Demerara Bank Limited (DBL) is leading a groundbreaking transformation effort in Guyana’s banking sector, aiming to become the country’s first fully digital bank.
As part of this effort, DBL has invested in cutting-edge technology, including AI-driven processes and world-class customer relationship management (CRM) systems, to revolutionise banking accessibility and efficiency for citizens.
“Demerara Bank is the first bank to incorporate (Artificial Intelligence) into its processes, leading a digital transformation never seen before in Guyana,” DBL’s Chief Executive Officer (CEO) Dowlat Parbhu highlighted.
He was addressing the World Trade Centre Conference on ‘Banking Made Easier’ at Pegasus Suites and Corporate Centre on Tuesday.
The World Trade Center Guyana aims to actively support Guyanese businesses in promoting their ventures on the international stage while fostering growth and expansion. During the conference, it was highlighted that Demerara Bank understands the challenges and aspirations faced by Guyanese businesses.
The bank’s CEO explained that with advanced technology, DBL has reduced application processing times significantly. Loan agreements that previously took two weeks can now be completed within a day with AI technology.
“The turnaround time including documentation is within a day for customers. We have transformed that process which took two weeks to within a day but as fast as 20 minutes,” the CEO stated.
The bank has also launched a new website with integrated technology, enabling customers from anywhere in the country to apply for accounts online and then uplift their bank cards physically.
Parbhu further revealed that in collaboration with the government, DBL is also developing AI-based ID verification software, similar to what is used by U.S. Customs and Border Protection, to further incorporate easier access to banking systems.
Additionally, the bank envisions integrating with agencies like the Guyana Revenue Authority (GRA) to enable seamless digital transactions, such as car loan registrations.
According to Parbhu, DBL is now the second-largest lender in Guyana, achieving phenomenal growth by expanding credit by 34 per cent over the past 12 months and a record 138 per cent over the last five years. He said this growth outpaced the overall banking sector, which recorded a 57.5 per cent increase in lending over five years.
Parbhu also noted that Demerara Bank has contributed $24 billion in lending over the past year, accounting for 38 per cent of total lending by the six commercial banks operating in Guyana.
The bank has also achieved the lowest average lending rate in the country and the best return on assets at 3.1 per cent when compared to the banking sector average of 2.1 per cent.
Parbhu said DBL has maintained the highest capital adequacy ratio at 23.53 per cent, surpassing the industry average of 18 per cent.
Additionally, the bank also recorded zero non-performing loans, a major achievement in Guyana and the wider Caribbean.
“This speaks about the quality of assets against our capital and the strength of the bank against its peers.
“Demerara Bank has been championing the lending for the last five years in Guyana, these figures also have to be taken in context that DBL is the youngest bank in Guyana,” Parhbu stated.
Meanwhile, the World Trade Center Association and Demerara Bank reaffirmed their commitment to supporting small businesses in Guyana, with a focus on international promotion and sustainable growth.
Executive Director of the World Trade Center Association Robin van Puyenbroek emphasised the importance of fostering development for entrepreneurs, while Finance Minister Dr. Ashni Singh commended DBL for making banking accessible to all.
Dr. Singh praised the bank’s efforts to remove barriers for opening accounts and noted the government’s goal of expanding access to formal banking services.
He also highlighted the importance of technology-driven solutions in the banking sector and urged all banks to have outreaches about their process, especially in far-flung areas.
“The theme of banking made easier really is an extremely important theme and Demerara Bank has done an outstanding job at improving accessibility of banking services,” Dr. Singh said.
He said Demerara Bank’s ambitious vision, backed by cutting-edge technology and robust financial performance, is setting a new standard for banking in Guyana.
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