By McPherse Thompson, Assistant Financial News EditorNATIONAL COMMERCIAL Bank (NCB) has launched its e-financial services, an extension to its suite of alternative electronic delivery channels that will now allow customers to carry out a range of transactions through the Internet, as well as receive banking information on their mobile telephones.
A centre-piece of the technological upgrading is a new state-of-the-art customer call centre at the Mutual Life Centre, Oxford Road, New Kingston, that has been equipped to seat 100 agents who will deal with customer queries in a more timely manner.
The new services have been designed to increase efficiency, reduce the number of customers normally using the banking halls to carry out transactions, while making it more convenient for clients to conduct business from their offices and homes at any time and from anywhere, according to Herb Phillips, director in charge of transformation at NCB.
PRESS LAUNCH
Speaking at a press launch at the Mutual Life Centre on Wednesday, Mr. Phillips said the US$5 million investment in the new infrastructure to facilitate Internet banking, the customer call centre, an improved telephone banking system and short messaging services, was part of a US$52 million upgrading of NCB's banking platform, which began last year after Michael Lee-Chin, chairman of the Canadian-based AIC, acquired majority stake in the local financial institution.
The services, which include funds transfer, bill payments, transaction history, duplicate statements, stop orders, requests for cheques leaves, standing order payments, among others, will be free until the end of December, this year, after which they will attract unspecified fees.
Asked how much the services would attract thereafter, Mr. Phillips said "we are not ready to tell you the cost the package will attract after December, but the products will be substantially cheaper than the amount customers would normally pay if they walk into the banks."
Mr. Phillips said the new services will be rolled out starting on Monday, July 28, when customers will be able to carry out retail banking transactions such as bill payments, stop payments and fund transfers, as well as credit card transactions, including payment on those cards.
The second phase starts on August 18 when customers will be able to use the electronic channels to conduct business with NCB's subsidiaries, Edward Gayle & Company and NCB Insurance. At that time also, customers will be able to use the new services to carry out other aspects of retail banking, including the issue of manager's cheques and drafts, as well as requests to issue cheque books.
The third and final phase begins on September 8 when customers of another NCB subsidiary, West Indies Trust Company, will be able to use the electronic options to access information or carry out other transactions relating to lease financing, pension funds and mortgages.
Mr. Phillips emphasised that although the services would come with a cost after December, it would still be cheaper to use the electronic options than going into the banking halls to do so.
SERVICES
With the launch of e-financial services, he said what now differentiated NCB was that they were able to deliver services across all lines of business, including corporate and retail banking, investments and brokerage, insurance and pension management; and "we have time-sensitive products that are not just restricted to banking."
In addition to alerting customers about the receipt of remittances, for instance, Mr. Phillips said customers could also request to be alerted through text messaging, voice mail or e-mail about particular activities on their accounts. These include, but are not restricted to interest posted, loan repayment due and maturity/roll over information for certificates of deposit and fixed deposits.
Richard Allen, general manager in charge of training and human resources, admitted that with automation and the paradigm shift in the operation of the bank there would be a reduction in the staff of NCB over time. However, he could not say how many were likely to lose their jobs and the timeframe within which that would occur.
Moreover, rather than looking to reduce staff, he said, they were concentrating on retraining the 2,200 staff to meet the new challenges that accompany the shift in focus, with about 255 trained so far in using the new technologies.
Mr. Phillips said the changes in NCB's conduct of business were being made against the background of changes in the financial services industry. "This has come about as out customers are more discerning and are demanding more of us," he said, in a prepared statement. "No longer are they satisfied with standing in lines waiting to be attended to. They are looking for choices. And NCB is an institution that listens to its customers and responds to their requests."
OPTION
The new services will be powered in the main by the Internet, which gives customers the option of bypassing the traditional way of banking. NCB said this service has some distinct advantages, including convenience, which means customers will be able to use it 24 hours per day from their homes or offices. It was also more efficient, since customers can access and manage all their accounts held with NCB and its subsidiaries at the click of a mouse. And NCB said that using the service will be safe and secure as the customer's personal identification number will guarantee privacy.
NCB said the customer call centre was established because it recognised that they were becoming integral to handling customers' messages as well as companies' responses. Mr. Phillips said that with their interactive voice response service, customers would be cut over to agents within 15 to 20 seconds of making a call.
Customers desirous of using the electronic services will be required to complete an e-financial services form available from the bank's branches.
