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Singapore's DBS bank closing down branches as Internet, phone banking rise |
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February 4, 2001
SINGAPORE, FEB 3 (AP) - Singapore's DBS Bank, the largest bank in Southeast Asia, has closed down about one-third of its branches since 1998 as more customers are turning to Internet and phone banking, a bank spokesman said Saturday. DBS now has 114 branches in the affluent city-state, down from 173 in 1998, DBS spokesman Charles Newton said. The bank plans to have "a number in the area of 100 branches or a few less" in operation by the end of 2001, Newton said. "People are moving away from doing their banking at physical branches," he said. "We've got about 220,000 customers banking via the Internet now, compared with less than 140,000 at the beginning of 2000," he said. "We're seeing a big surge in the use of Internet banking services and telephone banking." Singapore's Business Times newspaper on Saturday said some customers were angered by the closures, citing long lines at the teller counters and other problems. "There has been some negative reaction from customers, mostly from those who had a convenient branch right around the corner," Newton said. He added, however, that the closures were part of a broader program intended to improve customer service. "Some of these branches that are being closed are being replaced by full-service electronic banking centers," he said. The centers use automated machines for deposits, withdrawals and other common physical transactions, Newton said, adding that physical branches were being used "more for loans and financial planning than transactions." He said that the branch closures were not primarily aimed to cut costs. "It would be foolish to suggest there would not be some savings," he said, noting, however, that the closures had not led to layoffs. |