In a trailblazing move, United Commercial Bank (UCB), a leading first generation private commercial bank has progressed fast to replace the traditional automated teller machines (ATMs) with cash recycler machines (CRM) that also allow cash to be credited in real time.
A CRM accepts cash, counts the notes, authenticates them and credits the amount to the bank account in real time.
Unlike an ATM that just allows cash withdrawal, a CRM accepts cash, counts the notes, authenticates them and credits the amount to the bank account in real time, reducing the manual labour for the service for banks.
So far, UCB has installed 115 CRMs.
"We like to raise the total number of CRMs to 300 by the end of this calendar year (2019)," a senior official of UCB told the FE recently.
Retailers are being benefitted from the new technology as they can deposit their daily sales earnings with the CRMs.
"Their money remains safe, cocooned in the CRMs."
The service remains open round-the-clock and there is no additional charge for using the facility, UCB officials said.
UCB is the first to install the CRM in Bangladesh. The bank set up its first CRM in January of 2017 near the land registry office at Rupganj of Narayanganj under a pilot project.
The bank's customers adopted the new technology within a short time and that encouraged banks to go for CRM roll-out on a large scale, said the UCBL official.
Under the CRM services, customers can deposit cash, withdraw the money, transfer the fund, pay the utility bills and apply for loan facilities.
"We feel proud that we are the first bank in Bangladesh to launch such a tech-savvy product, marking a new era in country's financial digitisation process," N Mustafa Tarek, deputy managing director of UCB told this correspondent.
Apart from CRM, UCB offers a unique array of digital banking services like Ucash, Upay, debit and credit cards, Unet and agent banking, making the banking services more secure, technology-driven and consumer-friendly.
Under Ucash, clients can get the digital services like cash-in, cash-out, merchant payment, utility payment, payment of settlement fee of traffic police cases, disbursement of government project fund etc.
On the other hand, Upay offers digital payment service through mobile phones round the clock at any places with the adoption of latest mode of blockchain technology and QR code, which makes the service prompt and safe.
Both debit and credit cards of UCB has made the transaction cash-less. Clients can avail the opportunity of UCB credit card, inscribed with Visa or Mastercard logo around the globe to pay the bills on account of hotel, restaurant and merchant outlet.
"Even the customers can buy electronic or furniture products or tour package through UCB credit cards without bearing any interest charge," the UCB official mentioned. There are three categories of UCB credit cards namely Visa and Mastercard Classic, Gold and Platinum.
Unet is another segment of UCB's digital banking portfolio which allows a customer to do banking transaction through mobile app or browsing the website of Unet. This segment is safe with operation of a particular user ID, pass word and one time pass word. It allows fund transfer, bill payment of credit cards, mobile top-up, utility bill payment and tuition fee payment.
In another service, UCB has widened the financial inclusion through operating 80 agent banking outlets across the country. A large number of people are being benefitted through this agent banking services, offered by the UCB. Mass people living in remote rural areas are receiving banking services from the agent banking outlets.
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