The Caribbean Association of Banks (CAB) has urged members that in the face of the coronavirus pandemic, it cannot be business as usual for the region’s financial institutions;calling on them to utilise every measure to curtail possible impacts.

“As the outbreak of the novel coronavirus (COVID-19) poses a significant and unprecedented threat to the global economy, it is now evident that it will no longer be business as usual for the foreseeable future,” the entity said in a recent release.      

The CAB has said that given the pivotal role which banks and other financial institutions play in the macroeconomic stabilisation of economies, these entities are strongly recommended to engage measures that will allow them to be able to provide support and aid in the relief efforts of affected countries.

Wendy Delmar, chief executive officer (CEO) at CAB, advised that banks in responding to the crisis should make it an imperative in ensuring that considerations for short and long-term impacts of the pandemic are fully factored.

“The impact on the income earnings of customers may warrant policy level changes within your institutions,” she said.

Among some of the measures recommended were the now popular work from home and the reviewing of business continuity plans.  

“It is now well-established that work-from-home capabilities are of significant importance in ensuring business continuity. Tests should be conducted to assess the level of working from home capabilities within your organisation in expectation of temporary nationwide lockdowns,” she said.

She also urged that banks, in adhering to the World Health Organization (WHO) to put emphasis on social distancing to flatten the curve of the virus and should push towards increasing the sensitisation on the usage of online banking, ATM and point of sale services.

“Having customers utilise avenues that reduce the level of interaction with employees and others reduces the level of virus transmission and is in the best interest of the wider population,” Delmar noted.

The Jamaica Bankers Association (JBA) this week also echoed some similar sentiments this week in ensuring that members of the financial sector in their response in the fight against the virus is one that also safeguards against the health and safety of employees, customers and the community.

Customers are being urged to use the alternate banking channels available to conduct transactions and avoid banking halls where possible. They should also utilise digital and electronic channels, bank online or via telephone by contacting their bank’s call centre and use the bank’s conveniently located ATM machines the release outlined.

 Customers were also encouraged to take advantage of their debit and credit cards when making transactions, thereby minimising the handling of cash.

— Kellaray Miles

“All member banks of the JBA have committed to working with personal and business banking customers on a case-by-case basis to provide flexible solutions to help them manage through challenges such as pay disruption and industry downturn due to COVID-19. We will continue to monitor evolving economic conditions and consider other measures if necessary,” the association also noted.