SINGAPORE: OCBC Bank will be rolling out more digital service kiosks that act like "mini-branches" and phasing out bank tellers, said the bank in a news release on Monday (Jul 23).
The digital service kiosks will offer services that previously had to be done over the counter, like updating personal details and changing one's withdrawal limit.
OCBC currently has 51 branches in Singapore, and by 2020, about 35 of the bank's branches will have the digital service kiosks.
While this move would mean that fewer bank tellers are needed, OCBC reassured that no tellers would lose their jobs as a result of the changes.
Instead, half of the company's bank tellers will be moved into digital or advisory roles within the next two years.
"Ultimately, all OCBC Bank tellers will be upskilled over the next five years to be able to perform digital or advisory roles," it added.
It did not give figures on how many bank tellers it currently employs.
CUSTOMERS CAN SAVE TIME: OCBC
The pilot programme was launched in May at eight OCBC bank branches, where new ATMs and digital service kiosks were installed.
The machines currently allow customers to perform 15 of the most frequent bank counter services such as cash deposits, cash withdrawals above daily ATM withdrawal limits, selecting the denomination of notes withdrawn, simultaneous cash and coin deposits and updating customers’ personal details.
According to the bank, the machines have helped customers save up to 10 minutes when performing coin deposits, while non-cash transactions like updating personal details took under five minutes, compared to the average 15 minutes for services rendered over the counter.
The bank said that more features will be rolled out in the future, including facial and fingerprint scanners for biometric authentication and signature pads. By 2019, customers will also be able to encash cheques instantly at the new ATMs and make withdrawals of up to S$200,000.
Elderly customers will be guided by appointed staff when using the machines, it said.
“This is the branch of the future evolving with digitalisation as we seek to continuously enhance customer experience," said Mr Dennis Tan, head of consumer financial services Singapore, OCBC Bank.
The deployment of the new machines will cost S$14 million, the bank said.