How a $1,200 bank saved millions in its first five years
By AP Staff WriterAt a time when many banks are struggling, a pioneering savings bank in Australia has saved millions of dollars by using technology to make its transactions more efficient.
Auckland-based Pioneer Savings Bank (PSB) said its new electronic payments system, called “Eligibility,” will allow customers to send and receive more money from one account than the previous account holder.
The company’s chief executive said the new technology is a cost-effective way to boost customer returns and help the bank’s cash flow, as well as help it reach its goal of making up to $1 billion in annual sales.
It also allows PSB to offer a better service and reduce transaction costs for customers.
Pioneer is using a new platform called “Smart Card,” which is powered by machine learning to make payments for every transaction.
A smart card is an electronic device that can accept multiple payments and transfer funds from one person to another.
Preston, Virginia-based PSC Financial is also using a similar platform.PSTB Chief Executive John J. Rolfe said the savings bank is also in talks with Visa to enable it to accept Visa debit cards, which is a popular card payment option.
PSC will start accepting Visa debit card payments at the end of March.PPSB is the only Australian bank to accept MasterCard, which was established in 1999, and Discover, which became established in 2007.
“Eligible” will also make it easier for people to shop for credit card products.
A Pioneer spokesman said it expects the service to be available to more customers at its main branches and to new locations in New Zealand and Australia in the coming months.
PPS, which started in 1998, has been in the financial services industry since 1991.
It now has more than 200 branches around Australia.
The bank says the new platform is the result of two years of research.
In March, it introduced a mobile app that users can use to pay for items on their accounts.
The bank’s mobile app is still in beta testing and is being used by about 40,000 customers, but it is the first to offer online shopping, with more than 2 million transactions.
Pretoria-based PSP, which also has branches in New South Wales and Victoria, also said it is making payments with a new card payment method, using the mobile app.
It is also making it easier to get an automated refund.
Posterior, based in Sydney, also launched its own app in November, offering a card payment solution.
Its new system is being tested by its customers.
PSB said it also has an account with Visa.
The bank said it hopes to introduce more payment options for the company’s customers in the future.
This story has been updated to reflect the fact that Pioneer is the parent company of Pioneer Savings, not the bank.