Extension of banking hours by local banks

• Main Authors: Lim, Adelina Mei Leng, Sng, Wee Lee, Tan, Puay Lan
• Other Authors: Lim Chye Sian
• Format: Final Year Project
• Language: English
• Published: 2015
• Subjects: DRNTU::Business::Finance
• Online Access: http://hdl.handle.net/10356/62973
• Institution: Nanyang Technological University

Since the development of the banking industry, banks have become more and more competitive. The increasing importance of customer-orientation has led banks to extend their banking hours. In order to ensure growth and competitiveness, banks not only have their branches open beyond normal office hours but also on weekends. However, the necessity of such a move by the banks is questioned, especially with the ready availability of Automated Teller Machines (ATMs) which are sophisticated enough to perform quite a number of the consumer banking transactions found in the banking halls. The purpose of this report is to study the necessity for local banks -- Development Bank of Singapore (DBS), Oversea-Chinese Banking Corporation (OCBC), Overseas Union Bank (OUB), United Overseas Bank Group (UOB) and Post Office Savings Bank (POSB) --to extend their banking hours. The report starts off with a brief introduction on the past and present banking. It then highlights the costs, benefits and alternatives of the extension programme. In order to have the most up-to-date information regarding this topic, interviews and surveys on bank managers/officers, tellers and customers of the banks were carried out. An analysis was also done on the data obtained to present the findings in a clearer manner. The report is finally rounded up with the project team's opinions on the topic in the recommendation and conclusion chapters.