POSB and DBS clients, get ready for tea parties
Don't be surprised to hear of talks on fengshui, or even a tea party, being held at a POSB or DBS Bank branch near you.
Under a new operating model, managers at all POSB and DBS branches have been given the autonomy to organise and tailor activities to cater to the interests of their customers.
This was revealed at a media briefing held yesterday at DBS Building. Piloted at 12 POSB branches last year, the initiative was rolled out to all 67 POSB and DBS branches in January.
For instance, Ms Joycelyn Tan, POSB business manager at the Compass Point branch, organised a fengshui talk in January to complement the Chinese New Year festivities.
But such activities are not solely for fun and games, as they allow the branch's staff to interact with customers, and gain a better understanding of their banking needs, said Ms Tan.
Each POSB branch spans about 2,600 sq ft and serves some 120,000 regular customers. POSB said it has enhanced its centres which are smaller versions of its branches that do not provide financial-planning services.
Two service staff members have been assigned to each centre to provide basic banking services, such as ATM-card replacement and account opening.
At the briefing, POSB and DBS also revealed that their automated teller machines (ATMs) are being upgraded to read the EMV (Europay, MasterCard and Visa) smart chips that are being installed progressively in all their ATM cards.
~News courtesy of Omy~
More young professional investing
More young Singaporeans -- mainly professionals under the age of 40 -- are having a hand into trading shares on the stock exchange.
A recent research said the advent of online or Internet trading is the main driver behind the increasing number of young investors.
Some 58 per cent of Singaporeans are described as current or occasional investors.
Fifty per cent of potential investors are under the age of 40, with 65 per cent of them earning a monthly income between S$4,000 and S$6,000.
This is according to a study by Standard Chartered Bank which said on average, an individual owns at least 2.3 investments.
Stocks and unit trusts are the most popular forms of investments, accounting for 45 per cent of trade volume.
The survey polled some 500 professionals, managers, executives and technicians (PMETs) in Singapore.
It added online trading has increased investors' access to overseas markets.
Standard Chartered Bank Singapore and Southeast Asia regional head of wealth management Andrew Chia said: "Their favourite market is still SGX, followed by the US markets.
"... The younger and even some affluent customers... (have) started to do it on a DIY basis - they will buy and sell shares, ETFs (exchange traded fund) online, on their own".
But remisiers here said they are unperturbed by the rising competition from online trading.
Many said they believe it is unlikely their roles will be replaced by online trading and believe that both are complementary.
There are still numerous post-trading functions that remisiers perform, including payment and settlement matters.
The Society of Remisiers president Albert Fong said: "With the internet, while you're busy serving the customers who need more help, there are those who are very comfortable to trade on (their) own, and with our support, they are likely to trade more".
Remisiers said they also assist their clients with interpreting market information and understanding corporate entitlements such as bonus issues.
Meanwhile, the study has spurred Standard Chartered to launch its new online trading platform.
The bank said it believes there is potential for the online trading business, and also sees it as an added service for its customers who already conduct banking transactions online.
"We offer access to 10 different countries, 14 exchanges - very competitive charges," Standard Chartered Bank's Mr Chia said.
"And most importantly... we are the first to offer no minimum commission."
The bank charges no minimum commission, and fees of 0.2 per cent for trading of Singapore-listed shares and 0.25 per cent for trading in all other markets.
~News courtesy of Channel Newsasia~