A new digital push from Singapore-based Oversea-Chinese Banking Corporation (OCBC) is set to affect half of OCBC staff.
As it installs ATMs and digital service kiosks at 35 of its branches by 2020, half of OCBC’s bank tellers will be upskilled. This will be to perform value-added services.
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However, no bank tellers or OCBC staff are set to lose their jobs due to this strategy. They will be redeployed as branch digital ambassadors, service executives, or other advisory roles.
OCBC has saved $14m for the deployment for the new ATMs and digital kiosks. The machines are set to act like “mini branches”. They allow customers to perform 15 of the most frequent bank counter services. This includes cash deposits, cash withdrawals and updating personal details.
In addition, the new ATMs and digital service kiosks are “future proof” and include new digital technology capabilities such as facial and fingerprint scanners for biometric authentication and signature pads, which can be activated for customers’ use in the future.
Also, by 2019, the ATMs will be able to facilitate instant cheque encashment, enabling customers to simply scan their cash cheques at the ATM to receive the monetary value of their cheques immediately. The new ATMs will also be able to dispense up to $200,000 in cash in one transaction, in the customer’s preferred note denominations.
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Mr Dennis Tan, Head of Consumer Financial Services Singapore, OCBC Bank, said: “This is the branch of the future evolving with digitalisation as we seek to continuously enhance customer experience. Like many of our new digital initiatives, our new ATMs and digital kiosks will bring even greater convenience to our customers.
“With the advent of technology, we have retrained staff for higher-value job functions that will transform our business and allow a more efficient workforce to deliver optimum results. Customers must know that our staff can competently help them with digital age processes and tools.”
