Standard chartered bank, one of the country’s top-tier lenders, has upgraded its Automated Teller Machines (ATM) to allow its customers to withdraw cash without using their cards and transfer funds directly to third parties.
This new function has been introduced on the bank’s mobile banking application following a successful piloting phase and the upgrading of its ATM network. This will enable customers to withdraw cash themselves at the ATMs using the mobile application.
This is the process of using the card-less technology to withdraw funds. To access cash, a customer will be required to generate a voucher number via the StanChart mobile banking App, which will then be inputted into the ATM to authorize the withdrawal.
On the other hand, a customer will also be able to generate a voucher to a third party who can then withdraw the cash from any Standard Chartered Bank ATM.
When the client generates a voucher number, the number is valid for only 2 hours. If the Voucher number is not utilized within the two hours, the transaction is reversed and the amount credited back to the client account. The card-less service will attract the same charges as the current ATM Debit card withdrawal charges in Kenya.
The upgrade of its ATM network, which cost over Ksh200 million saw the bank change its machines into advanced cash deposit machines (CDMs). The move is part of the bank’s business model, which is referred to as ‘Digital by Design’. The business model, which the bank first rolled out in 2016 aims at harnessing technology so as to enhance the customers’ banking experience as well as improving cost efficiency.
Through the model, Standard Chartered Bank looks to invest more than 151.4 million to revamp its technology globally over the next three years. Additionally, by the end of 2020, the bank wants to ensure that 80% of its transactions migrate to non-branch channels.