POSB Bank opened its first ever branch in a community club at Zhenghua, as it continues to expand its network across Singapore.
'We've four million people to serve. Even though branch traffic is coming down, shifting online, there are still a lot of people, so my number of touch points are not enough. So I'm trying to increase the touch points, improve the service level, but I want to do it in a way that is relatively low cost,' DBS Group Holdings chief executive Piyush Gupta said.
It costs about $250,000 to run the branch, which uses three staff to perform non-cash transactions such as opening and closing of an account, or applications for housing loans. The branch also has ATM machines and cash deposit machines.
This is a fraction of what it costs to operate larger bank branches, said Mr Gupta.