Photo: World Bank
Have you ever tried to open a bank account or apply for a loan and found yourself stuck in line, waiting for hours? For many small business owners and families across the Caribbean, that’s still the daily reality. While the rest of the world is moving toward fully digital financial ecosystems, many Caribbean institutions remain dependent on traditional systems and in-person processes.
But change is coming — and it’s picking up speed.
Why Digital Transformation Matters
Digital transformation isn’t just about apps or technology. It’s about giving people and businesses faster, safer, and more inclusive access to financial services. In a region where small markets, uneven connectivity, and varying regulations make modernization difficult, going digital means helping financial institutions become more competitive, customer-focused, and resilient.
Picture this: a farmer in rural Jamaica accessing credit from her phone, or a woman entrepreneur in Saint Lucia receiving same-day approval for a business loan. That’s the potential of digital transformation in action — and it’s exactly what the new wave of Caribbean financial innovation aims to unlock.
Women-led micro, small, and medium enterprises (MSMEs), for example, represent about a quarter of all MSMEs in Latin America and the Caribbean. Yet half of them still cite access to credit as a major obstacle. Tailored digital lending, alternative credit scoring, and simplified onboarding could help close that gap — and empower thousands of women to grow their businesses and communities.
Turning Vision into Action
To help financial institutions navigate this journey, the International Finance Corporation (IFC) developed DigiLab, an accelerator program that helps banks assess their digital maturity, identify strategic priorities, and build transformation roadmaps that work.
In partnership with the Caribbean Development Bank (CDB) and the Caribbean Association of Banks (CAB), IFC recently launched the first Caribbean DigiLab Finance cohort. CDB’s Division Chief, Private Sector Division, Lisa Harding emphasized the strength of the collaboration which combines global expertise with regional insight, bringing together the technical know-how of IFC, the development focus of CDB, and the powerful regional network of CAB.
The First Caribbean Cohort: Collaboration in Motion
Five leading institutions joined the inaugural cohort: ACB Caribbean, Eastern Caribbean Amalgamated Bank (ECAB), Trinidad and Tobago Mortgage Bank (TTMB), 1st National Bank of St. Lucia, and the Bank of St. Lucia.
Over ten intensive weeks, each institution worked hand-in-hand with IFC experts and industry mentors to design strategies tailored to their goals. Some focused on boosting mobile adoption, while others streamlined lending processes or explored digital onboarding for new clients.
One bank, for example, reduced account-opening time from three days to just thirty minutes through digital onboarding. Another redesigned its loan approval process to cut processing time in half.
Beyond these tangible improvements, the cohort created something even more powerful — a regional community of practice. Participants exchanged lessons learned, explored partnerships, and built a network of peers who continue to share their progress long after the program ended.
A Culture Shift Across the Region
What truly sets DigiLab apart is how it transforms mindsets, not just processes. Wendy Delmar, CEO from CAB indicates that digital transformation succeeds when innovation becomes part of an institution’s DNA — when customer-centric thinking, data-driven decision-making, and agile collaboration become everyday habits.
As one participant noted during the sessions, “We’re not just digitizing operations — we’re reimagining how we serve our clients.”
What’s Next for the Caribbean
Building on the success of the first cohort, a second DigiLab Finance program has launched and will conclude 2025 with even more Caribbean banks participating. New initiatives are also on the horizon — including programs on digital innovation, climate finance, and the development of a regional taxonomy that can help standardize and scale sustainable financial practices.
These efforts share one common goal: to make financial systems more inclusive, competitive, and future-ready. IFC’s Marcela Ponce, Manager for Advisory and Pre-investment in Latin America and the Caribbean, indicates that DigiLab is how we translate the World Bank Group’s jobs-first vision into tangible results for the Caribbean. By helping banks go digital, we expand access to finance for MSMEs and women, reduce the costs and time of transactions, and create new jobs across technology, data, and operations— allowing for more people to use digitally enabled services and inclusive economic opportunities. In small island economies facing climate risks, these digital capabilities strengthen resilience while unlocking growth.
If you’re a financial institution, policymaker, or innovator ready to join this transformation, now is the time. Together, we can shape a digitally resilient Caribbean that leaves no one behind.
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