Serious OCBC To Fire Half Its Poly Kia Bank Tellers In Two Years! Becum Insurance Agents Or Else!

[JohnTan]

SINGAPORE - OCBC Bank on Monday (July 23) said it would cut half of its bank-teller jobs in the next two years, with the staff affected being retrained to take on advisory roles at the 51 branches operated here currently by Singapore's second-largest bank.

All OCBC bank tellers will be retrained over the next five years to be able to perform digital or advisory roles. In its media release, the bank did not disclose the number of tellers it currently has.

"Even as OCBC transforms its branch operations to focus on more digital and advisory services, no tellers employed today will lose their jobs as a result and the existing network of bank branches will remain largely unchanged," the bank said.


OCBC added that the branch network would remain "largely unchanged", even as the bank has set aside S$14 million to develop new automated teller machines (ATMs) and digital service kiosks in Singapore that function as "mini branches".

The two-year development of the new machines led to ATMs and digital kiosks being built that currently allow customers to perform 15 of the most frequent bank counter services, such as cash deposits and larger withdrawals, simultaneous cash and coin deposits, as well as the updating of personal details.

It will install the latest ATMs and digital service kiosks at 35 of its branches by 2020.

Since the pilot launch of the new ATMs and digital service kiosks at eight OCBC branches in May this year, the branches have migrated close to 10 per cent of branch over-the-counter transactions to these machines and more than 35,000 transactions have been performed.

The new ATMs and digital service kiosks include new digital technology capabilities, such as facial and fingerprint scanners for biometric authentication and signature pads, which can be activated for customers' use in the future.

By next year, the ATMs will be able to facilitate instant cheque encashment, so customers can scan their cash cheques at the ATM to receive the funds immediately. The new ATMs will also be able to dispense up to S$200,000 in cash in one transaction, in the customer's preferred note denominations.

In the light of this, the redeployed bank tellers at OCBC will become branch "digital ambassadors" and service executives or perform other advisory roles.

The bank said the tellers would move into roles that allow them to take on "higher valued-added" tasks that require decision-making or physical verification. This shift takes them away from repetitive menial counter tasks such as processing cash transactions, which currently make up close to 90 per cent of transactions performed at branch teller counters.


As it is, over the past five years, with digitalisation impacting footfall into bank branches, OCBC's bank-teller headcount has been reduced by 15 per cent.

One in three of OCBC's bank tellers are fresh polytechnic graduates while the rest are experienced tellers or staff hired from other banks and industries.

As part of the pilot, 15 "digital ambassadors" have already been working at the branches where the new machines and digital service kiosks have been launched to help guide elderly customers in using the new machines.

The role of "digital ambassadors" has also been beefed up to include certain functions previously performed by bank tellers. For transactions that require additional authentication, such as cash withdrawals above daily limits, a notification is sent to mobile tablets that the 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 per cent of seniors at the Holland Village branch to adopt digital banking, for example, by using the OCBC Pay Anyone e-payments app or mobile and Internet banking.

Dennis Tan, OCBC's head of consumer financial services in Singapore, said: "With the advent of technology, we have retrained staff for higher-value job functions that will transform our business and allow a more efficient workforce to deliver optimum results. Customers must know that our staff can competently help them with digital-age processes and tools."

https://www.straitstimes.com/busine...s-in-next-2-years-in-digital-banking-push-all

 

[borom]

Why would you even need a poly diploma to be a bank teller-even a ITE cert should be enough.
How difficult can it be to count monies and push a few buttons (as all entries are now done by the accounting system).They don't even have to handle cheques (except for the rare cash cheques) due to the cheque deposit box and automated cheque clearing system.
This is a sheer waste of local's education and a good example of underemployment caused by competition from low quality foreigners.

 

[no_faith]

Cut bank teller jobs?
Good la, if no retrenchment then i worry ok?
Ai si buay si bank

 

[Scrooball (clone)]

Bank teller > Personal banger.... i mean personal financial consultant... haha



What is it like being a Personal Financial Consultant at OCBC?

As a Personal Financial Consultant, you will be based at one of our island-wide Branches and will provide comprehensive, one-stop financial advisory services to customers through the active promotion and cross-selling of our full range of wealth management products that include insurance, loans, unit trusts and structured deposits. With an emphasis on consultative selling to meet customers’ needs, you will also proactively build and manage long-term customer relationship and provide good after-sales service to them.

To help you succeed in your role, you will join our structured training program during the first 6 weeks of your career with us. Thereafter you will also have at least 5 training days every year to help you further develop your career and keep your skills sharp and up-to-date with the latest developments in the industry.

As a successful Personal Financial Consultant, you will have the option to take your career forward by either pursuing our Management Route, on the path of becoming a Branch Manager one day, or the Sales Route, growing into a Senior Relationship Manager working with premier private clients. Plus, as a top performer, you will be invited to trips, visiting great locations across the world from Paris, Barcelona to London and many more.


Qualifications


The successful candidate should be able to demonstrate the following selection criteria:

• Preferably has a Diploma with 2 years of sales experience or a degree.
• Results-oriented go-getter who works well under pressure.
• Prepared to have flexible working hours that may include working on weekends.
• Candidates with more than 2 years of relevant financial advisory experiences and proven sales records will be considered for Branch Relationship Manager position.

 

[hofmann]

Wow, can dispense up to 200k per transaction? Real or typo?

 

[sweetiepie]

Why would you even need a poly diploma to be a bank teller-even a ITE cert should be enough.
How difficult can it be to count monies and push a few buttons (as all entries are now done by the accounting system).They don't even have to handle cheques (except for the rare cash cheques) due to the cheque deposit box and automated cheque clearing system.
This is a sheer waste of local's education and a good example of underemployment caused by competition from low quality foreigners.

KNN actually the main challenge of a bank teller is to handle nonsense demand from sinkie kopi uncle KNN thought got gui chiam ji like to kpkb KNN

 

[batman1]

Poly kia bank tellers will be replaced by India Ah Neh kia . India Ah Neh from all professions will replace the sinkees very soon.Thanks to PAP !

 

[red amoeba]

What fuck digital ambassador are they talking about. More and more they are putting their staff in the floor with a tablet without proper counters like what that Apple store is doing. You call this new customer service ? It’s more like cost cutting for them and poor staff now cannot sit behind the counter.

 

[JustLikeThis]

OCBC should offer retraining or send them to degree courses for the better half of the banktellers and groom them into other functions such as credit approval, RMs, trade documentation, etc.

 

[maxsanic]

It seems to me the plan is to retrain and redeploy most of these tellers as "advisors" a.k.a. sales agents to peddle dubious financial products.

 

[eatshitndie]

It seems to me the plan is to retrain and redeploy most of these tellers as "advisors" a.k.a. sales agents to peddle dubious financial products.

these bonkers will call themselves “bankers”.

 

[skinnymilklatte]

Say nice nice is retrain la. They kick out and retrain the poly kias then got space to hire more ah nehs ma

 

[sweetiepie]

It seems to me the plan is to retrain and redeploy most of these tellers as "advisors" a.k.a. sales agents to peddle dubious financial products.

KNN hope they don't position themselves near mrt toilet to prevent kopi uncle to go pang KNN

 

[Hypocrite-The]

Actually these sales agents jobs are very economically unproductive. It's basically a shrinking pie. To even get such a job is a waste of human resources

 

[Scrooball (clone)]

Actually these sales agents jobs are very economically unproductive. It's basically a shrinking pie. To even get such a job is a waste of human resources

It's a no-brainer for the bank. The bank pays the sales financial consultant a pathetic fixed pay, and need to achieve sales above a certain value before the commission is paid out. If can't produce within 3 months, fire the ass and get another replacement. No big loss to the bank.

 

[Hypocrite-The]

It's a no-brainer for the bank. The bank pays the sales financial consultant a pathetic fixed pay, and need to achieve sales above a certain value before the commission is paid out. If can't produce within 3 months, fire the ass and get another replacement. No big loss to the bank.

It's actually a waste of resources for the bank as these sales have no hope of succeeding. What is the attrition rate? The bank has to cover the costs too. And credit card...those who can apply already applied already. Need u to tell me meh? And what products that the bank is selling is truly innovative And in demand. Basically nothing

 

[congo9]

It Would be better for younger guys and girls to pick up relevant skills.
Actually these young girls and guys should learn a skill and be more useful. When i look at them, i think we have a problem. They only know how to sell these insurance product package by the banks to sell. These product is highly lurcative to the banks. Margin is super thick.