Commonwealth Bank of Australia has released PayLite, a compact version of its eftpos terminal specifically designed for smaller businesses that process fewer transactions.
The bank says PayLite is aimed at merchants that do not require all the extras found on traditional eftpos terminals. In addition, the terminal's low rental cost will also help smaller merchants currently using paper-based systems to upgrade to electronic processing.
Peter Roeleven, general manager, merchant acquiring, working capital services at the bank, says: "Additional benefits of PayLite are its operation, ease of use, a sleek, modern design encompassing an integrated printer and modem, as well as a small footprint taking up minimal counter space."
Separately, Commonwealth Bank has launched a three year programme aimed at reducing customer response times by 20-50%. Under the initiative, the bank will increase staff training, modernise branches and replace existing ATMs with more functional machines.
David Murray, Commonwealth Bank CEO, says: "Branch managers will spend up to 80% of their time with customers as part of redefining our 1000 branches to become true service and advice centres."
The bank will redirect its usual project spend of $600 million and outlay an additional $620 million for staff training, systems and process simplification, and technology. It will also invest a further $260 million over this three year period in re-vamping its branch network.
As a consequence, the bank will cut 3700 jobs between July 2003 and June 2006, mostly in processing, administration and head office related functions. The bank says around 25% of this reduction has already happened.