Barclays unveils paperless banking
Pauline Dikuelo | Thursday May 7, 2015 15:15
Addressing the media yesterday, Barclays Africa’s consumer banking director, Rajal Vaidya said as part of the bank’s initiatives to go paperless, they have introduced remote account opening, paperless banking, cash deposit ATM’s and virtual e-wallet, which allows individuals to send money to anyone anywhere, using their cellphone or through the ATM by a Cash Send platform.
The pilot project, which started last July, has been primed to be successful and the bank has already deployed the services across the country.
“Our clients can now access their accounts, transfer funds, pay bills, order cheque books, transfer funds to other accounts internationally and locally and check their balances from the comfort of their own homes.
“Our remote account opening is very unique as well; all you need to do is call us and we will come to your place either at the office to open accounts for you online, saving you all the energy and time to be on long lines,” he added. Barclays has also introduced a system where their customers will no longer have to fill in the forms when depositing or receiving cash from their bank, rather one will be required to use their Barclay’s card and identity card to do so. Since the beginning of the pilot project, the bank has deployed over 100 new cash deposit ATM’s machines.
Vaidya also added that their Internet Banking has the best security features, making it safe and convenient to use anytime and anywhere as it can be accessed through mobile phones, I-pads, lap tops and computers. “We have also embarked on initiative to change all our ATM cards to Chip’n Pin ones for security purposes because this one contains all features about a customer and I urge all our customers to come to our stores to change them,” he said.
He added that their goal is to be the ‘go to’ bank for their customers, colleagues and all their stakeholders adding that providing these technologies takes them one step further. “We continue to be deliberate in continued investment in this business to ensure our future sustainability. Against this backdrop, there continues to be investment in our operating platforms, digital channels and products intended to improve customer service and the cost to serve,” he added.
Barclays has taken the digitalisation route in a bid to cut costs and boost non-interest rates income in a period characterised by tight liquidity, squeezed interest margins and a freeze on bank charges.
In the year to December 2014, Barclays turned the corner to record a 16 percent rise in profit after tax to P335.9 million. The 16 percent growth rate represented a weighty recovery from the 34 percent and 18 percent profit plunge suffered in 2013 and 2012 respectively.