POSB Bank opened its first ever branch in a community club at
Zhenghua, as it continues to expand its network across
Singapore.
'We've four million people to serve. Even though branch traffic
is coming down, shifting online, there are still a lot of people,
so my number of touch points are not enough. So I'm trying to
increase the touch points, improve the service level, but I want to
do it in a way that is relatively low cost,' DBS Group Holdings
chief executive Piyush Gupta said.
It costs about $250,000 to run the branch, which uses three
staff to perform non-cash transactions such as opening and closing
of an account, or applications for housing loans. The branch also
has ATM machines and cash deposit machines.
This is a fraction of what it costs to operate larger bank
branches, said Mr Gupta.
-- ST