Tuesday, April 10, 2012

Efficient bank processes in China

I made a transaction at a bank in China. They have more up-to-date practices. The customer has to enter a PIN number, instead of a signature. The documents signed by the customer are captured in a document camera - shown here.

I am not sure if our banks in Singapore already use similar practices. It is time to learn from China on their updated practices.


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1 comment:

  1. Tan Kin LianApril 12, 2012 9:08 AM

    In Singapore, the banks continue to require the customers to sign forms to authorize some transactions and to mail the hard copy form to them.

    We are very backward, compared to countries like China.

    Our backward processes add to the high operating cost in Singapore, which is translated into higher prices charged to consumers, leading to higher cost of living. It is a vicious cycle.

    Sadly, our Government leaders are still not aware about this challenge. PM Lee should wake up and know that there are many problems that are not fed to him through his structure of Government.

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