Monday, April 15, 2024

Caye International Bank: Implementing Innovative Measures to Drive Future Success

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On Monday the 26th of June 2023, in Belize City: Kareem Michael, Governor of the Central Bank of Belize welcomed select members of the executive management and board of directors of Caye International Bank (CIB). The meeting was well received by all in attendance and the discussion covered the current and future progress of the largest international bank in the country by total deposit size.

Pictured in the middle is the Governor of the Central Bank of Belize, Kareem Michael with President of CIB, Luigi Wewege to his left and the Chairman of CIB, Joel Nagel to his right.

In the meeting CIB outlined a series of strategic measures to pave the way for continued success. With an unwavering commitment to enhancing operational efficiency, compliance, and client experience, the financial institution has introduced a range of cutting-edge systems and forged new partnerships that has positioned this Ambergris Caye based bank for significant growth.
Addressing the need for improved digital systems, the President of CIB, Luigi Wewege told the San Pedro Sun that the bank has recently deployed Jack Henry’s: Yellow Hammer BSA system. President Wewege said, “this innovative solution employs meticulous scrutiny to ensure compliance while significantly reducing wire processing time.” He went on to say that “simultaneously the institution has implemented the RiskScreen platform, facilitating digital onboarding and transforming client files into a seamless, data-driven format. These initiatives not only streamline onboarding processes for new correspondents but also enable various audits to be conducted swiftly and efficiently.”
To further streamline operations, CIB has harnessed the power of the Banno system. This integrated platform empowers clients to execute wire transfers directly through the institution’s online portal, eliminating the cumbersome process of printing, completing, signing, scanning, and emailing bank wire forms. In addition to this new online banking platform CIB have created Apple and Android mobile applications.
Looking ahead, President Wewege stated, “that CIB has ambitious plans to incorporate new customer relationship management (CRM), and project management systems as well business intelligence dashboards. These cutting-edge advancements are poised to bolster efficiency, optimize processes, and equip decision-makers at the bank with valuable insights.”
Former Belize Ambassador Chairman Joel M. Nagel then said, “cultivating a robust network is crucial to Caye International Bank’s growth strategy. The institution has forged partnerships with several new global correspondents and payment providers. These alliances not only expand CIB’s wire transfer capabilities but also fortify its network, ultimately enhancing service delivery.”
Recognizing the power of effective marketing, CIB has embarked on an extensive brand transformation. Brochures have undergone a comprehensive overhaul in multiple languages, while new onboarding client guides and introductory emails have been developed. Additionally, the institution’s website has just been redesigned in four languages to enhance user experience and accessibility. These efforts have garnered attention, with media coverage, including a prominent feature in Bloomberg recently.
Notably, these new CIB initiatives have yielded impressive results, with a growing interest of potential clients each month. “With these transformative changes already making a positive impact, CIB stands poised for growth in the months and years ahead. A testament to this progress, is that in May of this year CIB witnessed a historic milestone for the financial institution with the highest total of new accounts opened in the bank’s near two-decade history. This I believe being a testament to CIB’s unwavering commitment to its clients and its future success,” said Chairman Nagel.

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