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BANKING FOR THE COMMUNITY

TODAY MONDAY 16 SEPTEMBER 2013

More than just dollars and cents

PA Deputy Chairman Lim Swee Say (right) was guest-ofhonour at this years run, which raised S$1.1 million. PHOTOS: POSB

POSB seeks to cater to the needs of the community, from young children to the elderly
It wasnt that long ago that the word banking equated to one thing for the man in the street: Transactions. If you were going to the bank, itd be for some kind of transaction a deposit, cash withdrawal, or applying for a loan. As Singapore has matured, so too has the approach adopted by banks. The transactional nature of the bankcustomer relationship may have been sufficient before, but is no longer the only way to engage customers. Instead of focusing on products, banks like POSB are extending their reach and in some cases going above and beyond the call of duty.
BRINGING THE BANK TO YOU

customers lives, and reaching out in this way gives them the chance to make points of transaction more accessible while also becoming a part of their daily routine. The bank is also one of the rst to bring online banking to customers and to engage customers on social media platforms.
A FORCE FOR GOOD

The run raised S$1.1 million for the POSB PAssion Kids Fund. To date, the funds raised have been used for 27 programmes that have benetted over 20,000 children. The funds raised this year are expected to benet over 10,000 children.
SERVING ALL AGES

EVOLVING TO STAY RELEVANT

Since the 90s, POSB officers have gone the extra mile, visiting ailing customers who are unable to visit a branch and helping them full their banking needs at their homes. Realising that customers may not have the time to visit their nearest bank branch, the bank has also been proactive about bringing their branches closer to customers. The bank is setting up branches at some community centres as well as offering basic banking transactions at over 550 post offices and 7-Eleven outlets in Singapore. This is in addition to the over 1,100 ATMs islandwide. POSB has long been a part of

In addition, POSB engages Singaporeans through events like the POSB PAssion Run For Kids. This helps the bank engage not only customers, but the community as well. For participants in the run, its an opportunity to have fun. For POSB, its just one of the ways it gives back to the community. N o w i n i t s f i f t h y e a r, t h e event ref lects POSBs promise to be neighbours first, bankers second. It also illustrates POSBs commitment to serving generations of Singaporeans and fostering deeper bonds within the community. Funds raised from the run go to the POSB PAssion Kids Fund, which was established in 2011. Said Mr Derrick Goh, Head of POSB: Being in the heart of the community is important to POSB. Our partnership with Peoples Association allows us to further strengthen our ties with the community. Through the POSB PAssion Run for Kids, we have brought people from all walks of life together to bond through a common goal. More than 8,500 people participated in this years run at The Promontory @ Marina Bay.

The banks engagement efforts include older customers, who may be more accustomed to the transactional nature of banking. These initiatives however, illustrate just how much banking in Singapore has evolved and the importance of helping customers adapt to the changes. About 90,000 customers have been involved in workshops and community outreach initiatives, which include activities such as selfservice banking workshops, branch visits for kindergarten children and visits to nursing homes. Said Mr Goh: POSB has been serving Singapore for generations and it is important for us to support our customers through their life stages. We introduced initiatives such as the POSB HDB Loan and POSB Invest-Saver to help Singaporeans own their homes and plan for their retirement, in a smarter way. We believe in offering simple, relevant and affordable products. Last month, the bank launched the Financial Literacy for the SilverAged initiative to help active agers better cope with the rising cost of living and ensure they are aware of key elements of retirement planning from funds preservation to legal preparedness on their estate.

More than 8,500 people participated in this years POSB PAssion Run For Kids. The run raised S$1.1 million for the POSB PAssion Kids Fund. To date, the funds raised have been used for 27 programmes that have benefitted over 20,000 children.

Bank branches used to be relatively uniform and somewhat utilitarian. But this one-size-ts-all approach has evolved over the years along with Singapores changing population prole. To better serve its customers and the specif ic needs of the community, an areas demographics play an increasingly important role in determining the type of facilities and services offered at the branch. Banks may have programmes to better ease seniors into new ways of banking in more mature estates. For instance, POSB engages Active Neighbours, who are seniors, to help their peers with transactions such as self-service banking and Internet banking. Staff are trained to identify customers who may need physical assistance so they do not have to stand in line while waiting to be served. Its often taken for granted that service here will be provided in English. Not many organisations reach out to those who may prefer to communicate in their mother tongue. So customers appreciate organisations like POSB that go the extra mile to serve them in the four major languages. Such steps also show that the bank understands its customers needs and has their interests at heart, something thats common to organisations that have grown with their customers.
This is the third s tor y in a 19 - par t collaboration between TODAY and POSB.