~ Creates hurricane shelter for staff ~
PHILIPSBURG–The Windward Islands Bank (WIB) has added more meaning to its slogan – “Your Partner in Progress” – by practically thinking ahead to secure the country’s access to banking, introducing new technological advances and, most of all, storm readiness now or in the future.
The bank is taking no chances with its most valuable assets – its human resource, and has created and stocked a hurricane shelter with a capacity to house all staff members. The shelter will occupy the upper floor of the bank’s soon-to-be opened “digital banking” branch on Bush Road.
Remodeling of the former City Furniture building is swiftly moving ahead. This will be the location where the bank’s now closed operations in Cole Bay and in Prime Plaza will be centralized with application of technology as the focal point.
WIB General Managing Director Derek Downes is very confident that this move to more digital banking will also connect with clients who will experience true direct deposits, and speedier service all a few clicks right inside the “digital” branch.
Technophobics need not worry. The Bush Road branch will not only be computers and machines. “There will be human interaction. We will have tellers to help our clients,” said Downes. The staff will also be trained to promote online and form-free banking as a way to help clients to migrate as smooth as possible to the digital world.”
WIB is still a partner in the community and clients can rest assured that no branch will only have machines and no humans. “Traditional banking is still our focus and core,” said Downes.
The client focus is also evident in the choice of location for this new branch. The lot next to the building has been cleared and will be converted to a parking lot, a bonus in a country where parking and traffic comes at a premium. The lot’s capacity will be 35 vehicles.
The bank management is aware that this digital branch will not solve immediately longstanding issues such as lengthy lines and the shortage of bank tellers at times at other branches. This constant thorn for clients is tagged to a high turnover of tellers.
The loss of tellers comes as young people who are hired for the posts move on to further their studies. The bank is very committed to giving high school graduates a chance to enter the job market, but this comes at the price of high staff turnover.
“Our tellers are constantly leaving to further their studies. I encourage that. It is important to have an education,” Downes said. “But, this creates a revolving door for us from one day to the next. In fact, I just had two tellers inform us they are leaving. We now have to find new people and train them. This impacts our clients.”
“We will try to migrate as many people as possible to the digital platform. We need to use technology to our advantage. Hopefully, this will impact the lines at our branches,” Downes said.
Rebound
WIB improvements were in the works pre-Hurricane Irma. The worst storm in the recorded history of the Caribbean did forestall some plans. In the long run, however, the bank opted to see the opportunities in Irma destruction.
“As a bank, we are better now than this time last year. The bank is strong; 2017 was expected to be a financially historic year for us. Now, we are on track to significantly surpass our 2018 target,” shared Downes.
This projection comes even after the bank recorded a NAf. 6 million reduction in interest income due to the loans and mortgage payment grace period extended to clients post-Irma.
“We have recovered very well from Irma. We have a strong brand. Clients from other banks want to bank with us now. They have seen the way we reacted in the aftermath of Irma and what that meant for our clients,” he added.
Storm place
Lessons in preparedness and ideas for better response were birthed in Irma. WIB was quick to seize on opportunities. This led to the Bush Road hurricane shelter which covers some 5,000 square feet and can accommodate 200 people. WIB’s staff number stands at 199.
“We wanted to make sure our staff and their families are safe should the country be threatened by a storm. We know that everyone may not come to the shelter. The idea is to have a place for those who feel their premises aren’t strong enough,” explained Downes.
The shelter will be equipped will essential supplies to cater to those who opt to ride out the storm there.
Together with a safe place in the event of a storm, WIB has formed a Facebook page to help contact and ascertain the status of team members. The bank’s call-tree is also very much part of the hurricane preparedness and aftermath plans.
The use of technology has been and will continue to play a role in the evolution of the bank. However, the human aspect will not be deleted from the formula. Downes pointed out that teams went out after Irma to check on staff members and this will continue in addition to the use of social media and other tools.
The availability of more short-wave radios is also checked off on the WIB prep list. Those radios were essential in the bank’s early recovery period. They provided the management team with a channel for constant communication that allowed for speedy recovery.
Aftermath
Securing banking equipment to jumpstart operations after a storm or hurricane is paramount for WIB.
The updated hurricane preparedness plan requires all ATM consoles in low-lying or flood-prone areas such as Philipsburg be disconnected prior to a weather event and stored safely for eventual reconnection.
Recalling the long lines after Irma at ATMs and in the bank, Downes said if the bank can get its ATMs up and running as soon as possible after a storm that brings some normality to the community.
The rebuilding and renovation of WIB’s headquarters in Philipsburg is nearing completion. One very noticeable change to the building façade is the disappearance of the huge picture windows. These have been replaced with smaller ones further secured with storm shutters on the inside of the building.
WIB has enacted several other systems and plans to fully protect its staff and its immovable assets.
Be sure
Protection of assets and properties from the wrath of the actual force of a weather event are not sufficient.
Downes called on clients and the community in general to secure their homes and businesses not only with storm shutters, but with proper insurance.
Many people were ready for the onslaught of Irma by rolling down shutter or boarding up with plywood. After the storm cleared, another nightmare set in for property owners, that burden of under-insurance. “We encourage everyone to ensure their property is not under insured,” said Downes.
It may seem good to have a cost-effective policy. In the long run, this does not aid in the rebuilding process, he pointed out.
Tackling under-insurance is also on WIB’s agenda. The bank has a project in place to connect with clients who have received insurance pay-out to guide them in acquiring insurance to cover the correct new value of their property.
The importance of contractor’s all-risk insurance in the rebuilding process was also stressed by the managing director.
WIB’s BSure insurance clients are urged by the bank to get their property reappraised to pinpoint the correct value.
“Don’t think about ways to save on your premiums, because it can cost you more in the long run,” Downes stated.
Source: The Daily Herald https://www.thedailyherald.sx/islands/78708-wib-creates-digital-branch-to-enhance-services-speed
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