Magic Cash is here

Today, the way we pay for everything is changing, with more digital transactions than ever before. I have always spoken about how digital is changing everything we knew about banking earlier. My father once shared his story behind the very idea of “Diamond Bank.”

He grew up in the remote villages of the east of Nigeria and noticed that traders risked a lot while carrying cash to the city for business dealings. It was his dream to provide safer cash transactions for his people. Diamond Bank pioneered electronic transfers in Nigeria. The initial experience of Electronic transfers was no less than any magic for those villagers who were ambushed and robbed by burglars on their way to the city.

Similarly, I believe moving from paper-based to paperless transactions can have a transformative effect on our country. Of course, convenience is the very basis for consumers when talking about cashless transactions. No longer do they need to seek out a bank branch or ATM before going shopping. In fact, mobile payment applications have made it possible to complete a purchase without even having a credit card on hand. Also, paying with a card or smartphone comes with the convenience of having an electronic record of the transaction.

Therefore, after the technological breakthroughs like – Mobile apps with touch ID feature, cashless services we have now introduced ‘Magic Cash’. It is an example of continuous and steady efforts to ease cumbersome transactions for the customers. The bank has taken up this initiative to expand its services from convenient banking to customer-centric level. This approach focuses on taking a closer look on not only the likes and dislikes but also the fears and safety of the customers.

Magic Cash works with the mobile phone; it is a no-cheque, no-withdrawal slip and no debit card financial transaction that gives customers an easy access for drawing cash from any of the bank’s ATMs anytime. It relieves customers the burden and frustration associated with the sudden loss or misplacement of the debit card and gives seamless access to their respective accounts to pay bills, make withdrawals and transfers.

In the last few years, I have noticed a remarkable change in the pace of development of innovative ideas. Gone are the days when customers had to wait for years to experience something new in the product they are using. Corporate and banking sectors are using a proactive approach to achieve customer satisfaction. The whole process – right from the inception of an idea to acquiring the feedback from customers to launch a new product is being very instantaneous and technology driven.

When ATMs came into being, they served the purpose of withdrawing cash with fewer efforts. Withdrawing money without a cheque, bank slip or card is the updated version of the same service which claims to fill the pockets with just a card swipe. To decipher customers’ daily life complications is a challenging task, but an effective strategy with customer-focused solutions comes into play to get down to the crude level of ‘possibility’ of a problem (to take place). For instance, Magic Cash service is quite an accommodating service which reduces the probability of a customer getting affected by the event of reaching at the ATM without a ‘Debit Card’. It’s a convenient service which without compromising its large scale purpose, serves the goal of protecting the individual interest.

We are a Bank where a holistic strategy is employed to give the customers a memorable experience at the time of crisis of all sorts. However, there is still a large population that is not only sceptical of the safety accorded by online transactions system but is also not comfortable in operating the seemingly easy payment platforms. It is this untapped market for which Diamond Bank is on a constant look out for to introduce them with new, innovative and simpler products.