At a conference hosted with stakeholders and small and medium sized enterprises (SME’s) to discuss how banking can be made easier in Guyana, CEO of Demerara Bank Limited (DBL) Dowlat Parbhu emphasized the bank’s commitment to simplifying banking processes and enhancing accessibility for all Guyanese through innovative solutions and technology.
The conference was organized by the World Trade Centre Georgetown in collaboration with DBL.
Parbhu highlighted various steps aimed at bringing convenience to customers, ensuring that the public benefits from faster and more efficient services.
He stated that “DBL is leading digital innovation in Guyana’s banking sector”. The bank has adopted Salesforce, a globally recognized customer relationship management platform used by major corporations such as JP Morgan and Bank of America. This integration has allowed DBL to streamline loan processing significantly.
Retail loans, including car loans and mortgages, which traditionally take up to two weeks to process, can now be completed in 20 minutes using DBL’s technology. Documentation and loan approvals are finalized within one to two days.
The bank also launched an online account-opening platform that enables customers to apply for accounts, upload relevant documents, and reduce in-branch visit times to under 10 minutes. This system is accessible to customers nationwide and in the diaspora, with plans to further integrate AI-powered facial recognition for remote account verification.
DBL clarified the documentation required for opening an account, aligning with Guyana’s anti-money laundering laws.
“Individuals need to provide Identification, such as a driver’s license or TIN along with Proof of address and income. This simplifies the process for individuals with limited documentation, allowing declarations for proof of address and income for accounts with monthly deposits under G$500,000”.
According to Parbhu DBL aims to build integration with government systems, including the new E- ID cards, to enable account openings and financial transactions entirely online. The bank’s vision includes using AI to verify ID data and push digital Visa cards to customer apps, eliminating the need for branch visits entirely.
