Guangzhou, China, Sep. 6-7, 2017 — DBS Bank Country Head of Singapore, Mr. Sim S. LIM and other high level delegates visited GRGBanking, the leading cash processing solution provider. POSB Bank, a subsidiary of DBS together with GRGBanking, developed a project in branch transformation, Video Teller Machine, and the project won “Branch Innovation of the Year (Gold)” for its innovative banking solutions in the 12th “Asian Banking and Finance Awards 2017”
During the visit, Mr. Mark Yip, Managing Director of GRGBanking and Mr. Adam Lee, General Manager of GRGBanking Hongkong, promoted the innovative solutions to DBS delegates. After visiting the Industrial Park, the delegation spoke highly of the intelligent products and innovative financial technologies of GRGBanking.
After that, leaders exchanged views on FINTECH and software solutions, expanding future cooperation in financial self-service.
INTERVIEW with Mr. Sim S. LIM
Q1: What is your impression on GRGBanking?
LIM: The company’s slogan “we move faster” is very impressive. It shows what you need to do. It’s an excellent way of telling the company what is important. The management difficulties of a company will not arise because of the increase of staffing levels, the company’s development will be limited when it lose the agility to respond to your customers. So I like the slogan “we move faster.” It talks about the agility to respond when you are providing services to the customers. It talks about making innovation to adapt to the changing time. There are not many companies having this kind of clear vision. You are very clear on what you need to do, congratulations on that, well done.
Q2: How do you think about the future banking in Singapore?
LIM: FINTECH is the best thing happened to banking. People say that FINTECH is competing with banks and banks are worried, which is true. But because of FINTECH we have to rethink the way we do banking. In the past, banking is a protected industry. This is because we take consumers’ deposits and lend money. Banking is always regulated, so it’s hard for people to come in. But FINTECH has come in and shown how things can be done efficiently. It told us that customer is the most important person. It forced us to reinvent ourselves. FINTECH is definitely attractive to the banking, and it also has been the biggest force of innovation and is changing the banking industry. I have a simple slogan, “We innovate, or we die.” FINTECH has shown that we better innovate. So banking has changed. With digital technology and artificial intelligence, a lot of things we do today will be different. We always have data but that’s all we have. Now we have converted data into information. We have converted information into knowledge. We have converted knowledge into wisdom. Once you have wisdom, you have insights. Then you know how to serve your customers better. You’ll know how to target your customers. So I think big data and artificial intelligence are the defining words for the banking industry in the next 25 years. There are great changes to come.
Q3: We know that DBS has deployed VTM projects in Singapore, which gained great impact. So what will be the expectation of innovation technology and solutions?
LIM: VTM is only our first step. Mobile is now abundant in people’s daily life. We believe that the bank will be on your phone, the mobile banking is really happening. China has shown us the cashless society using the QR code. People can go out without any cash. In this situation, GRGBanking is also adapting. From ATM we go to VTM and VTM can be more productive. The VTM is beyond the limit of time and location. It can be addressed in the central locations and you don’t need to come to my branch but I can still serve you after working hours with the remote services provided by my call centers. The importance of branches and cash is going down. If we want to innovate, can we do a different branch? I’m very keen to see if we can do a VR branch. You come into my branch and all you have is a pair of VR glasses. You put on the VR glasses then you can see the whole branch and do banking without teller. I think the next step is to have the banks on your mobiles and PC. It will be the most significant change.