Bank of the Bahamas Limited is known for its use of innovative technology to deliver cutting edge services to customers. It was the first Bahamian bank to offer comprehensive online banking complete with cheque imaging and the first to clear US deposits using electronic images in compliance with Check 21 procedures. Now BOB is leading the way in innovation once more as the Bank recently become the first to accept non-envelope cash deposits at its BOB Express ATMs.
Apart from being a more environmentally sustainable way of doing business what does this mean for customers? In the past when funds were deposited in envelopes, the funds would sit in the ATM until a bank employee manually extracted the envelopes, counted the funds and then applied them to an account. But in the case of BOB Express ATMs, cash is now inserted directly into the machines without envelopes, automatically counted by the machines and immediately credited to the customer’s account making funds available to cash cheques, pay bills or fulfill other financial obligations.
“The new advanced technology is amazing. It’s fast and efficient. There is no time lag because non-envelope cash deposits are now credited in real time and this means our customers can do a variety of transactions at the ATM that were not previously possible. They don’t have to wait for the bank to open or stand on a line. They can bank whenever it’s convenient for them and enjoy immediate access to their funds. This is our goal: to make it increasingly easier for customers to transact business with us and that is why we have made a substantial investment in our ATMs,” said Ian Thompson, Senior Manager, Marketing & Sales, BOB.
In addition to non-envelope cash deposits customers can now use the BOB Express ATMs to make non-envelope check deposits for which they will receive images of the deposited cheques printed on their receipts. They can save money by loading prepaid cards instantly and even pay their credit cards. All cheque deposits and payments are subject to normal bank procedures and clearing timelines (a three day holding period), however, non-envelope cash payments are immediately credited to accounts or card balances.
The introduction of these exciting new features means BOB customers can now do more types of transactions at the ATM at any time of day or night than they ever could before, spend less time banking and have more time to enjoy their day. BOB Express’ new features are now available at all five Nassau branch ATMs in English, Creole and Braille. These services are not available at off-site ATMs such as LPIA, Arawak Cay and Phil’s Food Services.
With 4,000 Bahamian shareholders and 350 employees across the archipelago, Bank of The Bahamas this year celebrates its 25th anniversary. Known as “the Bank of Solutions,” BOB is a leader in financial services with 13 branches in seven islands and a long history of firsts in the local Banking Industry. BOB has received the Euromoney Award for Excellence in Banking four times and was named Best Bank in the Country three times by The Banker, part of the Financial Times Group.
Source: Bank of The Bahamas
Caption: BOB Express ATMs now allow customers to do more transactions than ever before. (BOB Photo)
