Stanbic Mobycash: It’s all about timeliness

In an era where time, functionality and the imagination are fast becoming integral forces of business successes, useful technology is probably the most important enabler for change at most companies.

More necessary than ever, banks are placing a great deal of emphasis on digitizing core business processes and practices. With a deep understanding and leveraging of new technologies, these banks are constantly innovating and developing solutions that make use of data to meet customer demands.

These innovations are often disruptive and of high relevance to the times and the customer. One of such innovative business solutions is Stanbic Bank Ghana’s ‘MobyCash’.

MobyCash is a market leading solution that does not only serve the interest of the client or customer but also the bank as well in different ways. It makes it easy for SMEs and big corporates to transfer bulk cash from their premises to the bank at the close of business every day.

Through a mobile cash deposit application, clients are provided with a secure on-location cash management system that has transactions reflected instantly. Simply said, the system is used for capturing and transmitting financial transactions together with corresponding deposit slips and real-time notifications to customers. This eliminates that need to wait for hours, before accessing and transacting with the deposited cash, as funds are instantly credited to the client’s account.

In many ways, ‘MobyCash’, is a market disruption that solves a lot of bulk cash deposit problems. The flexibility of the solution represents the resolution of very pressing challenges for banks and enhances user experiences for large corporate entities and SMEs. 

For large corporates, the need for real time value for on-site cash collections is a daily reality. Relative to SMEs, the app serves their need in market locations through a secure mobile POS application that is linked to the bank thereby providing instant value for working capital. To get this done, agents of the bank in the market provide the SMEs a solution to securely deposits their cash without moving from the workplaces.

Prior to the deployment of ‘MobyCash’, customers would only have the value of cash deposited into their accounts after cash pick vans had returned to the bank’s cash processing centre where they are checked and validated before posting is made to the customer’s account. The delays on receiving the value of cash picks have huge implications on working capital management as customers would have to wait till the end of the day to receive value to complete other payments required to keep the business going.

From the bank’s perspective, the ‘MobyCash’ solution provides a clear process for adequate monitoring and real-time tracking of remote cash pick up. It also offers real time agency banking at the bank’s agents’ locations. The bank is further spared the cost spending endless man hours on counting and depositing money in the vault.

This is an innovation that brings convenience, ease and efficiency to the banking sector especially in the specific area of bulk cash deposits.

No wonder that the Global Finance magazine, as part of its top innovators publication for 2019, recognized the ‘MobyCash’ as the most innovative digital product in the Cash Management sector.