By Gabriel Chen (Straits times)
"The People's Bank, which has over 50 branches here, will launch 'new concept' branches at Rivervale Drive, Yishun Street 22, Eunos Crescent and Toa Payoh Lorong 1.
Conspicuously missing at the branches will be tellers at counters who help you with simple deposits and withdrawals. There will be machines to help you do just that.
For instance, one machine lets you deposit cash without your passbook or ATM card, while another lets you deposit cheques and issues you a receipt after that for your peace of mind.... "
Ahem. Finally. Singapore banks finally caught up with HK banks. Yep. It has already been done so dont feel too fancy pants about it.
I didnt even realise it is a new concept because HSBC banks here in Hong Kong have exactly that deposit machines that doesnt require ATM card or passbook, and able to issue receipt that has a SCANNED image of your check (U have option to display the scan image or not). I have been using for months.
In fact I am so impressed that the machine was able to recognise the exact numbers on the cheque and ensure there is no disparity in the banked in sum written vs the amount you manually entered into the machine. My partner was also impressed by the text/ numbers recognition. During the process, U can also create a code to label this transaction and this is displayed in your paper statement later as well. And oh yes Singapore banks, my name is printed on the receipt too so that it clearly tells me where my money was deposited too, an added layer of "security" that my bank number was entered correctedly. The whole process takes about less than 3 mins (if you know what you are doing). Counter? What counter?
I do not know how long HSBC banks machines have been in operation since I only returned in July but suffice to say, they probably are three steps and eons head of Singapore (again).
Funny how when I was much younger and less travelled, I used to think we are the fastest, the best inventive nation who sought to be most efficient.... now, having lived away, I constantly wonder why are our nation always so slow, so inadept in adopting the best practices which has been done in other nations. Considering the significantly SMALLER size and population, you would think it is easier for us to adopt it quickly and leap with greater spring... I wonder what is weighing us down?