicated that the things which banks have been doing for decades free of cost can no longer be done as the situation has become so dire that in order to stay in business they can no longer afford to keep those free deeds on board.

He said the extent of the sum of money someone may have in the bank does not matter as everyone’s account has to be secured regardless of the size of the account.

“Whether you have a $100, 000 or $100 (in the bank), your account has to be given the same sort of security as the other man, and somebody has to pay for that,” he remarked.

Johnson said the new fees that are now charged by the banks are intended to get customers to understand that they need to change certain behaviourial attitudes in their financial transactions.

“They (the customers) can avoid the charges if they only adopt the technology that is available, the other channels which are available instead of paying at the teller or $0.73 at the ATM for the service that is where we like customers to migrate to, graduate from doing more manual transactions to electronically based transaction,” he added.

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