Stanbic Bank’s ‘Mobycash’ Wins Global Finance Award for Innovation
The Global Finance magazine, as part of its top innovators publication for 2019, has recognized Stanbic Bank Ghana’s ‘MobyCash’ as the most innovative digital product in the Cash Management sector. This was announced in a press release by the Global Finance in New York on April 29, 2019.
Stanbic Bank’s ‘ MobyCash’ solution is a market leading innovation which provides clients with secure and convenient on location cash management. It is a Mobile Cash Deposit App for capturing and transmitting customer transactions together with corresponding images of deposit slips for onward posting via STP into Finacle via Finacle Integration web service with real time notifications to customers.
The ‘MobyCash’ serves the needs of big corporates, SMEs and the bank itself in different ways. For big corporates, the need for real time value for on-site cash collections becomes a reality. The App serves the need of SMEs in market locations via a mobile POS application to a secure bank cash thereby providing real time value for working capital. For the bank, the ‘MobyCash’ solution offers real time agency banking at bank agent locations.
Commenting on the award, Head of Digital Transformation at Stanbic Bank, Patrick Quantson, said the ‘MobyCash’ solution is a product of a careful study and an understanding of how the market works and the needs of the market.
“Prior to the deployment of ‘MobyCash’, customers would only realise cash deposits into their accounts at close of business, that is at the point when the cash pick vans return to the cash processing center after which the entire cash pick value is checked and validated before posting is done to the customer’s account. We realized the effect of this unduly long process and hence developed this innovative concept”, Patrick Quantson said.
The quality of the ‘MobyCash’ innovation was validated by the publisher and editorial director of the Global Finance magazine, Joseph D. Giarraputo. According to him, “the financial institutions winning Global Finance’s The Innovators 2019 honors excel in breaking down silos to unleash creative thinking. Best of all, they have shown how to channel creativity into valuable products and solutions”.
Global Finance, founded in 1987, has a circulation of 50,050 and readers in 188 countries. Its circulation is audited by BPA. Global Finance’s audience includes chairmen, presidents, CEOs, CFOs, treasurers and other senior financial officers responsible for making investment and strategic decisions at multinational companies and financial institutions. Global Finance’s website — GFMag.com — offers analysis and articles that are the legacy of 32 years of experience in international financial markets, and provides a valuable source of data on 192 countries.
This is the publication’s seventh annual awards recognizing entities that regularly identify new paths and design new tools in finance. The 2019 Innovators honorees will be recognized at the Global Finance Digital Banks Awards Dinner on October 30 at the Sheraton Hong Kong.
All selections were made by the editorial board of Global Finance with the input of reporters who are experts on the functions being served by these innovators. Entries from banks and other organizations were carefully considered as part of the decision process.