Wednesday, October 4, 2023

FNBB, Barclays turn ATMs into ‘virtual tellers’

Two rival commercial banks, also the country’s leading banks, First National Bank Botswana (FNBB) and Barclays Bank Botswana have announced a first to the market initiative that would see Auto Teller Machines (ATMs) accepting cash deposits. The Botswana Stock Exchange (BSE) quoted banks this past week unveiled plans to deploy more innovative cash-accepting automated teller machines (ATMs), a move that could radically change both the role of the teller inside the branch and the way banks are accessed by clients.

Known as ADTs in other markets, the highly innovative ATMs scan cash deposits and allows for the cash to be credited to the holder’s account immediately. Market observers said on Friday that by installing this technology, the banking industry is extending its services beyond branch operating hours and giving tellers a chance to focus on aspects of banking other than accepting deposits and dispensing cash.

To that effect, First National Bank Botswana has already launched their first set which was introduced on Wednesday at its head office, First Place located at the Central Business District (CBD) in Gaborone. According to executives at FNBB, the new ATM Advance with real time cash deposits will be available for 24 hours in order to afford customers banking convenience.

Director of Marketing and Communications, Bomolemo Selaledi said, “The deployment of the ATM Advance was a defining moment in the local banking industry, a service which we as FNBB are proud to offer our customers. We will continue looking for new ways to make banking an efficient and pleasurable experience for our customers.”

The Real-Time cash deposits functionality means that once a customer makes a deposit, the funds are then readily available and can be used for other services, including buying electricity and paying for one’s water bill. The introduction of the service in the domestic banking industry means that customers can now deposit cash without having to queue at their branch.

The ATM Advance service is available outside the normal banking hours, therefore, businesses such as small businesses can now deposit their day’s takings without having to be concerned about banking hours.

“We continue to focus on customer education and migration to electronic channels, in line with the Bank’s ‘Bricks to Clicks’ strategy. We see this as a critical strategy for our customers as it affords them access, convenience and efficiencies in banking” said National Head of ATMs, Abo Kgwarae.

Similarly Barclays Bank Botswana, a close rival of FNBB is expected to launch a similar product tomorrow (Monday) at its Airport Junction mall. The two banks continue to dominate the banking industry in the country.


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