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Central Pacific Bank to Invest $40 Million in Facilities and Technology

July 24, 2019

Central Pacific Bank to Invest $40 Million in Facilities and Technology

Honolulu, Hawaii [July 24, 2019] - Central Pacific Bank (CPB) today announced plans to invest $40 million to upgrade its downtown headquarters, main branch and other branch spaces, digital banking platforms and ATM network to enhance customer convenience and access to its banking services. In the scope of this project called RISE2020, the bank will convert its flagship Main Branch in downtown Honolulu into a multi-functional facility to include a community lanai and co-working spaces.

“Central Pacific Bank is committed to being continually relevant to our customers and community,” said Paul Yonamine, chairman & CEO of Central Pacific Financial Corp, parent company of Central Pacific Bank. “In the financial services industry, technology and customer preferences are rapidly changing, and we are making the necessary investments to take even better care of our customers. That means providing an exceptional branch experience at our downtown flagship and neighborhood branches, and offering more advanced digital banking services.”

Changes at Main Branch & Central Pacific Plaza

CPB will construct an indoor-outdoor lanai at its Main Branch on the corner of South King and Alakea streets that will serve as a community space with outdoor seating and retail space.

“Our vision is for ‘The CPB Lanai’ to be a bright spot and vibrant gathering place in the downtown community where the public, our customers and employees can connect and share ideas and experiences,” said Catherine Ngo, president and CEO of Central Pacific Bank.

In a section of the Main Branch, the bank will build flexible co-working spaces that will be made available for use by small business customers and non-profit organizations.

“We want to provide the co-working space at our Main Branch as a benefit to our community and customers, particularly as meeting spaces in Honolulu are at a premium,” said Ngo.

In another section of the Main Branch, the bank will construct a prototype branch model, called the “CPB Lab,” that will feature and test advanced banking technologies, customer flows and flexible space configurations. This model will serve as a platform to continually improve customer service at CPB’s branches and through its digital network.

“As the relationship between branch spaces and new banking technologies continues to evolve, the CPB Lab will allow us to take a studied yet nimble approach to enhancing customer experience in our branches,” said Yonamine. “We recognize that customers have different levels of experience with technology, and we are committed to helping everyone — from the experienced to novice user — comfortably and confidently use these channels, along with our branches, to do their banking.”

Central Pacific Bank anticipates opening the CPB Lab in early 2020 and completing construction of the full Main Branch, with co-working spaces and indoor-outdoor lanai in early 2021.   

Enhancing Customers’ Digital Experience

CPB plans to upgrade its customers’ digital experience by building state-of-the-art online and mobile banking platforms that will improve digital banking functions and user friendliness. These applications will also include financial management and educational tools to help customers gain greater understanding and confidence in managing their finances.

Additionally, the bank will replace its current ATM network with new ATMs that feature advanced functionality.

CPB will also redesign its website to enhance user experience and content relevancy under a new domain name, “cpb.bank”. The “.bank” domain will provide customers with even greater security and protection for online banking transactions and communications. Only verified banks can register a “.bank” domain, which has a higher level of security than other commercially available domains, such as “.com” or “.net” that almost anyone can obtain.  Changes to the website will start appearing in late 2019. For now, more information on RISE2020 can be found at cpb.bank (this link will be active on July 25, 2019 at 7:00 AM HST).

“We are excited about these changes that will allow us to create an even better bank for our customers, our employees and our community,” said Yonamine. “Our commitment to change will allow us to further our mission of making a positive difference in people’s lives – beyond banking.”

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