Goals and Objectives
The customers travelled all the way to the cash counter to make advance payment for services. The cash would then be deposited in the bank account on the following day. The only other option available was online payment through credit card. This led to the following issues:
- Customers travelling to make payments (Spending one hour each way plus one hour in the queue)
- A large amount of cash being handled by the cashier thus the risk of theft or cash misappropriation.
- High credit card charges by the banks leading to high cost.
I thought of a solution for this so that :
- Customers have the flexibility to make payment at the comfort of their home or office without travelling to the cash counter;
- We do not handle cheques or cash at the counter;
- Customers have more options with the online facility.
I came up with the idea that customers make:
- Cash deposit at the ATM or bank teller;
- Cheque deposit at the ATM or bank teller;
- Wire transfer.
The customers can then log in to our online services, complete the details and attach a copy of the deposit slip. This will then be credited to the customer’s account by my team once payment is received in our bank account.
Project Team members
I Led the project with the help of my team members, IT department and commercial department (For communication with the customers).
The project was meant to make life easier for customers and mitigate the risk of cash theft or misappropriation. The scope was to create expanded online services for the customers so that the customers can save time and energy. We also had to have discussions with our bank to provide us with a customized report which could be automatically reconciled with our bank statement again to save time.
Getting a customized report from the bank was a time consuming as banks do not usually provide such customized reports.
- I led the process of negotiating with the bank to ensure that the project went smoothly;
- Facilitated training and awareness among the customers.
The project was completed by 1st June 2016 and customers adopted the new facilities in Phases. By January 2017, over 2000 customers used the facility. Customers make cash or cheque payments amounting to USD 150 million annually. Thus the risk of cash loss has been significantly reduced. Furthermore, the payment by credit card significantly decreased and hence credit card charges went down by an average of USD 150 thousand.
Lessons I learned
The project had an impact on the customers and helped me improve my customer service skills. It helped me to understand the customer's needs and requirements.
Also, the project helped on to understand the operations of the banks and the various reports the banks can provide and how to maintain relationships with the banking personnel.