POSB Going Digital & Cutting Out Manual Processes

The banking sector has been on a drive to cut out a lot of the manual processes that were pretty tedious for both banks and their clients. POSB is joining a number of banks (CBZ, Steward Bank, ZB Bank & FBC among others) in removing a number of manual processes.

In ad listed in The Herald, POSB announced that paperless operation will begin on the 1st of August. With a number of transactions no longer being processed at their branches. These include:

• Deposits and withdrawals will no longer be made at branches with POSB urging clients to use their cards on POS machines.
• Internal transfers, balance enquiries and mini statements are also getting the scrap with clients to use internet banking, cell banking (USSD) and POSBs On The Go app alternatively.
• RTGS services will no longer be rendered at branches as clients can internet banking, cell banking (USSD) and POSBs On The Go app alternatively.

I wouldn’t be surprised if these moves are followed by staff cuts down the line as the number of workers needed at the branch is being minimised when ever a banking institution goes digital.

Self-service portals are trendy right now with a number of companies (even those outside the banking industry) adopting these measures as they cut out the mundane and repeatable processes in the workplace. These are the aspects of most jobs that don’t need much human intervention and we can expect these shifts to continue being made in banking and many other industries.