Post Bank has launched its newly upgraded Smart Automatic Teller Machines (Smart ATMs) that have in-built capacity to perform nearly any banking transaction.
The launched Smart ATMs are cardless, and provide access to your account and allow you to withdraw cash without the need for a card.
The Smart ATMs also allow customers to make deposits to the Bank.
As the banking sector continues to transform, the trend for contactless payments is gathering pace, accelerated by the COVID-19 pandemic.
The outbreak of COVID-19 which led to total shutdown of the economies worldwide, compelled many sectors to transform, and adopt new and smart ways of conducting business.
Similarly, in the financial sector, many financial institutions adopted new technologies that would allow continuous conduct of business with customers without physically coming to the banking halls.
Use of USSD Codes, mobile banking, use of mobile banking applications were among the strategies adopted in the banking sector.
In an effort to transform the Bank, Post Bank has launched Smart ATMs which allow customers to make transactions without coming to the banking halls.
Speaking at launch of the Smart ATMs in Kampala, the Post Bank Chief Executive Officer, Julius Kakeeto said the launched ATMs allow customers to withdraw money without a card, make deposits among other transactions.
“The ATMs that we have procured are what you call Smart ATMs. They will enable instant deposits and you get the deposits instantly. You get a receipt showing the amount of money you have deposited, and this money goes to your account immediately. They enable cash withdraws. You can make a withdraw without a card. They are cardless, so you don’t have to move with a card,” Kakeeto said.
The newly launched Post Bank Smart ATMs take a daily deposit limit of 30 million shillings.
A total of 60 Smart ATMs have been installed in 52 Post Bank branches across the country, making it the biggest number of Smart ATMs for any Bank in the country today.
The Bank, Kakeeto said will continue with the digital journey by exploring innovations that drive financial inclusion, and reduce the cost of banking.
Before the outbreak of COVID-19, Kakeeto said that 90% of transactions were taking within the banking halls, but this has tremendous reduced due to launch of Smart ATMs, Post App (mobile banking application) and use of USSD Codes.
“Two years ago, when the COVID pandemic hit, we used to have the longest queues in the market. People would spend half a day lining up for services. Over 90% of our transactions were happening in the banking halls. So it was a very challenging period for us. At the same time the bank was undergoing a transition in management,” said Kakeeto.
The new management drafted a plan embark on a digital transformation journey.
The Bank unveiled a number of digital strategies such as Post App to continue serving it’s clients who could not move due to the COVID-19 pandemic lockdown.
“And that journey has brought us to where we are today. And today, only 40% of our transactions are happening in the banking hall. The other 60% are self service. The long queues are gone. You rarely see long queues in the Bank, but it doesn’t mean that the customers are gone, we still have the customers, and we are serving them better. There are so many options now to serve yourself as a customer 24/7 which wasn’t the case before,” Kakeeto said.
All that, he said is aimed at making sure that Post Bank drives financial inclusion, adding that most of the Post Bank services must be digital so that customers don’t have to come to the banking halls, but rather make transactions remotely.
For customers that would love to transact using their mobile phones, Kakeeto said the USSD Code to use is *263* or use Post App.
The Post Bank Executive Director, Andrew Kabeera said that the Bank is on a digitization journey to transform, adding that the Bank’s strategy for 2020 – 2025 is to socially and economically transform lives and livelihoods.
The launched Smart ATMs, Kabeera said are the smartest in Ugandan market.
“We are launching the Smart ATMs, and these ATMs are the smartest in the market. When you look at where we are coming from as a Post Bank, about 2 years back, every 10 transactions, 9 would go to the Till, but right now, only 4 go to the Till. The other 6 either use the App, the ATMs, the USSD Code, and that means a lot to us,” he said.
Kabeera further said Post Bank is continuing to do massive digital transformation, adding that in future, Post Bank branches will be for conversation with customers in addition to digital platforms for communication.
The Minister of State for Finance in charge of general duties, Hon Henry Musasizi while launching the Smart ATMs, applauded Post Bank management for digitally transforming the Bank into a modern financial institution.
“As Government, part of our responsibilities is to ensure economic growth to which financial institutions play a key role as they provide financial services such as capital for businesses which ensure that Ugandans are part of the money economy,” said Minister Musasizi.