BANKS should integrate new technologies to reduce the high cost of doing business, experts have advised.
Mathias Katamba, the Finance Trust chief executive officer, said this was important, especially as banks strive to bring the unbanked population on board. Technologies common in the banking industry include automated teller machines (ATMs), biometrics-based systems, Internet banking and mobile telephone money transfer services.
The banker said integrating technology in banking makes it possible for machines to perform duties that would have been done by humans, thus saving time and money.
â€œModern technology, for example, ATMs or networking bank branches, relieves the public of the burden of moving long distances with hard cash. This is risky, expensive and time consuming,â€ Katamba explained during the opening of the institutionâ€™s newly-introduced ATM service, TrustCash.
â€œToday marks a milestone in the growth of micro-finance in Uganda as we are the first home-grown micro-deposit taking institution to launch an ATM network,â€ he said.
Lydia Ocheng, the institutionâ€™s board member said that customers will conveniently transact deposits and withdrawals because the launched ATM service is already connected to the Bankom switch network, making it possible for Finance Trust customers to access services accross other banksâ€™ ATMs.
Banks advised to embrace technology