Executive Director of the Caribbean Policy Research Institute Dr Damien King has called for the establishment of an open bank system, that will enable greater inclusion of citizens into the formal financial system.

The call comes in the wake of a survey conducted recently by CAPRI, the report for which Dr King presented Thursday evening, during a virtual forum, dubbed ‘Cheque in: increasing access to the formal financial system’.

The survey highlighted several issues to include, people lacking financial literacy, and the reasons so many persons do not have a bank account.

Dr King said the current financial exclusion is a product of existing architecture and institutions, and as such, what‘s required now, is a system that is open to new customers and services.

He said a digital infrastructure is needed.

Dr King noted that progress is already being made on the regulatory framework to facilitate the open bank.

He added that the open bank system augurs well for competition and innovation.