Tuesday, March 04, 2014

Need to make it easy to make payments

Each month, I have to make a few payments using electronic banking by DBS Bank and their platform for business banking is terrible. It is extremely complicated to use and the website keeps giving all kinds of unexpected trouble. 

Often, I wanted to give up and pay by cheque, but it is equally painful. 

This difficulty of making payments must be felt by most companies. They now have to resort to visiting customers to collect cheques or using courier to deliver cheques. It is adding to the cost of doing business.

Although the finance minister said that it is important to improve productivity, his ministry is not addressing the root of the problem. They are in their ivory tower, and do not understand the practical issues.

I read what the UK is trying to do, and even the statement by their chancellor, "The Government to improve banking service for consumers and businesses". I find this statement to be most meaningful, after suffering the painful way of doing business in Singapore.

I have written to the newspapers, to the finance minister himself for two years, and nothing is happening. So much inefficiency and wastefulness in Singapore.


1 comment:

Jeow Li Huan said...

Switch to ocbc. They revamped their platform and is easy to use now. Only drawback is that bank transfer has a transaction fee of 10 cents

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