The Monetary Authority of Singapore (MAS) is telling customers of financial institutions to stop going to brick and mortar locations during the COVID-19 pandemic. MAS is urging consumers to use digital, email, and telephone channels as far as possible.
Of course, MAS is telling the population to stay away from locations that may accelerate the spread of the Coronavirus infection.
According to MAS, about half of the bank branches in Singapore have closed, in view of reduced customer traffic. The branches that remain open are well distributed across the country and provide a range of services to meet customers’ needs.
However, customers are strongly advised to use online or phone banking channels to meet their banking needs. No need to visit a bank branch for any of their financial needs.
The Coronavirus is devastating most economic activity but financial services are deemed an “essential service.” Somewhat obtusely, the pandemic is accelerating the ongoing digital transformation which includes the reality that bank branches are no longer necessary.