StanChart offers eight-minute service pledge

Standard Chartered introduces an eight-minute teller service pledge, while NBAD launches the UAE's first fertility financing package for couples seeking IVF treatment

The bank has introduced an eight-minute teller service. Philippe Lopez / AFP

There's a lot you can do in eight minutes, but is it possible for a bank to serve branch customers in the same amount of time?

Standard Chartered thinks it can, this week introducing an eight-minute teller service guarantee to its branches in the UAE.

The British lender says it will introduce a new queueing system to meet and monitor its pledge.

And it says it will donate Dh10 to the Seeing is Believing cause, Standard Chartered's joint global initiative to eliminate avoidable blindness, each time it fails to meet the eight-minute deadline.

Seeing is Believing was launched in 2003 and aims to raise US$100 million (Dh367m) by 2020.

The eight-minute service pledge is currently available at six Standard Chartered branches in the UAE: Bur Dubai, Deira, Emaar Business Park, Dubai Mall, Al Najda and Al Ain. The service will be rolled out at the bank' remaining five branches by the beginning of next year.

"The eight-minute teller service guarantee is a result of our continuous investment in improving our infrastructure and capabilities in the UAE," says Mohammed Al Mazemi, the bank's Middle East general manager of distribution.

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National Bank of Abu Dhabi (NBAD) has introduced the country's first financing plan for couples seeking fertility treatment.

Jointly launched with the Emirates Family Network (EFN), which promotes the understanding of family related issues, the loan is designed to help couples pay for the expensive IVF treatment.

The EFN says about 7,000 IVF treatments are conducted every year in the UAE. Each treatment costs about Dh20,000 and couples try an average of three or four times before it is successful.

The IVF Fertility Financing loan is available to Emiratis and expatriates. The loan must be repaid within a year and it offers a rate of 6.49 per cent on a reducing balance, as well as discounted processing fees. The maximum amount that can be borrowed is Dh100,000.

"NBAD is pleased to join hands with the EFN on this very important initiative that not only helps families in need, but also creates awareness and understanding about this matter," says George Beatty, NBAD's general manager of consumer and Elite banking.

Got to www.nbad.com for details.