Standard Bank Malawi introduces cash deposit-machine: Total digital banking experience, no teller service

Standard Bank Plc, which in 2017 invested into a digital banking transformation journey, says it is on course to give customers a world-class banking experience as it  introduce of Cash Deposit Machine.

Bank official demonstrates how the machine works
Customers during the launch

Announcing the launch of service, the Bank’s Head of Channels Effie Malange said the launch of cash-deposit Machines is in line with the bank’s continued improvements in digital banking capabilities in response to increasing customer preferences.

“Provision of innovative solutions has become the new world order in banking. In recent years, Standard Bank has been tuning up its technology-based services with a view to providing convenience for customers. Introduction of cash deposit machine is one of the innovations that the bank is bringing in 2018 as we seek to take over the digital banking space and move our customers forward,” said Malange.

Malange said the new service is available at Lilongwe branch of the bank in Malawi soon it will be rolled out across all its key branches countrywide.

“With cash deposit machines our customers will now be able to deposit cash into any Standard Bank account. The service allows the customer to deposit into their account and other customers’ accounts .The service is easy, fast and secured. We strongly believe that with the introduction of the cash deposit machine service, we will shorten customer queueing time while at the same time providing an alternative deposit channel for our customers,” she said.

She added that the introduction of Cash Deposit Machine is one of the innovations that the bank is bringing in 2018 as it seeks to take over the digital banking space and move our customers forward,

“We will continue with careful planning and continuous improvement of our digital banking platform with the objective of giving our customers peace of mind, security and flexibility–the same leverage enjoyed by all our customers globally,” said the Head of Channels.

With cash deposit machines customers will be able to deposit cash into any Standard Bank account. The machine allows the customer to deposit into their account and other accounts.

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QueenB
QueenB
2 years ago

Even though zabwera mochedwa but this is a good development considering the long lines at the banks. Kudos to Standard Bank. Hope the rest of the banks will follow suit.

DR MANGA
2 years ago

Ife ma Bank teller ntchito Ilipo apa ??????

John Smith
2 years ago

Very good initiative and yes we need such kind of technology to compete for the rivals. Everything should be digitised soon. Keep up the great work.

Yahya Yahya Jammeh
2 years ago

Rubbish, you should allow international transfers online. You keep on the old -fashioned way of making transfers at the desk because you are interested in bank charges while on-line transfers are free. Kenya phased out cash transfers at the desk and villagers are able to make transfers through mobile money system and why are you lagging behind? Kenya is always a model when it come banking in Africa.

Cognitive Dissonace Theory
Cognitive Dissonace Theory
2 years ago

Don’t just say rubbish, things move in phases. Even in Developing countries you still can transfer money at the bank although you can also do online. There is a ATM machine at Bank in Zomba where one can make a deposit. It has been there for 2 years now. I have never seen people using it, people still prefer to get inside and make a deposit a the desk, there is a service for self cheque deposit, you still see people queuing to make a deposit. Technophobia is a problem.

Mtondoli Jonazi
2 years ago

I would think they don’t do it because international transfers needs some form of regulation by the Reserve Bank. They basically need to monitor amounts going out of the country as any Jim, Jack or Joe would exploit the system (money laundering). Even in a country like South Africa here one still needs to visit a bank branch or an authorised agent with a whole load of documents to send R150.00 across the boarder if you decide to use the official channels (as opposed to sending someone’s uncle). I remember Western Union was closed in the early 2000’s here because… Read more »

Wiseman
Wiseman
2 years ago

Online transfers are free? Make a research again

Make Malawi Great
Make Malawi Great
2 years ago

long at last! right bank to start ur qz are are torture to customers.

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