NCB introduces loans via ABM
The National Commercial Bank (NCB) as part of efforts to transform the banking experience of its customers has introduced loan services at its Automated Banking Machines (ABMs).
The Bank piloted its ‘Loan at ABM’ solution last December which saw a select number of pre-approved customers receiving loan offers ranging from $50,000 to $500,000 at the ABMs through direct deposits on accounts associated with their Midas cards.
According to the Bank, the new solution is not only a first in Jamaica, but is also the first in the English-speaking Caribbean.
"This availability of pre-approved loans at the ABM builds on NCB’s ‘Bank on the Go’ programme which makes a range of service options available to customers via the intelligent ABMs and Kiosks. Customers have benefitted from shorter wait times and lower fees by conducting transactions through this channel," NCB stated.
Under the new programme, loan customers will receive an invitation with a unique six-digit code to access their loan amount via an e-mail from the bank. The bank noted that customers are then required to input the code at the ABM to initiate the loan acceptance process.
After receipt of the invitation from the customer, the bank will then follow with an e-mail advising the customer of the terms and conditions of the loan agreement. Using the activation code, the customer then accepts/agrees to the terms at the ABM and at that point will receive the cash. NCB now allows customers to withdraw up to $100,000 from the ABMs daily and can also conduct point of sale transactions via their debit cards.
"Our ‘Loan at ABM’ solution continues our journey to significantly transform the banking experience for our customers. We want to allow our customers to bank anytime and anywhere. We also want that experience to be hassle-free, friendly, intuitive and secure," Chief Digital and Marketing Officer, Nadeen Matthews said.
"There is no paperwork, processing time or waiting in line associated with this solution. While we are excited to be first to market with this solution, we are more excited about introducing a solution that will be a real value added for our customers," she continued.
The bank noted that in addition to the service being customer friendly, the loan is accessible at any of over 200 NCB ABMs islandwide. No collateral is needed.
"In a matter of minutes, customers will be able to accept the terms of the loan from any NCB ABM, and receive instant disbursement of cash into their account," NCB said.
In addition to ‘Loan at ABM’, NCB also introduced drive-through ABMs, intelligent ABMs and Kiosks, KeyCard, SMS-powered mobile money (Quisk), and Online Account Opening in responding to the demands of its customers.