Dear Editor,

I recently made the decision to remove my savings from the two main local banks. I did so because I believe inertia has set in within these institutions. They lack innovation, have failed to move with the times, and in some cases appear outright complacent.

I have banked with these institutions since 2012. For the first five years, I earned approximately $8,000 per month, with no mortgage, loans, or major expenses. From 2017, I started a business that performed well, and I made deposits averaging $20,000 to $30,000 per month. Again, I had no loans and no significant expenses as a single individual.

I also maintain accounts abroad—in Panama, Jamaica, and the United States—primarily for ease of payment from overseas clients.

I began to realise something was wrong over the past five years when my foreign banks started offering me services. For example, I was offered a US$150,000 loan for an apartment in one of those countries. Mind you, I am not a citizen. I declined the offer because the interest rate was too high, but that is beside the point. I was impressed by the offer and how easy the bank made it for me to access funding.

Another bank offered me a credit card with a limit that matched my regular savings. I accepted that offer because the rate was favourable, the card included travel benefits, and the bank required nothing more than my approval.

More recently, one of my foreign banks offered me a personal loan of US$17,000. Although I did not accept it because I did not need it, I found the offer compelling. I was impressed that the bank recognised and valued the relatively small amount of business I conduct with them.

That was the moment I realised I was wasting my time with the two local banks.

With them, I earn little to no meaningful interest on my savings. In contrast, my foreign banks take the initiative to reach out and offer relevant products and services.

Ironically, I have been reaching out to my local banks for these same services. I inquired about a credit card, but the application process was long, complicated, and required an excessive list of documents—even after more than a decade of banking with them. I inquired about a mortgage and received no response. I also asked about a personal loan for travel and, again, received no follow-up.

These institutions make banking unnecessarily complicated. They do not follow up, and they appear entirely complacent. One would think a client like me would be actively courted, but instead, they seem content to collect fees from routine transactions.

Additionally, contacting these banks is extremely difficult. Phone calls go unanswered, and emails receive no replies. This is unacceptable.

By comparison, I recently opened a US dollar account with one of my foreign banks entirely through their app in under three minutes. Another allows me to invest internationally with ease—I simply open an investment account through the app and transfer funds as I choose.

Banks in Antigua have become too comfortable. They no longer compete. None of them even offer Apple Pay compatibility, leaving customers operating in what feels like the technological dark ages.

The leadership of these institutions must also be questioned. Banking technology is evolving rapidly, yet we appear to be moving backwards. There is a clear need for innovation, fresh thinking, and leadership that understands modern banking.

Something needs to change.

DO BETTER!