Financial institutions in Jamaica and the wider Caribbean are increasingly embracing technology to simplify the account-opening process, allowing clients to open new accounts without the need for in-branch visits. This shift marks a significant step in the digital transformation of the banking sector, with major banks like CIBC Caribbean Bank Limited (formerly FirstCaribbean International Bank Limited) and JMMB Group Limited leading the charge.
Both CIBC Caribbean and JMMB recently launched their digital onboarding platforms, enabling clients to submit their personal details, upload identification documents, and take a selfie for verification. These steps are protected by encryption, and a follow-up call is made to ensure the client’s identity is genuine. In most cases, a branch visit is only required if additional verification is needed or when collecting a new debit card.
CIBC Caribbean’s onboarding platform is part of its broader digital strategy, following its launch of a loan application service in 2023, which processed 10,000 applications in under a year. The bank now offers a seamless online process for opening individual savings and checking accounts, though joint accounts still require in-branch visits.
JMMB Group’s digital onboarding platform, available across Jamaica, the Dominican Republic, and Trinidad & Tobago, has also been warmly welcomed. It builds on their previous semi-digital process, offering clients a fully online solution for opening bank and investment accounts.
Other major banks in Jamaica have also adapted to the digital era, albeit at different paces. National Commercial Bank Jamaica (NCB), Sagicor Bank, and First Global Bank all offer online account-opening options. JN Bank still requires in-branch visits for new accounts, but its ONE JN Passport tool streamlines the process for clients with existing KYC documentation. Bank of Nova Scotia Jamaica (BNSJ) offers new accounts to existing clients via its online banking platform, though new clients must still visit a branch.
As the financial sector moves further into digital solutions, some investment brokers have followed suit. Proven Wealth Limited, Mayberry Investments, and other brokers now offer entirely online account opening. Additionally, nine of the 14 brokers on the Jamaica Stock Exchange (JSE) have launched online platforms for initial public offering (IPO) applications, streamlining access to capital markets for investors.
However, despite this digital momentum, not all banks have fully transitioned to online onboarding. Joanna Banks, executive vice-president at Sagicor Group, notes that while the company is advancing its digital solutions, the process is still ongoing. COVID-19 has been a catalyst for this shift, forcing many institutions to accelerate their digital transformation.
The Bank of Jamaica (BOJ) emphasizes that legislation does not restrict the development of digital onboarding solutions, but it does require banks to verify clients’ identities. The BOJ acknowledges that while digital onboarding improves efficiency, additional measures may be needed if verification cannot be completed online. Recent regulatory changes, including amendments to the Proceeds of Crime Act (POCA) and the BOJ Guidance Notes, have paved the way for simpler, risk-based account opening procedures, further encouraging the adoption of digital onboarding.
The BOJ’s Fintech Regulatory Sandbox continues to play a pivotal role in driving innovation within the financial services sector. With digital onboarding now more accessible, Jamaica is well on its way to achieving its broader goal of financial inclusion and digital transformation.
