BSP to use digital tech to extend service

BANK South Pacific has committed itself to implementing its digital strategy this year, says general manager digital Nuni Kulu.
Kulu said the strategy was underpinned by a three-year project to implement a core banking system across all the territories in which the bank operated: PNG, Cook Islands, Fiji, Solomon Islands, Samoa, Tonga and Vanuatu.
“Already, ‘significant opportunities’ are opening up,” she said.
“The impact will be beneficial for the entire economy, as the bank will be able to reach rural communities and provide reliable online banking services that will save money and costs for most of our customers, who have to travel by road or sea to get to a branch, an automated teller machine (ATM) or a merchant in the nearest town.”
Kulu said the banking landscape in PNG was changing; there was an increasing appetite for real-time, online payments.
She said education in financial and digital literacy would be needed for people who were previously unbanked in order to improve service delivery, through the bank’s agents, in rural centres.
Kulu also noted that the Bank of PNG recently launched a retail payment system which would enable financial institutions to offer both card and mobile banking payments services to their customers via the National Switch System.
“For BSP, we do expect an increase in transaction volume, as most of these banks and their cardholders will start to use the extensive ATM and Eftpos network that we have throughout the country,” she said.
“That will expand financial access to banking systems. Businesses are looking for digital solutions to improve their business outcomes.
“The use of social media technologies is connecting buyers and sellers, and we’re seeing an increase in third party transaction payments from peer-to-peer or peer-to-business activity, especially on our mobile banking platform.”
With its new All Aboard customer acquisition app, Kulu said customers would be able to receive a bank card and an account with mobile banking registration and internet banking registration, and the option to order a visa debit card, all without needing to come into a branch.
The app will use biometrics and offer “touch and go” secure contactless payments. We’re also seeing more contactless transactions via wearable devices with our local merchants.
“As customers’ appetite for online shopping increases, we will see growth in the number of online merchants coming into the market.”