OCBC to cut half of cashier jobs in the next 2 years in the digital banking push; all personnel assigned to be recycled, Companies and Markets

Mon. Jul 23, 2018 – 13:15

OCBC Bank announced Monday that it would cut half of its cashier jobs over the next two years, with affected staff being retrained to assume advisory functions 35 branches are currently operated by the second largest bank in Singapore.

All OCBC bank counters will be recycled over the next five years to be able to play digital or advisory roles. The bank has not disclosed the number of wickets that she currently has in her press release.

"Even though OCBC is transforming its branch operations to focus on more digital services and consulting, no teller employed today will lose his job and the existing network of bank branches will remain largely unchanged", indicated the bank.

OCBC added that the branch network would remain "virtually unchanged" even though the bank set aside $ 14 million to develop new ATMs and ATMs in Singapore operating as "mini-branches".

The two-year development of new machines has resulted in the construction of automated teller machines and digital kiosks that allow customers to perform the most frequent banking services, such as cash deposits and larger withdrawals, simultaneous deposits of cash and coins. Since the testing of new ATMs and digital service kiosks at eight OCBC branches in May, branches have transferred nearly 10% of ATM transactions to these machines. The new ATMs and digital service kiosks include new digital technology capabilities such as facial and fingerprint scanners for biometric authentication and signature blocks, which can be enabled for the first time. future use of customers. [19659003] From here next year, ATMs will be able to facilitate the cashing of instant checks, so that customers can scan their bank checks to ATM to receive the funds immediately. The new ATMs will also be able to distribute up to S $ 200,000 in a single transaction, in the customer's preferred ticket denominations.

In this context, OCBC redeployed bank windows will become digital ambassadors and service managers. or perform other advisory roles. The bank said the deputy returning officers would fill positions that allow them to perform "higher value" tasks that require decision-making or physical verification. This change takes them away from repetitive and repetitive tasks, such as the processing of cash transactions, which currently account for nearly 90% of branch office counter transactions.

In the last five years, while digitization has had an impact on bank branch attendance, the number of OCBC bank tellers has been reduced by 15%. Of the OCBC cashiers, one in three are new polytechnic graduates, the others being experienced tellers or employees of other banks and industries.

As part of the pilot project, 15 "digital ambassadors" are already working in the branches. Machines and digital service kiosks have been launched to help older customers use the new machines. The role of "digital ambassadors" has also been strengthened to include certain functions previously performed by bank tellers. For transactions requiring additional authentication, such as cash withdrawals beyond daily limits, a notification is sent to mobile tablets that digital ambassadors carry. The "digital ambassadors" approach the customer at the ATM, verify his identity, and then approve the transaction using the tablet.

Since December 2017, OCBC's "digital ambassadors" have converted 30% of seniors to Holland Village The OCBC's consumer banking department in Singapore said: "With the advent From the technology, we have retrained the staff for more valuable business functions that will transform our business and allow a more efficient workforce to achieve optimal results. our staff can help them competently in digital processes and tools. "