BSP to introduce Deposit ATMs
BSP Deposit ATM
We’ve all been to the banks and know how frustrating it is to wait in the queue for a simple cash deposit. Well that could soon be a thing of the past if the country’s largest commercial bank goes ahead with its plan to install automatic teller machines that accept deposits.
At the Bank South Pacific (BSP) e-Business Expo 2017 today, the bank showcased an ATM that will accept cash deposit and update accounts automatically.
According to BSP staff at the expo, the ATM will be trialed out at four branches in the city before a final decision will be made to expand. They plan to have them installed by the end of this quarter.
The Deposit ATM
- At the moment, deposits will be made in cash only. However, options to allow cheque deposits may be enabled in the future.
- Authentication will only be allowed using a BSP Kundu card. So those, like me who only use VISA debit card, will have to apply for another Kundu card.
- Only 4 branches. The ATM will be trialled at 4 branches in Port Moresby and depending on the success will be rolled out to other centres.
- Unreadable cash will be rejected. If you deposit cash that it either torn, faded, broken, etc., the machine might not be able to read it and will reject it.
Unanswered Questions
There are a few questions that slipped my mind during the expo. They are:
- Deposit fees. Are they going to be charged when using this machine? And if yes, how much?
- Can I do withdrawals on the same machine? It would be interesting to know if the machine will allow withdrawals.
- Minimum and maximum. What are the minimum and maximum amounts allowed on this machine?
My Opinion: Future Implications
The introduction of this ATM could make tellers redundant, and that may mean people becoming unemployed. It could also mean a more efficient bank system. However, it will also remove the human element making the experience unemotional.
Although waiting in queue for hours can be frustrating, I find the human element in bank more satisfying experience especially with the knowledge that there is someone who can help me if there is a problem. The same cannot be said about a machine.
That is my point of view, but I’m sure the introduction of the machines will alleviate the stress on human tellers and cuts short the long queues.
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