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Thursday, November 12, 2020 – 1:30 pm
DBS, the largest bank in SINGAPORE, will transform at least a third of its branch network over the next 12-18 months into 24-hour self-service banking.
This “phygital” concept, which began last month with its new branch in the Takashimaya Mall, will house video ATMs, ATMs with enhanced features, as well as up to three digital ambassadors on site to support customers.
Transactions that traditionally had to take place over the counter during banking hours, such as replacing debit cards or ATMs, or depositing business proceeds in coins and bills, can now be done at any time of the day.
In an effort to still retain the human touch, the new DBS branches will have wealth managers on site to offer financial advice, as well as interactive tools that motivate clients to consider their financial needs.
The “figital” branches are likely to be smaller as well. While traditional branches average around 1,600 square feet (square feet), transformed branches will average around 1,000 square feet.
The Takashimaya branch, however, is roughly 2,000 square feet, with space allocated for community participation such as in-person financial education talks.
Speaking at the new branch on Thursday, DBS Singapore Country Head Shee Tse Koon said that average monthly visits per branch have fallen by 15 percent since the Covid-19 outbreak.
Cash deposits and cash withdrawals at each branch have also declined by 22%, even after Singapore’s two-month partial closure ended in June.
However, he noted the bank’s efforts to ensure that banking remains accessible to those less knowledgeable about digital technology. “While many people are benefiting from the ease and convenience of digital banking, we are also aware that the less digitally savvy, including some seniors, have yet to make the digital leap,” said Shee.
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