dotlah! dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
Social Links
  • zedreviews.com
  • citi.io
  • aster.cloud
  • liwaiwai.com
  • guzz.co.uk
  • atinatin.com
0 Likes
0 Followers
0 Subscribers
dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
  • Technology

OCBC Bank Is First In Southeast Asia To Enable Instant Encashment Of Cash Cheques At ATMs

  • March 13, 2020
Total
0
Shares
0
0
0

Even as Singapore pushes to become cheque-free by 2025, cash cheques continue to be used by small and medium-sized enterprises (SMEs), typically to pay staff salaries, get cash for daily business operations or pay vendors for services rendered. While cheque usage by OCBC Bank’s retail banking customers has fallen 40 per cent since 2018, one in six cash transactions performed by OCBC Bank tellers over the counter are still cash cheque encashments; 95 per cent of these cheques are issued by SMEs.

Until cheques are fully phased out, and to drive digital literacy and adoption, OCBC Bank has rolled out a cheque encashment service across all its next-generation ATMs at 23 branches. Since February 2020, customers have been able to encash cheques – for up to a maximum of $30,000 in a single cheque – by depositing them into the ATM to instantly get cash. This capability enables the next-generation ATMs to process 90 per cent of all the cheques usually encashed at OCBC Bank branch teller counters. The average cheque encashment transaction time has been reduced to under three minutes at the ATM, as customers can save about 60 per cent of their time compared to waiting to be served at a branch. All the necessary security checks and verifications are performed by Digital Ambassadors on mobile tablets in real time, so security is not compromised. The next-generation ATMs have already processed cheque encashments totalling close to S$17 million.

Helping customers to embrace digital touchpoints

Since OCBC Bank’s next-generation ATMs were launched in May 2018, one in three of all over-the-counter branch consumer transactions has been migrated to these machines. They function like “mini branches”, enabling customers to complete 80 per cent of the most frequently requested over-the-counter services without having to wait in line at a branch. These transactions include cash deposits, cash withdrawals above daily ATM withdrawal limits, simultaneous cash and coin deposits, updating customers’ personal details and account- and card-related requests.

As we nudge more customers to use digital services for day-to-day banking requirements, digital banking adoption will increase even faster as jobs performed by traditional bank tellers become less relevant. To this end, OCBC Bank has re-skilled and up-skilled its branch service staff so that one in four are now digitally trained to perform roles as Digital Ambassadors. All Digital Ambassadors – 20 per cent are in their 40s and 50s – undergo an intensive training programme before taking on the role. They use mobile tablets to verify OCBC Bank customers’ identities and assist them in their transactions on next-generation ATMs.

Mr Sunny Quek, OCBC Bank’s Head of Consumer Financial Services Singapore, said: “As we continue to push Singapore’s cashless and cheque-less agenda, we are also accelerating our pace of digital transformation by continually upskilling our branch staff to take on digital roles. We recognise that there are still segments of customers who require services like cheque encashments; it takes up a significant amount of time for a customer and counter teller staff just to fulfil a single such transaction. We have addressed this by enabling transactions such as cheque encashment to be performed seamlessly on our next-generation ATMs instead.

“As we embark on our branch digital transformation journey, we don’t forget our staff. Through our OCBC Future Smart Programme, our tellers and branch service staff have acquired digital skills. At the same time, our staff are happy that they are able to do more value-added services than voluminous and repetitive over-the-counter tasks.”

Mr Adrian Tan, 62, a hairstylist who frequently goes to the Jurong East branch to encash his pay cheque, shared his experience: “OCBC’s new instant cheque encashment service is very useful. I’m glad OCBC is making more services digital or self-service as it really saves time. Previously, when I received my pay cheque, I had to queue up at the branch for a long time to cash it. Now, I can just use the new ATM to cash my cheque and get cash immediately. Time is of the essence to employees like us.”

How it works

Step 1: Insert ATM card and enter PIN

Step 2: Select ‘Cash from cheque’

Step 3: Enter cheque amount

Step 4: Digital ambassador will verify cheque information and insert cheque into cheque slot

Step 5: Confirm transaction on ATM screen

Step 6: Choose note denominations (for SME-issued cash cheques)

Step 7: Provide declaration on usage and purpose of $1,000 notes if applicable

Step 8: Select ‘receipt’ or ‘no receipt’

Step 9: Get cash

OCBC Bank customers can encash cash cheques immediately at next-generation ATMs located at 23 branches

 

Total
0
Shares
Share
Tweet
Share
Share
Related Topics
  • ATM
  • Banking
  • Cheque Encashment
  • Cheques
  • OCBC
dotlah.com

Previous Article
  • Science

GIS, NUS, And Novo Nordisk Team Up To Study Non-alcoholic Fatty Liver Disease In Asian Populations

  • March 12, 2020
View Post
Next Article
  • Society

Do Face Masks Really Prevent You From Catching Coronavirus?

  • March 13, 2020
View Post
You May Also Like
View Post
  • Gears
  • Technology

Meet Samsung Galaxy Tab S11 Series: Packing Everything You Expect From a Premium Tablet

  • Dean Marc
  • September 4, 2025
View Post
  • Technology

Malaysia’s ‘ASEAN Shenzhen’ needs some significant legal reform to take off — here’s how

  • dotlah.com
  • August 25, 2025
View Post
  • Gears
  • Technology

Samsung Electronics Debuts Odyssey G7 Monitors, Showcasing Top Games on Its Displays at Gamescom 2025

  • Dean Marc
  • August 20, 2025
View Post
  • Artificial Intelligence
  • Technology

Thoughts on America’s AI Action Plan

  • Dean Marc
  • July 24, 2025
View Post
  • Technology

ESWIN Computing launches the EBC77 Series Single Board Computer with Ubuntu

  • dotlah.com
  • July 17, 2025
View Post
  • Gears
  • Technology

Samsung Galaxy Z Fold7: Raising the Bar for Smartphones

  • Dean Marc
  • July 9, 2025
View Post
  • Cities
  • Technology

Meralco PowerGen’s PacificLight starts up 100 MW fast-response plant in Singapore

  • dotlah.com
  • June 20, 2025
View Post
  • Technology

Apple services deliver powerful features and intelligent updates to users this autumn

  • Dean Marc
  • June 12, 2025


Trending
  • 1
    • Cities
    Why Is Tap Water Not Safe Anymore Even In High Quality Cities
    • May 22, 2020
  • 2
    • Lah!
    Latest Data Shows Progress Made By Each Generation of Singaporeans: Improvements In Education, Employment, Wages, Residential Property Ownership
    • October 23, 2019
  • 3
    • Lah!
    What It Takes To Put Out Forest Fires
    • September 23, 2019
  • 4
    • Technology
    Total, ETH Zurich Join Forces To Convert CO2 And Hydrogen Into Methanol
    • August 16, 2019
  • 5
    • Technology
    Grab Expands Grocery, Essentials Delivery Across Southeast Asia
    • June 6, 2020
  • 6
    • Technology
    Majority Of Customers Likely To Stick To Existing Primary Banking Relationship After Opening Digital Bank Accounts, PwC Study
    • February 11, 2020
  • 7
    • Cities
    The Top 50 Smart Cities In The World 2020
    • July 16, 2020
  • 8
    • Lah!
    • Technology
    UOB First Bank In Singapore To Pilot Sign With Singpass For Digital Signature Authorisation; Move Will Cut Down Paper Usage By Two Million Forms A Year
    • June 11, 2021
  • 9
    • Engineering
    • Science
    • Technology
    With Psyche, A Journey To An Ancient Asteroid Is Set To Begin
    • October 13, 2023
  • 10
    • Lah!
    5 RSAF Things You Should Not Miss At #NDP2019
    • August 6, 2019
  • 11
    • Cities
    This ‘Self-Sufficient’ Chinese City Is Being Built With Future Pandemics In Mind
    • September 14, 2020
  • 12
    • Technology
    NUS Innovation Boosts Wireless Connectivity 1,000 Times
    • July 22, 2019
Trending
  • Cooking pots and pans 1
    Best Pots and Pans 2025: All-Season, All-Purpose Picks for Every Kitchen
    • September 23, 2025
  • 2
    Politicians love comparing NZ’s economy to Singapore or Ireland – but it’s simplistic and misleading
    • September 21, 2025
  • Kitchen Knives - Best All-Around Picks in 2025 3
    Kitchen Knives : The Surgeons of Cooking – Best All-Around Picks in 2025
    • September 15, 2025
  • 4
    Apple unveils iPhone 17 Pro and iPhone 17 Pro Max, the most powerful and advanced Pro models ever
    • September 9, 2025
  • 5
    Apple debuts iPhone 17
    • September 9, 2025
  • Fruits and vegetables for cooking. For food processors. 6
    Food Processor: The Swiss Army Knife of the Kitchen – Best All-Around Picks in 2025
    • September 8, 2025
  • 7
    Meet Samsung Galaxy Tab S11 Series: Packing Everything You Expect From a Premium Tablet
    • September 4, 2025
  • 8
    Malaysia’s ‘ASEAN Shenzhen’ needs some significant legal reform to take off — here’s how
    • August 25, 2025
  • French Fries 9
    Air Fryer: The One Cooking Appliance to Rule Them All – Best All-Around Picks in 2025
    • August 22, 2025
  • 10
    Samsung Electronics Debuts Odyssey G7 Monitors, Showcasing Top Games on Its Displays at Gamescom 2025
    • August 20, 2025
Social Links
dotlah! dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
Connecting Dots Across Asia's Tech and Urban Landscape

Input your search keywords and press Enter.