Owner of Furious Karting in Barbados, Jeremiah Cadogan proudly displaying his new Business Banking Account opened entirely on his mobile phone
CIBC Caribbean has launched its new Business Banking Digital Client Onboarding (DCO) platform, a mobile-first solution that allows small business owners and sole proprietors to open business accounts entirely online, without visiting a branch.
The feature, now live in Antigua and Barbuda, Barbados, Jamaica, St. Kitts and Nevis, and St. Lucia, marks a major milestone in the bank’s ongoing digital transformation strategy. The service is expected to roll out to the bank’s remaining territories in the coming months.
According to Deepa Boucaud, Executive Director of Personal and Business Banking at CIBC Caribbean, the new system is designed to remove many of the traditional hurdles associated with opening a business account.
“The new system is designed to remove traditional barriers to opening a business account, providing entrepreneurs with a faster, simpler, and more transparent onboarding experience, replacing paper-heavy requirements with streamlined digital interactions.
Entrepreneurs can upload required documents, verify details, and complete their business profile from any device, at their own pace,” Boucaud explained.
One of the platform’s key innovations is its dynamic financial activity capture feature. This allows new and early-stage businesses — particularly low-risk sole proprietors — to submit estimated income and expense information digitally, eliminating the immediate need for formal financial statements.
The system also automatically guides users through jurisdiction-specific documentation requirements, helping to reduce confusion while ensuring compliance with regulations in each market.
Boucaud noted that the new framework not only improves convenience for clients but also strengthens the bank’s internal processes.
“For the bank, the enhanced onboarding framework delivers stronger compliance controls, improved data quality, and reduced processing times, enabling teams to serve clients more efficiently while maintaining robust Anti-Money Laundering and risk standards,” she said.
The platform has also been built with scalability in mind. Future enhancements are expected to include onboarding for multi-owner businesses and partnerships, merchant services integration, and expanded digital product offerings.
With the launch of Business Banking Digital Client Onboarding, CIBC Caribbean says it is reaffirming its commitment to empowering entrepreneurs, improving access to financial services, and supporting economic growth across the region through secure, user-centred digital solutions.
This is exactly the kind of innovation small and medium enterprises need to grow efficiently. Modern banking should keep up with modern business