NCB pilots ‘Loan at ABM’ solution
Building on its reputation for innovation, National Commercial Bank Jamaica Limited (NCB) recently launched the pilot of its 'Loan at ABM' solution. It is the first of its kind, not only in Jamaica, but the entire English-speaking Caribbean.
This availability of pre-approved loans at the ABMs (automated banking machines) builds on NCB's 'Bank on the Go' programme, which makes a range of service options available to customers via its intelligent ABMs and kiosks. Customers have benefited from shorter wait times and lower fees by conducting transactions through this channel.
In December of last year, a select group of customers received pre-approved, unsecured loan offers ranging from $50,000 to $500,000, which can be accepted at any NCB ABM, the majority of which are available 24/7. The funds are deposited directly into the accounts associated with the customer's Midas card.
"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," said Nadeen Matthews, the bank's chief digital and marketing officer.
"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 of real value to our customers," Matthews added.
This solution is currently only available to customers who have received a pre-approved offer from NCB. Specially selected customers receive an invitation with an activation code to access their loan amount. The customer is then required to input the code at the ABM to initiate the loan acceptance process.
After receipt of the invitation, the customer is required to read the terms and conditions, head to the closest ABM with activation code and agree to the terms at the ABM.
The service is easy to use and the loan is accessible at any of NCB's 200 ABMs islandwide. There are no forms to fill out, no processing time, no collateral just instant cash.
In addition to 'Loan at ABM', NCB was also first to market with drive-through ABMs, intelligent ABMs and Kiosks, Keycard, SMS-powered mobile money (Quisk), and online account opening.
NCB's digital transformation journey started in earnest with the appointment of Matthews in November 2015.