Eurasian Bank, an Almaty, Kazakhstan-based ninth largest lender in Kazakhstan, as per recent reports, has chosen Fiserv, a Brookfield, Wisconsin-based fintech firm, to streamline and automate the bank’s cash management processes.
As per reports, the Kazakhstan-based bank will be implementing Fiserv technology into a range of cash and logistics solutions, enabling the bank with an online web-based cash supply chain management solution, along with a real-time view at the bank’s cash needs, allowing them to centralize their currency management process, “rather than needing to piece together multiple sets of information”. This will enable the staff to look into and accurately forecast cash needs across its multiple ATMs and branch locations, based on customer demand.
“Kazakhstan has a cash-based economy, and our customers have to be able to reliably access cash in order to conduct their daily lives,” states Natalia Iliyashenko, head of operations, Eurasian Bank. “With Fiserv, we will be able to gain a better view of where cash is across our entire network, so we can make sure money is available when and where our customers need it.”
“Access to cash is a defining component of banking convenience for Eurasian Bank customers,” states Lee Cameron, managing director, EMEA, Fiserv.
Continuing, Iliyashenko says, “Being able to optimize cash levels at our branches and self-service devices allows us to reduce our overall operating expenses.”
An idle sitting cash in a bank or in a self-service device, like an ATM, is a costly affair for financial institutions, as that money ain’t serving its purpose, such as funding a loan to an eligible consumer.