DBS Bank opened a POSB bank branch as an experiment of sorts in bringing down the cost of banking and shorten service times.
The 170 sq m branch at the Zhenghua Community Club employs squeezes more out of a space normally reserved for just ATM machines.
It only has three staff members, who perform simple transactions that do not involve cash, and saves on the cost of hiring security guards. These include opening an account or applying for housing loans, in addition to services that can be performed at ATMs.
This type of branch costs only $100,000 to set up and about $250,000 a year to run.
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