Technology helping industry

 BANK of Papua New Guinea assistant governor Ellison Pidik says improvements in technology is changing the banking industry in the country.

Pidik said technology has allowed financial institutions to provide their services and products through online facilities, making it more convenient and cost effective for customers, giving more opportunities for expansion of banking systems.

“Technological advancements have also revolutionised the banking industry, where financial services are offered online and through mobile technology for convenience of our customers,” Pidik said.

“In first quarter of 2015, BPNG completed the last stage of all the different stages of the new payment system, the Kina Automated Transfer System (KATS). 

“This system is a key foundation for other advancements in financial and banking delivery channels and innovation of new products and services, therefore giving convenience and cost effectiveness to customers.

“And now we have a platform which at the moment the banks are part of it and there is room for lower institutions like savings and loans societies who can become part of it.”

He added that BPNG was working on a new banking platform called the National Switch, to enable interoperability between all providers of mobile banking products or e-banking payment services type products.

“At the moment the first foundation that is laid is only for banks,” Pidik said. 

“The national switch will create an eco-system and everybody will become part of it. That means if I am banking with Nasfund contributors savings and loans, and someone I want to transact with has a mobile banking account with another bank, then the transaction can be easily made.”

“This is to further enhance and ease convenience for customers in conducting banking and financial transactions.”