BANKING sources have told the Jamaica Observer that the race to new digital frontiers in the transactional space is intensely competitive, with service providers watching each other either to match or exceed the pace of the fastest mover.

The island’s two largest banks – the National Commercial Bank and Scotiabank Jamaica – estimated to hold 60 per cent of commercial bank assets, have been matching each other’s moves so far.

 

As each shutter physical branches and move capital into digital buildout, they both claim significant achievements in customer conversion.

 

Their dual aim is to convince banking clients to make use of services offered online and move most, if not all transactions to the digital space.

 

Significant undisclosed investments have been made in tightening cybersecurity, as the assurance is sold to clients that their switch to digital will not be affected by criminals.

 

But, the main story to be told is how far each of the large banks intends to go in asking clients to go digital

https://www.jamaicaobserver.com/business-observer/slimmer-banks-hit-new-digital-highways_247388