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PSIS launches TXT Banking and celebrates 75 years

Something old and something new – PSIS launches TXT Banking and celebrates 75 years

Financial services co-operative PSIS is launching a new service for people who like to be in control of their finances.

Anyone who has had an embarrassing “transaction declined” experience at the front of a queue of impatient shoppers will recognise the value of the service to be offered to PSIS customers.

PSIS celebrated the introduction of the new service at a special morning tea in Wellington today to mark the financial services provider’s 75th anniversary. Among the guests were some of PSIS’s longest standing customers – Mrs Joy Ross, whose husband opened their account in 1928; and Mr Ernie Sellens, who has had a current account since 1935.

Mr Sellens officially launched the TXT Banking service, being a keen text user already. The service is now available to all PSIS customers.

“We have introduced text message banking as part of our commitment to making banking as convenient as possible,” says PSIS chief executive Girol Karacaoglu. “In our 75 years of banking we have always been progressive and been at the forefront of technological developments to offer new and improved services. PSIS was founded to safeguard the living standards of the public service by providing low-cost financial services at a time when there was a reluctance on the part of main-stream banks to lend on favourable terms. It also made loans to women a long time before other financial organisations.”

“Not only has PSIS been socially progressive it was also one of the first to provide Telephone Banking, first to provide retail shopping over the phone, and still the only banking services provider to offer Electronic Transfer Withdrawal (ETW) providing cleared funds to an external bank account on the next business day.”

Dr Karacaoglu predicts PSIS’s TXT Banking will find immediate acceptance with its technologically savvy, urban-based customers and he believes it will attract new customers keen to take advantage of the benefits provided by TXT Banking.

If an EFTPOS transaction is declined in a shopping situation, customers using TXT Banking can quickly check all their account balances, or instantly transfer money into their current account, avoiding considerable embarrassment and inconvenience.

Customers with loans and Term Deposits can use TXT Banking to view their balances, current interest rates and maturity dates.

PSIS has developed a service which can be used by all customers with text-capable mobile phones – it is not limited to one network.

“PSIS may be small in relation to the big banks, but it is because of our size that we can act quickly to take on new ideas that improve banking services for our customers,” Dr Karacaoglu says. “Our customers have quickly adapted to our Internet Banking and Telephone Banking facilities, we’re sure the market is now ready for this additional service.”

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