National Commercial Bank Jamaica Limited (NCBJ) announced a significant milestone during the peak of the 2024 Christmas season, reporting an unprecedented surge in automated banking machine (ABM) activity. From December 17 to 25, NCBJ processed nearly 631,000 ABM transactions totaling $13.4 billion, underscoring the heightened demand for financial services during the festive period.
This year’s figures reflect a 14% rise in transaction volume and a remarkable 22% growth in cash demand compared to the corresponding period in 2023. Notably, over a quarter of these transactions were executed by non-NCBJ customers, demonstrating the bank’s extensive reach through its robust network of nearly 300 ABMs across Jamaica.
Enhanced Service Delivery Amid Increased Demand
NCBJ achieved a 96% uptime for cash withdrawals during peak hours, an improvement from 2023, ensuring seamless access for customers during critical periods. The bank also replenished $13 billion in cash over the seven-day span, with a daily average of $4 billion in replenishments during the December 21-23 rush.
Bruce Bowen, CEO of NCBJ, emphasized the bank’s commitment to delivering uninterrupted financial services during high-demand periods. “Reliable access to funds is paramount, especially during the holiday season. Our enhanced ABM performance and service reliability reflect years of strategic investments in technology and infrastructure,” Bowen said.
Upgrades and Innovations for a Modern Banking Experience
In 2024, NCBJ embarked on a comprehensive upgrade of its banking infrastructure. Over 150 ABMs were replaced with advanced models capable of improved cash acceptance and dispensing. The bank also modernized its point-of-sale (POS) terminals to Verifone Engage models, offering enhanced security and connectivity for both merchants and consumers.
To address growing customer needs, NCBJ highlighted its plans to integrate cash recycling technology, which will streamline deposit services and minimize potential service interruptions. Although ABM deposit availability reached 89% during the peak period, Bowen reaffirmed the bank’s commitment to optimizing this service further.
Driving Economic Impact and Supporting Commerce
Beyond individual transactions, Bowen noted the broader impact of NCBJ’s operations on the Jamaican economy. “By facilitating commerce and empowering small businesses, we are playing a crucial role in driving national economic growth. Our focus on operational excellence ensures that we meet the evolving needs of our customers while contributing to the financial ecosystem,” he said.
As NCBJ continues to refine its services, the bank has positioned itself as a leader in banking innovation, setting a benchmark for reliability and efficiency in Jamaica’s financial sector.
