CIBC Caribbean has launched its new Business Banking Digital Client Onboarding (DCO) platform, a mobile-first solution that allows small business owners and sole proprietors to open business accounts entirely online, without visiting a branch.
The feature, now live in Antigua and Barbuda, Barbados, Jamaica, St. Kitts and Nevis, and St. Lucia, marks a major milestone in the bank’s ongoing digital transformation strategy. The service is expected to roll out to the bank’s remaining territories in the coming months.
According to Deepa Boucaud, Executive Director of Personal and Business Banking at CIBC Caribbean, the new system is designed to remove many of the traditional hurdles associated with opening a business account.
“The new system is designed to remove traditional barriers to opening a business account, providing entrepreneurs with a faster, simpler, and more transparent onboarding experience, replacing paper-heavy requirements with streamlined digital interactions.
Entrepreneurs can upload required documents, verify details, and complete their business profile from any device, at their own pace,” Boucaud explained.
One of the platform’s key innovations is its dynamic financial activity capture feature. This allows new and early-stage businesses — particularly low-risk sole proprietors — to submit estimated income and expense information digitally, eliminating the immediate need for formal financial statements.