Intelligent ATM's

Forex bureaus face competition from ‘intelligent’ ATMs Written by Okuttah Mark March 9, 2009:

The roll out of new automated teller machines (ATMs) that can enable individuals to change foreign currency, deposit cash and checks will not only change how people transact business, but also poses a threat to forex bureaus.

The new development comes as some banks roll out mobile and Internet-based banking in a bid to cut costs, increase efficiency and reach a wider audience.

The first of its kind to be installed in Kenya, the new “intelligent” ATMs unlike those currently used, will enable users, both those with the bank accounts or without, to deposit cash or checks without having to put them in envelopes.

“Depositing cash through the ATMs while wrapped in envelopes requires that at least two tellers must be present to confirm the amount, while the client who deposits it after working hours must wait up to 11 a.m the following day before it reflects in his or her account,” said Wilson Kigwa, the marketing manager at NCR, an American company that provides technology solutions to financial institutions.

However with the new ATMs, the cash deposited is reflected in the account within minutes, thereby giving the client ability to withdraw the cash or part of it just immediately when need arises.

Business Daily, Nairobi