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Kazakh Eurasian Bank Upgrades Cash Tech with Fiserv

Kazakhstan-based Eurasian Bank has signed with Fiserv to streamline and automate its cash management processes with technology from Fiserv, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

The bank is implementing a range of cash and logistics solutions to enable web-based cash supply chain management and provide real-time visibility into cash needs.

This can allow the bank to centralize currency management, giving the bank a unified view of cash needs “rather than needing to piece together multiple sets of information.” Staff can then more accurately forecast cash needs across the bank’s ATM and branch network based on customer demand.

“Kazakhstan has a cash-based economy, and our customers have to be able to reliably access cash in order to conduct their daily lives,” said Natalia Iliyashenko, head of operations at Eurasian Bank. “With Fiserv, we will be able to gain a better view of where cash is across our entire network, so we can make sure money is available when and where our customers need it.”

“Access to cash is a defining component of banking convenience for Eurasian Bank customers,” said Lee Cameron, managing director of EMEA at Fiserv.

“Being able to optimise cash levels at our branches and self-service devices allows us to reduce our overall operating expenses,” continued Iliyashenko.

When cash sits idle in a bank or in a self-service device, like an ATM, it is costly for the financial institution because that money cannot be used for another purpose, such as funding a consumer loan.

Yet if there is not enough cash in the device for a customer to make a withdrawal, there is increased risk that a customer will take their banking business elsewhere. Through technology, banks can make certain the right supply of cash is available at branches, ATMs or any other self-service devices.

Fiserv recently appeared on the FinovateSpring 2018 stage alongside Samsung SDS, where the two showcased how Samsung SDS integrates its biometric authentication and collaboration solutions into Fiserv’s Commercial Center: Security (CC:S) to create a more secure and convenient digital banking experience. Some of the company’s recent partners include Eurasian Bank, NBT Bank, and Hellenic Bank.