Having launched on March 2, 2023, Sagicor Bank is reporting an “overwhelming” and “heartening” response from Barbadians in just two short months.
Moreover, in the last week to two weeks, the Bank has disclosed that it has seen “a tripling” in sign-ups over the previous weeks, as they increased their interest rates.
It’s actually very heartening and very overwhelming in terms of how everyone is really liking this new bank
Speaking during a press conference held at its Worthing headquarters, senior representatives from Sagicor Bank assured the media that they have every confidence in their product and are delighted by the uptake so far.
CEO George Thomas said that at present the Bank has a 98 per cent rating in terms of their net promoter score, that is, of the customers onboard 98 per cent would recommend Sagicor Bank to others based on their own experience, and that is very “heartening”. But he also pledged to work to try to convert and gain the last two per cent to get to 100 per cent. To this end, he explained the Bank did not just arbitrarily come up with its digital model but it was informed by the results of surveys conducted for over a year before launching.
Echoing the sentiment, Chief Client Officer Lee-Anne O’Selmo said the response has been “very overwhelming”. And she added that it is a process of continuously listening to the clients and customers to influence the Bank’s road map. “We are listening to our clients on a continuous basis… Everybody has been so positive about their experiences and people are talking about it. Go look at comments they are making on social media with regards to Sagicor Bank. It’s actually very heartening and very overwhelming in terms of how everyone is really liking this new bank.”
we have seen a tripling of the amount of traffic passing through our client experience centre
Beyond savings and deposits, “our response as it pertains to lending has been overwhelming.” This was disclosed by Chief Lending Officer John-Paul Stuart who shared that Bajans are rapidly adapting and adopting to the new online digital culture of banking. He said that people have been submitting applications for loans just before midnight, on bank holidays like Easter Sunday and any time they wish. He said on the lending side, Sagicor Bank is seeing a “fantastic response from clients” and they are working to reduce the time it takes to respond to their clients and update each person individually on his or her loan application.
Today, Friday, May 26, also affirming that the Bank is not merely talking the talk in saying that they are listening, as a demonstration of them keeping their ear to the ground and paying attention to ensure that people get the best customer experience, Sagicor Bank’s interest rates have recently grown by .5 or a full one per cent already.
“Without giving you precise numbers, we have seen a tripling of the amount of traffic passing through our client experience centre, ie the onboarding and depositing action.” Thomas said that is a direct response and testament to the Bank “listening”.
So what’s next? Growth beyond Barbados’ shores is being contemplated, but Thomas asserted, “At this time, we are really focused on getting it right in Barbados… setting up a strong, responsive banking operation, digital banking operation in Barbados that delights the population of Barbados, but obviously these are things that we would be thinking about strategically as we go forward.”
