Working to redeem the -0.05 per cent drop, generate more income on e-banking transactions, and also to stay relevant in the increasing preference for online banking, FirstBank has launched a Next-Generation Automated Teller Machine (ATMs), the first of its kind in Africa that dispenses without touching the machine.
Covid-19 pandemic has changed the mode of transacting business worldwide and the deployment of FirstBank’s FastTrack ATMs in partnership with Inlaks that allows customers to carry out cash withdrawals without having to touch the interface of the ATM is another of such initiatives to promote financial activities.
The bank’s earnings from the e-banking option dropped by -0.05 per cent in the nine months of 2020 and the new initiative could redeem the drop and improve its income. FirstBank generated N34.41 billion income from e-banking between January and September, lower than the N34.42 billion generated in the same period of 2019.
The FastTrack ATM is widely referred to as Touchless Solution that allows the customer to carry out the transaction by using his or her mobile phone to perform the needed steps designed originally for implementation on the ATM. By using one’s phone, the transaction is carried out – in advance – through the Bank’s USSD or mobile banking option. Upon the schedule, the customer visits the FastTrack ATM to complete the transaction by tapping a contactless Near Field Communication (NFC) card on the ATM to withdraw his or her cash.
FirstBank customers can now leverage the real-time mobile banking capabilities of their cellphone to activate cash withdrawals at the FastTrack ATM. The ATM solution is the Bank’s response to control the spread of COVID-19, whilst promoting the safety of customers that carry out transactions at the ATM.
Speaking on the launch, the CEO, Adesola Adeduntan, said ‘at FirstBank, we are driven to provide seamless financial solutions to ensure our customers are able to timely carry out their transactions in safe, secured and efficient ways, thereby putting them ahead in digital banking, not just in Nigeria but Africa. We are delighted to set the pace regarding the use of the Next Generation ATM in Africa which enables customers to use their mobile phones to remotely initiate ATM-based cash withdrawals via our *894# USSD banking or FirstMobile application. At the core of our strategy lies innovation which is critical to adapting to the new normal’.
Equally, Olufemi Adeoti, Managing Director, Inlaks, “given that consumers are more adaptable to mobile technology, Inlaks, together with Hyosung ATM OEM are partnering with FirstBank to introduce the first fully compliant COVID-19 FinTech ATM. This is in alignment with the ‘new normal’ desired customer experience which includes digitalization and delivering secure contactless cash access to the bank’s FirstMobile customers for better user experience, simplicity, speed and convenience’’
In recognition of its giant strides at promoting electronic banking in the country, FirstBank’s mobile banking application – FirstMobile – was recently awarded the Best Mobile Banking App award 2020 in the Global Finance Best Digital Bank Awards 2020 as well as 2019 Best Mobile Banking App by Global Business Outlook.
FirstBank has been at the forefront of promoting electronic banking solution in Nigeria. In 2017, the Bank was recognized as the first financial institution in Nigeria and the West-Africa sub-region to issue 10 million ATM cards to customers across the country. The bank was the second in Africa to achieve the milestone.
These feats are achieved through the trusts in its industry-leading innovative banking solutions by over 10 million customers on its USSD *894# banking platform and over 4.1 million customers on its FirstMobile banking application, endearing the Bank to process about 30% of card transactions in the entire banking industry in the country.
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