Idea Bank : More than PLN 50 million cashed in Idea Bank Mobile ATMs in March

Idea Bank, Poland's most innovative bank supporting the country's dynamic and vibrant entrepreneurial culture, has reported on Thursday a record performance of its cash-in Mobile ATMs in March. Total value of mobile ATMs deposits reached a historic high of PLN 51.5 million (€12,1m), up 418% on a yearly basis and 38% more than in February. Mobile ATMs now account for more than 20% of cash in transactions at Idea Bank.

Today the Mobile ATM project is celebrating its second birthday. The first app -ordered car that offers a safer alternative to traditional nigh-time cash deposits at a local banking branch, took to the streets of Warsaw on 13 April 2015. From that moment on, Idea Bank has steadily increased its fleet of Mobile ATMs. It now comprises 19 vehicles, and will be increased by a further 18 this half-year. The cash pickup service is now available in 14 cities.

6,340 transactions in March

In March of this year, for the first time ever, the total amount cashed in Mobile ATMs exceeded PLN 50 million. Customers deposited a total of PLN 51.5 million (€12,1m), an increase of 418% over 2016 and 38% more than in February. There were 6,340 transactions, almost four times more than in March 2016.

Idea Bank's executive Dominik Fajbusiewicz commented:

'March was a record month in the history of Mobile ATMs, in terms of both the total deposited and the number of transactions. The March results confirm that ATM car-hailing is exactly what Polish entrepreneurs need. We were able to achieve that record result thanks to growth in the number of customers using the option of standing orders, network customers who have several stores, restaurants or outlets, and thanks to changes in the mobile application.

The mobile app is the only way to order a Mobile ATM. It enables users to place one-off orders or call for a car in advance, setting the day and time.

According to the web portal cashless.pl, there are 6,295 cash deposit ATMs in Poland. Whereas NBP /National Bank of Poland/ data suggest an average monthly amount deposited per device of PLN 792,000 (€ 187,000). In contrast, one Mobile ATM collects an average of PLN 2.7 million (€637,000) per month, making it 242% more effective than the average stationary device.

Customers deposit an average of PLN 7,800 (€1840) to Mobile ATMs. In comparison, the average amount deposited by an Idea Bank customer to stationary cash deposit ATMs in the Euronet network is PLN 2,170 (€512). Yet by far the largest deposits are made by customers using the Mobile Drop Box. This is a recent innovation by Idea Bank, and at the moment is only available in Warsaw. Currently, the average total deposited to a Mobile Drop Box is PLN 69,140 (€16,300) and is growing quickly.

High account balances

The authors of this innovative service are delighted that only one out of five Mobile ATM transactions involves an amount less than 1,000 zlotys (€236). These data confirm that it is paying off for Idea Bank to have and expand its network of mobile devices. This is also confirmed by the fact that Mobile ATM customers have account balances more than 3 times higher than other customers (for the bank, the most effective source of financing credit campaigns).

A survey conducted by Idea Bank shows that 32% of microbusinesses settle only in cash, while the other 68% mix cash and cashless transactions. The free service for Idea Bank customers arose with just such business owners in mind, so that they could deposit revenue safely, conveniently and quickly.

Idea Bank has cars converted for the purpose of carrying cash by Germaz, while the ATM devices themselves are installed by Wincor NiXdorf. The drop boxes were designed by Globe. 18 cash deposit ATMs operate within the Euronet network, and one vehicle - a BMW i3 - is in direct communication with the bank. The application for ordering a car was created by iTaxi.

Listed on the Warsaw Stock Exchange (WSE:IDA), Idea Bank supports Poland's dynamic entrepreneurial culture by offering its clients a 360-degree assistance on all stages of business development: from the registration of a new company with the authorities, to bookkeeping, and financial advisory in the first phases of growth.

The Mobile ATM has received a number of prestigious awards in domestic and foreign competitions. In 2015, at the BAI Finacle Global Banking Innovation Awards the idea was recognised as the biggest innovation in the world in the field of payments, and at the Efma Accenture Distribution & Marketing Innovation Awards it was named the biggest innovation breakthrough.