President Dr Irfaan Ali on Thursday last railed into the local banking sector, saying that certain systems need to change in order to meet the growing demands of the economy.
The Head of State was at the time speaking to the Private Sector Commission’s (PSC) membership at their annual Christmas Dinner at Roraima Duke Lodge, Georgetown.
According to the Guyanese leader, local development cannot happen without total support. The President used the opportunity to urge the banking sector to do more for development.
“The bankers are innovating more and more ways to make transitions to the bank hard…it is absolute nonsense, it is not in any international requirement for a man to withdraw $25,000 and fill up a whole load of forms…so how are we even going to get to e-transaction,” President Ali said.
He noted that it is imperative that the existing problems are fixed since, institutionally, the systems do not support the technology.
“The banks are hopeless in customer-care and customer-handling, I’ve said it publicly, they have to fix it, unnecessary burden on customers and consumers. People are at the centre of everything we do–people are unhappy with the system.”
Overall, the President said that due to the magnitude of the investment potential coming to Guyana, the future will be very progressive and that the Government will continue to be innovative.
“If we don’t have the capacity, we have to build the capacity, we have to invest in the capacity, and it will come, do not believe that it will not come, once we make the right shifts and the right movements that capacity will come.”
He reminded the PSC that the entire service of ExxonMobil has migrated from Trinidad to Guyana and that it proves our ever-developing capacity and potential.
“We must be proud of ourselves—you must celebrate this…it shows us that we have the ability and the capacity to get more…let us work together demonstrating that we have the capacity, come together, let’s do this.”
The Head of State emphasised that the business community needs to start thinking bigger and bolder and envision the growth of their businesses in a more developed Guyana due to the radical changes that are currently taking place.
The President contended that those who are not willing to push forward now will not have a chance to benefit from the opportunities.
“We do not have the luxury of time anymore. If there is a culture of 8-4:30, it cannot work anymore because of the scale of what we’re doing—the scale of what we’re involved in.”
Guyanese Economist, Winston Brassington, who once headed the National Industrial and Commercial Investments Limited (NICIL) under the previous People’s Progressive Party/Civic Administration, has already contended that there is a lot of bureaucracy in the banking system that are mostly paper-based at a time when the world is rapidly moving towards a digitalised environment.
“You need to take in original paperwork to the bank. It takes a fair bit of time, the paperwork. Can we reduce this paperwork and do a lot more via the internet, via the computer – submit documents electronically? So, embracing the greater use of IT (Information Technology) and digital technology to beat things. It can help to reduce cost and make it more convenient for the [customers],” the economist posited during a programme in November.
Against this backdrop, Brassington pointed to more advanced economies like the United States, saying that customers conduct similar businesses mostly online and are even able to make wire transfers and cash cheques from their desks.
The Guyanese economist stressed that such level of efficiency should be replicated here.
“We seem to still use a lot of paper in our processes, a lot of manual requirements. The banks say that this is because of AML (Anti-Money Laundering) requirements, knowing the customer and verifying the authenticity, but I think that there is room to move to a more digital approach, a more online approach – an approach that would bring us more in line with one standing banking practice in the US,” Brassington stated.
