>> Read POSB Bank case study in WSBI Africa brochure
The following piece is taken from the new WSBI brochure showcasing institute members in Africa.
BRUSSELS, 17 December 2018 – POSB has embarked on use of new data sources, WhatsApp social media profile and the use of Artificial Intelligence on the API to answer basic client queries electronically . Innovation has also taken root through partnerships with non-bank entities and engaged in agent banking with the national post office, a retail chain, microfinance institutions and social groupings.
Supported by several government technology- and innovation-led policies within its policy Framework for Financial Stability, POSB is developing several initiatives including agent banking, which are shaping its future. As examples, the government has set up biometric registration programmes, providing real-time verification of identities using a fingerprint scan, ‘Idis’ or digital face print of clients. It has also introduced a credit data infrastructure, which helps POSB to address clients’ information asymmetry. A movable asset security registry has recently been introduced providing alternative forms of security in a formalized way.
POSB is a fully fledged retail bank whose balance sheets and figures and financial ratios have been steadily improving over the last five years. POSB is profitable and growing too, with about 700,000 accounts and as many clients, 35 branches, 11 ATMs and 487 points-of-sale, mobile and internet banking.