Slot Deposit Ocbc – The bank’s digital focus in branches, now reinforced by new-generation ATMs, enables customers to perform almost 80 percent of all frequent transactions without waiting in line at the cash register.
Singapore, 12 March 2020 – Although Singapore aims to phase out checks by 2025, cash checks are still used by small and medium-sized enterprises (SMEs), typically to pay employees, obtain cash for day-to-day operations or pay suppliers. for services provided. Although the use of checks by the Bank’s retail clients has decreased by 40% since 2018, one out of six cash transactions performed by the Bank’s tellers at the counter is still check cashing; 95 percent of these checks are issued by small and medium-sized enterprises.
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Until the complete abolition of checks, and with the aim of increasing the possibility of using digital technologies and acceptance, the Bank launched check cashing services at all new generation ATMs in 23 branches. As of February 2020, customers can cash checks – up to a maximum of $30,000 in a single check – by depositing them at an Instant Cash ATM. This feature allows new generation ATMs to process 90 percent of all checks that are normally cashed at bank branch counters. The average check processing time at an ATM is reduced to less than three minutes as customers can save about 60 percent of their time compared to waiting for a check to be delivered at a branch. All necessary security checks and verifications are carried out by the Digital Ambassador on a mobile tablet in real time, so that security is not compromised. The next-generation ATM has already processed nearly SGD 17 million in cash.
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Since the launch of the Bank’s new generation ATMs in May 2018, a third of all transactions by users of non-bank branches have been transferred to these devices. It acts as a “mini branch”, allowing customers to complete 80 percent of the most requested billing services without waiting in line at the branch. These transactions include cash deposits, cash withdrawals above the daily ATM withdrawal limit, simultaneous cash and coin deposits, user personal information updates, and account and card related requests.
As we encourage more customers to use digital services to meet their everyday banking needs, the adoption of digital banking will grow faster as the tasks performed by traditional bank counters become less relevant. For this purpose, the Bank has educated and trained branch employees, so that currently every fourth person is digitally trained to perform the duties of a Digital Ambassador. All digital ambassadors – 20 percent are in their 40s or 50s – go through an intensive training program before taking on the role. Using mobile tablets, they verify the identity of the Bank’s clients and assist them in transactions at new generation ATMs.
Sunny Quek, Head of Consumer Financial Services at Bank of Singapore said: “With the continuation of Singapore’s cashless and checkless programme, we are also accelerating our digital transformation by continuing to upskill our branch staff for digital roles. We understand that there is still a segment of customers who need services such as check cashing; it takes a long time for customers and cashiers to process one such transaction. We’ve solved this by making transactions, such as check payments, seamless with our next-generation ATMs.
“When we started the digital transformation of our branch, we didn’t forget about our employees either. Thanks to our Smart Future program, our cashiers and branch employees have acquired digital skills. At the same time, our employees are happy to perform services with more added value than numerous and repetitive tasks at the counter.”
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Adrian Tan, 62, a hairdresser who regularly visits the Jurong East branch to cash his salary, shared his experience: “This new instant cash check service is very useful. I’m glad I work more digitally or self-service because it really saves time. Earlier, when I received my salary, I had to stand in a long queue at the branch to cash it. Now they can easily use the new check cashing machine and get cash instantly. Time is of the essence for workers like us.” Established in 1932, Oversea-Chinese Banking Corporation (OCBC) is considered to be the oldest financial services organization in Singapore. It was created by the merger of three domestic banks at the time. The three banks are Oversea-Chinese Bank, Ho Hong Bank and Commercial Bank of China, the oldest of the many founded in 1912. When measured by total assets of the organization, OCBC is the second largest banking group in Singapore. OCBC conducts banking operations under the brands OCBC Bank, OCBC Bank NISP and Bank of Singapore, which is present in more than 15 countries. In addition, OCBC has strategic interests in other financial services companies operating under independent brands. For example, Great Eastern deals with insurance, Lion Global Investors with asset management, and OCBC Securities and Bank of Singapore Securities with brokerage services. Thanks to the wide distribution of specialized financial and asset management services, OCBC has become an integral part of people’s lives today. Other facilities offered by the organization to its clients include personal deposits and loans, credit cards, corporate and business banking, cash management, international trade finance, investment banking, private banking and treasury.
OCBC is listed on SGX-ST as one of the largest listed companies in Singapore by market capitalization and one of the largest listed banks in Southeast Asia by market capitalization. As many as 20,000 dedicated people work around the world to run such a large and diverse business house. But making sure a company follows the right strategy is just as important as having the right people. Therefore, OCBC developed a series of five-year plans and called them New Horizons. New Horizon I, which ran from 2003 to 2005, underwent a transformation during its operation in Malaysia. Another achievement is the expansion of the regional network through strategic investments in Indonesia and China. New Horizon II, which ran for the next five years, saw market growth ahead of its market position, particularly in Singapore and Malaysia. Its presence in Indonesia and China has been strengthened and its asset management franchise has been expanded to include more products and distribution platforms and customer segments. The current strategy is New Horizon III, which will oversee its operations from 2011 to 2015. These five years have witnessed and will witness many other changes and events.
In terms of clients, it aims to maintain its position as “one of the top three consumer banks” while securing a place among the “top three corporate banks in Singapore and the Malaysian market”. It strives to create more best-in-class products and is known for product innovation, maintaining a 15 percent revenue share from new products each year. If all goes according to plan, by the end of 2015, OCBC could secure a place among the top three banks for asset management, credit cards and unsecured loans in the combined Singapore-Malaysia market. New Horizon III also outlines the benefits that OCBC plans to make available to its shareholders. The goal is to achieve an annual growth in earnings per share of 10% with a constant return on capital of over 12%. The Indonesia-focused plan includes building an expanded OCBC NISP franchise to invest and grow more efficiently with a single business presence. And the China-focused plan includes expanding the company’s business by more closely integrating its operations in Greater China, including Hong Kong and Taiwan, and building a private banking business through the Bank of Singapore.
For such continuous success, OCBC has been awarded various honors several times throughout its history. In 2012, at the Singapore Corporate Awards, it received the Gold Award for Best Managed Supervisory Board in the category “market capitalization above USD 1 billion”, and is one of the “World’s 50 Safest Banks” according to Global Finance and , receiving the SIAS Investor’s Choice Award for “Internal audit excellence” and for “the most transparent financial category of the company”. Shortly thereafter, in 2013, it was ranked “Best Bank in Singapore” by Global Finance’s Best Emerging Market Bank 2013, named “Most Attractive Employer” in the Banking & Finance category by Randstad, and awarded the Singapore Corporate Governance Award. Awarded in the large-cap category at the SIAS Investor Choice Awards.
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