It’s a common scene on Fridays at Virgin Islands banks: Frustrated customers often have to stand in line for more than 30 minutes to carry out basic transactions.

 

For decades, this problem has bedevilled bank managers across the territory.

But change may come soon.

After decades of research, one VI bank believes that it has finally devised a solution. In an unprecedented step that has shocked bankers around the world, the institution plans to employ an extra teller on busy days, inside sources said this week.

“We know this plan sounds wild and crazy, but our research suggests that it has a very good chance of success,” said a source close to the new initiative. “Still, there are no guarantees.”

The bank’s research began many years ago after managers noticed a growing problem.

“The population of the VI was expanding rapidly, and we only had a couple tellers to deal with the increased business,” he said. “On slow days it wasn’t a problem, but on Fridays and month-ends the crowds were out of control. Many banks concluded that there was no solution. But we refused to give up.”

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The planned move is so radical that the bank has asked that it not be identified for now.

“This is a delicate balancing act for us,” the source said. “On the one hand, we worry that everyone will transfer their accounts to us and we’ll have more business than we can handle.”

On the other hand, he added, VI bank lines have been long for so many years that any change might make customers nervous.

“If they walk in and there’s no line, they might panic and withdraw all their money,” he said. “This could create a run on the bank.”

Because of this volatility, the new solution will be phased in very slowly.

“At first, the new teller will only work for 15 minutes a day, an interval that will gradually increase,” he said. “We don’t want customers to notice immediately.”

This phased rollout will also help avoid possible pitfalls.

“Any time you’re trying something new, glitches are to be expected,” he explained. “Especially with an initiative as complex as this one.”

As an example, he cited the computer problems that plagued the recent launch of Obamacare in the United States.

“We’ve tried to prepare for any eventuality with our new teller programme, but you never know what might come up,” he said. “We just want to make sure we’re ready.”

Years of research

While customers are eager to see wait times reduced, the new plan is not without detractors.

A long-time manager at another bank scoffed.

“Long lines are an old problem,” she said. “We’ve all been trying to solve it for years, and someone’s always suggesting some silly gimmick.”

The new plan flies in the face of conventional wisdom in VI banks, he added.

“Currently, we actually limit the number of tellers on busy days in order to discourage customers from coming in then,” he said. “We keep hoping that customers will learn, but unfortunately they are very stubborn. This new initiative will only make customers feel more empowered, which is distressing.”

Senior employees

Indeed, the new plan deliberately opposes such thinking. And it won’t stop with hiring a new teller: The bank also hopes to convince senior employees to help out behind the counter during busy times.

“We realised that instead of checking Facebook and chatting on their cell phones, senior employees could act as tellers, thereby speeding up the process when the lines get long,” the inside source said. “So we’re going to offer them incentives to see if we can motivate them to help out.”

Implementation

The plan is expected to take about five years to fully implement, but once it is in place managers hope customers’ wait time will be dramatically reduced.

“We would like to get everyone through in 15 minutes,” said the inside source. “We know that’s an incredibly lofty goal, but we decided to shoot for the stars and hope that we at least land on the moon.”

Around the world, other financial institutions will be watching.

“We’re intrigued by the new system proposed in this small Caribbean overseas territory,” the Bank of America said in a statement. “If it works, we too may hire another teller.”

Disclaimer: Dateline: Paradise is a column and occasionally contains satirical “news” articles that are entirely fictional.

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