Idea Bank chases 'Uber of banking' tag with mobile ATM fleet

Idea Bank chases 'Uber of banking' tag with mobile ATM fleet

Poland's Idea Bank is taking a novel approach to the mobile banking phenomenon, with the launch of a fleet of automobiles fitted with ATMs that can be summoned by smartphone.

The bank has outfitted four electric BMW i3 automobiles with built-in cash depository ATMs that can be called upon by small businesses using the IdeaBank Money Collection app.

Entrepreneurs can also make an advance booking by entering the desired time and location of the service delivery and observe the car’s current position on a map.

Research conducted by Idea Bank has shown that one in three business owners use only cash transactions, and the remaining two use both cash and different methods of payment. Eighty percent of the respondents deliver their money to the bank in person, often doing so in the evening hours.

"Entrepreneurs who personally deliver their income to the bank or a stationary CDM waste both their time and money. Our service aims at lifting that weight off their shoulders," says Dominik Fajbusiewicz, Idea Bank board member.

The first vehicle has already hit the streets in Warsaw. Newer shipments will allow Idea Bank’s clients not only to deposit, but also to withdraw their money.

Depending on popularity, the service will be extended to other cities across the country, says Fajbusiewicz.

The project was developed in partnership with iTaxi, which prepared the mobile booking app available for Android and iOS.

In February, the innovative mid-sized lender launched a new bank branch in Warsaw staffed by trained baristas in a bid to entice small business owners away from local coffee shops with the aroma of freshly-brewed beverages, free office work space and bookable conference rooms.

Comments: (6)

A Finextra member
A Finextra member 07 April, 2015, 10:56Be the first to give this comment the thumbs up 0 likes

What would Dick Turpin make of that? Stand and Deliver - there's an app for that!

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 07 April, 2015, 11:25Be the first to give this comment the thumbs up 0 likes

LOL. To play loose with an old aphorism, if the customer won't go to the ATM, the ATM will go to the customer. But hasn't Venmo already claimed the "Uber of Banking" award by employing delivery men to deliver cash to the customer's doorstep?

Douglas Hartung
Douglas Hartung - Diebold - Houston 07 April, 2015, 14:32Be the first to give this comment the thumbs up 0 likes

Well, paying for a driver to deliver the cash from a Venmo P2P transaction seems a bit gimmicky, wouldn't you say?  Not sure there's much margin there to start with...
But this concept from Idea Bank is certainly clever if nothing else, and targeted to an interesting market segment (small business owner too busy to get to the deposit drop).  

A Finextra member
A Finextra member 08 April, 2015, 04:55Be the first to give this comment the thumbs up 0 likes

Please introduce this in a city near to me ...... a whole new spin on Grand Theft Auto

A Finextra member
A Finextra member 08 April, 2015, 08:17Be the first to give this comment the thumbs up 0 likes

Another example of great innovations in Financial Services coming from new comers and its particularly exciting to see these coming from Poland and not just the USA or UK. For years, we have asked the industry to put customer need first in product development and they have shied away from it, opting for more product focus. Now look what happens when you meet a need? What next, I wonder? Its also great publicity for BMW and seems like a win-win all around. Although as a note of caution, I wonder what the level of security is like on the car.......

Prasenjit Das
Prasenjit Das - NIIT Technologies Limited - Noida , India 09 April, 2015, 04:07Be the first to give this comment the thumbs up 0 likes

Seems hype has a new name - ' Innovation' :).

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