I think it is interesting to take note of the little differences here in South Africa. It nearly took an act of God to get me a bank account here, but once I did I was impressed by the efficiency and security. One of my first impressing scenarios is the integration of technology with banking. The ATM’s offer a deposit service where cash is inserted directly into the machine, counted and deposited in real time (no envelope required). Not only do I have online access (as one would expect nowadays) but every bank transaction sends an SMS (text message) to my cell phone.
In fact, if I am getting cash from an ATM my phone will ring with an SMS from the bank letting me know of the transaction before I even get my money.
In addition, each time I log into my bank account via the internet I am sent not only a message but a “one time PIN” or OTP. The OTP is necessary for me to make any type of payment or transfers from that account, ensuring another step to secure my account. The new SMS system has taken me a bit to get used to, but now I rely on it, particularly since my balance is also sent to me whenever I make a transaction. So my balance is always available to me on my phone- brilliant! For a place with a reputation for being behind in so many things, including technology, I have been pretty impressed.
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