DBS to offer 24/7, self-service banking in a third of branches by 2022

SINGAPORE'S largest bank DBS will transform at least a third of its branch network over the next 12 to 18 months to self-service banking round-the-clock.

This "phygital" concept, which kick-started last month with its new branch at Takashimaya shopping mall, will house video teller machines, ATMs with enhanced functions, as well as up to three digital ambassadors on site to support customers.

Transactions that traditionally had to be done over the counter during banking hours, such as replacing ATM or debit cards, or depositing business earnings in coins and notes, can now be conducted at any time of the day.

In its effort to still retain the human touch, DBS's new branches will feature wealth managers on site to offer financial advice, as well as interactive tools that prompt customers to consider their financial needs.

The "phygital" branches are likely to also be smaller in size. While traditional branches average around 1,600 square feet (sq ft), the transformed branches will average around 1,000 sq ft.

The Takashimaya branch, however, stands at about 2,000 sq ft, with space allocated for community engagement, such as in-person financial literacy talks.

Speaking at the new branch on Thursday, DBS Singapore's country head Shee Tse Koon said monthly average visits per branch have fallen by 15 per cent since the Covid-19 outbreak.

Over-the-counter cash deposits and withdrawals at each branch have also dropped by 22 per cent, even after Singapore's two-month partial lockdown ended in June.

He noted, however, the bank's efforts at ensuring banking remains accessible to the less digitally-savvy. "While many people are benefiting from the ease and convenience of digital banking, we are also cognisant that the less digitally-savvy, including some seniors, have yet to make the digital leap," said Mr Shee.