Regulator tells local banks to do better!
The BVI Financial Services Commission (FSC) has stated that local banks have been given a directive to follow global trends in digital banking to improve the customer service offered to the territory.
The FSC has told the financial institutions to make electronic banking more accessible to the public which has constantly complained about the difficulty they face when doing business with most local banks. People have expressed that banks have very archaic with inefficient systems for simple day-to-day transactions like cheques and payment processing.
Speaking at the BVI Business Expo on June 13, FSC Director Leon Wheatley said, “There has been an exponential increase in digital banking services worldwide and the Commissioner expects to see significant improvement in the delivery and quality of banking services.”
He continued: “The Commission has asked the BVI banking industry to implement a more efficient system for cheque and payment settlement. Two options have been provided to the banks and we expect implementation of an electronic system for the settlement of cheques before the end of 2024. Thereafter, we will expect to see the introduction of an electronic system for other payment methods.”
Wheatley added that the FSC is working on legislation that will further improve the banking sector for customers in the territory.
“The Commission expects to see a marked improvement in the market conduct of banks – improved efforts of treating customers fairly, remedial measures implemented where there are shortcomings and enforcement action for repeated malpractice. We also expect to see marked improvement in the quality and delivery of customer services and settlement of cheques and payment methods. The BVI has a strong banking sector so we should expect more and demand more from banks,” Wheatley said.
He also said that the BVI banking sector has a strong customer base and urged banks to make efforts to reduce long lines that the community has grown accustomed to.
“In the age of digital transformation, our banks must innovate and exceed customers’ expectations,” Wheatley told the Expo.
Copyright 2024 BVI News, Media Expressions Limited. All Rights Reserved. This material may not be published, broadcast, rewritten or distributed.
Is it not the FSC’s responsibility to regulate and ensure the banks do better?
They are afraid to enforce regulations
And that is just what they are doing. Did you read the article or just the headline!
If they were doing that why are commercial and residential customers complaining about the services of the bank in some cases for years?
Need BVI banks to stop stealing and offer loans at rates in line with rates offered by US banks. No penalties for leaving to go to another bank after banking in excess of 3 years!!
Stop liaising with insurance industry to rip us off. We should be expecting property insurance rates to be adjusted downwards given no major catastrophic storms since 7 years ago. Or, the public to get adjustments in the following year for no such events.
The Corporate Commercial World is a thief! More work for little pay and more money for shrunken services or products with lesser shelf life or lesser volume/amount. Oh – that’s inflation they say. But where is inflation in the salary.
where would locals that were born in the british virgin islands, after slavery ended, acquire land ownership for houses and for businesses for our families and relatives to survive in the british virgin islands? where would locals that were born in the british virgins, after slavery ended, acquire land for farming to plant food and crops for our families and relatives to survive in the british virgin islands?
So they don’t inconvenience the staff .
Tell them answer their phones to if it’s not too much trouble.
You all are so brainless. You don’t even understand what they are doing. They cause the bank to give bad services now their solution is the devil beast system so get ready t4
is there is a problem in the bvi financial services? is banking online safe and secure? are terrorist interfering with the bvi financial services? is the united kingdom parliament and politicians british colonialism?
True, banks need to consider the public’s needs. Do we all have all morning free to go and ask a question or drop off some cash? No. But they make sure it takes any amount of time.
Also, FCS, could you free us up to use services like PayPal and Venom here in the BVI? Being blacklisted or banned from them causes a lot of difficulty for BVI businesses.
What about Insurance policies as well? The loans on mortgages are killing us and the insurance premiums are $17,000+ per annum. How are we going to survive in this country?