Digital is the new buzz word that has led to disruptions across multiple industry segments, including banking, and the People’s Own Savings Bank (POSB) plans to go paperless from the first of August 2019.
Transactions will no longer be manually processed in branches include deposits and withdrawals, Internal transfers, balance inquiries, RTGS services and mini statements.
For deposits and withdrawals customers will use their cards on the POS machines, and for this to be feasible all customers have been urged to acquire POSB debit cards.
Internal transfers, balance inquiries and mini statements and RTGS services will no longer be processed at the branch rather customers will use online banking, Cellbank and the POSB “On The Go” App. Activation of Online banking will however be done at the branch, but customers can self register for Cellbank and download the ‘On The Go’ App on either App Store or Google Play.