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Singapore

DBS to feature 24/7, self-service banking in a third of its branches

DBS to feature 24/7, self-service banking in a third of its branches
DBS last month opened a new branch at Takashimaya Shopping Centre. It is the bank's first branch to share a space with a retail store. TNP PHOTO: GAVIN FOO
Prisca Ang
Nov 13, 2020 06:00 am
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South-east Asia's largest bank DBS will transform at least a third of its branches by rolling out 24/7, self-service banking options and enabling easier access to financial planning tools in the next 12 to 18 months.

Customers can conduct more complex transactions, such as replacing their debit card, outside of normal banking hours at these revamped branches.

Digital ambassadors and wealth planning managers will also be stationed at the branches to help customers with their banking and financial planning needs.

DBS, which operates 64 branches here, last month opened a new 2,000 sq ft branch at Takashimaya Shopping Centre - its first branch to offer a wider range of personalised banking services, with more space for safe distancing.

It is also the bank's first branch to share a space with a retail store - Guardian pharmacy.

DBS' efforts come amid a broader shift towards digital banking that has been fuelled by the Covid-19 pandemic.

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The number of monthly average visits per branch fell by 15 per cent in June to October, compared with before the pandemic.

More than 95 per cent of regular DBS banking transactions, such as fund transfers, remittances and bill payments, are now done digitally through mobile or online banking.

CHANGE

DBS Singapore country head Shee Tse Koon said the pandemic has irrevocably changed the way most people do their banking and catalysed further transformation to cater to these shifting needs.

"Our new branches will therefore complement our digital banking services to provide what we call a 'phygital' banking experience that retains our human touch in the form of face-to-face assistance and consultations."

DBS is not alone in its efforts to transform its physical branches. Since 2018, OCBC Bank has reduced its number of tellers by half and reskilled them to take on digital ambassador roles.

United Overseas Bank in 2018 opened a branch in Tampines 1 mall to cater to young professionals and young families. The branch did away with traditional teller counters, in exchange for self-service machines and spaces for financial planning conversations.

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BUSINESS & FINANCE

Prisca Ang

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