POSB Bank is continuing to grow its network in Singapore and recently opened its first community club branch at Zenghua.
Dr Vivian Balakrishnan, Minister for the Environment and Water Resources and Member of Parliament for Holland-Bukit Timah GRC, were present for the opening ceremony.
Singapore’s ‘people’s bank’ plans on reaching more people island-wide to provide better customer service. DBS Group Holdings chief executive Piyush Gupta said: “We have four million people to serve. I’m trying to increase the touch points and improve the service level, but I want to do it in a way that is relatively low cost.”
According to Mr. Gupta, it takes a fraction of the cost to run the branch compared to larger bank branches. Operation costs about $250,000 for this particular branch with three staff members dedicated to duties such as opening and closing an account, non-cash transactions and housing loan applications. The branch is also equipped with ATM machines and cash deposit machines.
POSB, celebrates their 135th anniversary this year, and is much more than a savings bank. It has evolved throughout the years into a full-service bank that caters to the financial needs of all Singaporeans at every stage of their life. The plan is to not only have banking services at all SingPost outlets, but also open more community club branches like this one.
ZHENGHUA BRANCH (POSB)
1 SEGAR ROAD
#01-06 ZHENGHUA COMMUNITY CLUB
Tel: 6339 6666
Fax: 6310 1697
Source: Chanel News Asia