Cairo Amman Bank delivers instant loans service at the ATM
12 June 2006 | 6662 views | 0
Jordan-based Cairo Amman Bank (CAB) has teamed with Dublin-based retail banking technology vendor CR2 to provide customers with an 'instant loan' facility at its ATMs.
CR2 says CAB has implemented its BankWorld ITM (Intelligent Teller Machine) technology, which enables banks to extend ATM services. The product is based on CR2's Flexible Transaction Engine which enables banks to tailor the ATM screen and present specific marketing messages, product sets and information based on the customer profile.
CAB is using the system to offer its customers pre-approved personal loans at the ATM. Pre-approved customers are able to choose the required amount as well as the repayment period. Once the loan has been accepted by the customer, the cash can be withdrawn from the ATM immediately.
Omar Yacoub, CIO, CAB, says a quarter of all loans are now sold through the ATM network.
"Customers can now obtain loans 24x7. The significantly reduced cost of loan processing via the ATM has also enabled us to reduce the minimum value of the loan we can offer, further driving demand for the product," says Yacoub.
CAB has been a CR2 customer since 2004 and uses the vendor's multi-channel banking package, BankWorld.