Once upon a time mobile banking was also about a bank, on four wheels, which of course made it mobile. Such a bank can travel from one site to another, either where the bank’s services are needed or to a fixed schedule providing banking services to communities who with no fied bank facilities.
This type of mobile bank exists in many places in the world. One such service is the Mobi Baitok mobile bank vans run by the Kuwait Finance House.
The Kuwait Finance House say that their service is a success and claim a 200 per cent increase in amount of money withdrawn from Mobi Baitok, 400 per cent increase in deposits in 2010.
The Manager of the Direct Sales Unit at Kuwait Finance House Nedal Ameen said that KFH's Mobi Baitok vehicles (that is, like a 'bank on wheels', these vans can be driven to areas where banking services are inaccessible) have made great strides in 2010, which is evident by the increase in amount of money withdrawn from the vehicles that reached 200%, and an increase in deposits in 2010 that reached 400%, compared to last year.
He went on to say that the amounts of money withdrawn from Mobi Baitok by clients of other banks reached by 40%, where those clients can take advantage of the service through K-net.
Kuwait Finance House launched this service through three vehicles that offer basic banking services, and that those vehicles are found in vital areas, especially at locations where the infrastructure there does not allow for ATM machines to be installed.
He revealed that the significant increase in the number of people benefitting from this service reflects their satisfaction, which prompted KFH to take into consideration increasing the number of Mobi Baitok vehicles to reach six during this year, in order to cover more areas and service more people.
He added that the total amount of money withdrawn during 2010 reached 76% compared to last year, which encouraged KFH to take into consideration increasing its ATM machines at malls and banks. He revealed that KFH owns a huge machine at Al-Salam Hospital that allows clients to withdraw US dollars, Euros, and UAE dirham. This service was launched in March 2010, and is highly popular with clients.