NATIONWIDE Microbank (NMB) is using SmartPhone technology to open new accounts as it strives to be the most-innovative bank in Papua New Guinea and the Pacific.
Managing director Tony Westaway said PNG was a unique operating environment with different cultures and its own challenges, therefore, NMB was constantly looking at doing things better.
“An example of our innovation is the use of SmartPhone technology to open new accounts,” he said.
“Our MiCash teams now enter villages, obtain a photo of the new customer and identification documentation.
“These are forwarded to our head office over the Digicel network, and upon receipt a new account is opened within six to seven minutes.
“The customer receives confirmation of account opening by text to their mobile phone.”
Westaway said NMB products would continue to be tailored for ordinary Papua New Guineans, meaning, they needed to be affordable and be able to be delivered at village level using various technologies and delivery channels.
“Certainly we can learn from the developed world, however, one needs to undertake local market research and concept testing before introducing new products and services,” he said.
“We certainly undertook research and concept testing before launching our Mobile Money product MiCash.
“And recently, we have partnered with Pacific Financial Inclusion Program (PFIP) and Women’s World Banking (WWB), to do research in various parts of PNG.
“This research will assist in the further development of micro insurance, and banking products for women”.
Another key advantage of innovation, according to Westaway, was having the ability to move quickly.
“We are fortunate to have a supportive board and development partners,” he said.
“Our relative smaller size as a financial institution has meant that we have the ability to make quick decisions, and coupled with a management team with a ‘can do’ attitude, we can introduce new technology and take product to market perhaps more easy than some larger institutions”.

Source: http://www.thenational.com.pg/?q=node/34579