March 28, 2011 – First National Bank (FNB) recently announced its latest innovation – a Cash Withdrawal solution using Cellphone Banking. A first in South Africa, Cash Withdrawal will allow FNB Cellphone Banking customers to withdraw cash directly from their FNB transactional account at an FNB ATM without the use of any bank cards.
CEO of FNB Cellphone Banking Solutions, Ravesh Ramlakan says: „The increasing number of South Africans choosing to bank via their cellphones is evidence of the channels ease of use, safety and convenience. When FNB developed Cellphone Banking in 2005 it was with our customers in mind and wanting to provide them with 24 hour access to their banking. In developing Cash Withdrawal it was with the intention of providing our customers with 24 hour access to their cash – even without the use of a bank card”.
Ramlakan explains that, cash withdrawal using FNB Cellphone Banking will work similar to a bank card, except that customers will no longer need to use their bank cards to withdraw cash. To withdraw cash using Cellphone Banking, customers need to log onto Cellphone Banking and select the banking option. Customers must then select Withdraw Cash, then the account, from which they want to withdraw cash i.e. cheque account, savings account, etc.
Once they have completed the transaction, the customer will receive an sms with a temporary ATM PIN to use at the ATM. „For security reasons the temporary ATM Pin has to be used within 30 minutes of receipt and can only be used once,” notes Ramlakan.
Ramlakan says, „Technology has enabled us to respond quickly and proactively to our customers’ needs by coming up with solutions that will help them go about their business. We’ve monitored customer behaviour and have found that they often have to enter a branch to get cash because they’ve left their bank cards at home. Now, when you forget your purse or wallet at home, or just quickly need cash for life’s little emergencies, you can simply use your cellphone.”
Source: First National Bank (FNB)
Banking 4.0 – „how was the experience for you”
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Many more interesting quotes in the video below:
