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Cayman National Bank wins Bank of the Year 2022 for the Cayman Islands

Business 15 Dec, 2022 Follow News

Cayman National Bank wins Bank of the Year 2022 for the Cayman Islands

Cayman National Bank has been named Bank of the Year 2022 for the Cayman Islands. The Banker magazine, a UK-based publication, recognised Cayman National Bank (CNB) for distinguishing itself among its peers with its sustainability plans. The lender is now part of the UN Environment Programme Finance Initiative, a partnership between the UN Environment Programme and the financial sector to support sustainable development.

The bank has integrated environmental, social and governance goals into its decision-making process. Through the Principle of Responsible Banking strategic initiative, it has focused specifically on the pillars of gender equality, climate change and renewable energy. CNB is already advanced with regards to gender equality, with women representing 42% of leadership roles. The goal is to continue to develop gender diversification across the company with a specific focus on corporate-level executives. It is also working on providing guidance to female entrepreneurs via a partnership with the Cayman Islands Centre for Business Development. Through this partnership it provides financial assistance for female-led businesses, as well as taking part in a number of initiatives to encourage female entrepreneurs. Moreover, CNB has enhanced communication for green lending opportunities through its new Green Living campaign. Opportunities include lending for energy efficiency products such as insulation, solar panels, LED fixtures, and hybrid and electric vehicles.

With regards to digital banking, in September 2021 the lender launched an online banking platform which includes the bank’s first mobile app. The platform offers a number of features such as real-time credit card payments and biometric two-factor authentication to make payment transactions more secure and efficient. Cayman National Online is free to access for customers. In June 2022, CNB launched a security enhancement tool for cardholders, 3D Secure. The protocol is designed to be an additional security layer for online credit and debit card transactions. The bank’s goal is to reduce e-commerce fraud by 75% annually.

“Congratulations to Cayman National Bank for winning the highly acclaimed Bank of the Year Award 2022 for the Cayman Islands. The bank is leading its peers in its commitment to sustainability, embedding environmental, social and governance goals in its decision-making at every level. Its

advances in gender equality is highly commendable, as now 42% of the bank’s leadership roles are held by women,” says Joy Macknight, editor of The Banker.

In regards to the future, Janet Hislop, President of the Bank, says: “At Cayman National Bank, we plan to keep driving forward to becoming more digital in how we provide our services and the way we interact with our clients, whilst still delivering the excellent service levels that our clients expect and deserve. Our commitment as part of the Republic Group, to the Principles of Responsible Banking will also ensure that we continue our efforts in that regard.”

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