Posts Tagged National Commercial Bank
Online banking grows
Posted by ShopinJA in Business News on June 28th, 2009
More customers choosing ‘free’ over ‘fees’
Published: Sunday | June 28, 2009 | Avia Collinder, Business Reporter
Jamaica’s largest commercial banks are reporting a significant growth in the number of customers resorting to online banking, a free service.
The trend suggests a direct response to banks’ increasing service charges, which represent billions in annual revenues for the big two - Scotiabank and National Commercial Bank (NCB).
Bank of Nova Scotia Jamaica (BNS), which upgraded its online service in the first quarter of this year, has already seen a 25 per cent jump in the use of online banking only halfway through year, according to Maya Walrond, senior vice-president of customer experience at the institution.
Some 37,000, or 10 per cent, of its active customers use the e-banking service of the bank, which is the local sector leader in deposits.
NCB, the largest bank by assets, is reporting that e-banking represented 46 per cent of all transactions in May this year, up from 42 per cent recorded in January.
Together, BNS and NCB control 70 per cent of the commercial banking market.
Easier than telephone banking
“As more people get access to Internet, more are using it as their primary way of banking. It is the easiest of all our channels, even easier than telephone banking,” said Walrond.
She is quick to underscore the savings being realised by those who bank online.
