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Growing up in Singapore in the 90s, I vividly recall the abundance of bank branches scattered across the island. Whether it was a walk to the heartland areas of my neighbourhood or an exciting trip to the bustling shopping malls near the city center, bank branches, especially from our three local banks, were a constant presence. Occasionally, we would enter these branches. These visits would happen when my mom needed to make a transaction that couldn’t be handled by an ATM—transferring funds, replacing a filled-up bank passbook, or cashing in a cheque from a recent share sale. The sight that fascinated me the most was the armed guards, highlighting just how important these places were and the large amounts of money they handle. Fast forward to today, and our banking habits have drastically changed. With the rise of online banking, most of our transactions can be completed from the comfort of our homes using phones or laptops. The need for frequent visits to bank branches has diminished for many of us. Yet, this shift doesn’t spell the end for bank branches in Singapore. Despite the convenience of digital banking, bank branches remain a vital part of the banking ecosystem. We still see queues of people waiting for their turn at the bank, and during the COVID-19 pandemic in 2020, banking was classified as an essential service, keeping branches open even during the circuit breaker period. Bank branches continue to play a crucial role in the banking landscape of Singapore though their functions may have changed. Through the lenses of OCBC, Singapore’s oldest local bank, we explore how bank branches have evolved over the past decades to stay relevant to the needs of customers in Singapore. In the early 20th century, during the early days of banking in Singapore, bank branches were essentially the banks themselves. To access any banking service, you had to visit a bank branch. These branches were the central hubs for all financial transactions, providing essential services such as depositing and withdrawing cash, borrowing money, and making payments. Economies of scale played a significant role in banking, allowing banks to spread costs over a larger volume of transactions and services. A large deposit base was also crucial for enhancing a bank’s lending capacity, supporting investment opportunities, and building financial stability and trust among customers. To expand banking operations in Singapore during the early days, OCBC, established in 1932 from the merger of three local banks—Chinese Commercial Bank, Ho Hong Bank, and Oversea-Chinese Bank—developed an extensive branch network. This network included branches not only in Singapore and Malaya but also in Indonesia, China, and Hong Kong. By the time OCBC opened its headquarters on Chulia Street in 1933, it was and the only local Chinese bank with branches in Malaya, the Dutch Indies, China, and Hong Kong—17 in total. Initially, banks in Singapore primarily served businesses and merchants. It wasn’t until 1938, with the establishment of an OCBC branch on South Bridge Road featuring a savings department aimed at helping the working class save money, that consumers could finally access the same banking services (savings, borrowing, investing) that businesses had been enjoying. OCBC played a pivotal role in the region’s economic development, particularly in post-independence Singapore. The bank’s expansion strategy mirrored Singapore’s economic growth, meeting the rising demand for banking services, especially among consumers. Initially concentrated in the city center, OCBC branches began popping up in suburban areas to serve the growing population in new housing estates, far from the city core. In the pre-internet era, these branches were essential in providing accessible banking services to the masses. As demand for banking services grew, OCBC had to evolve to stay ahead. One significant innovation was the introduction of ATMs—automated teller machines. These ATMs allowed customers to perform, on their own, day-to-day banking services such as withdrawing and depositing funds, transferring money, and subscribing to shares. In the 1980s, OCBC was the first to install a 24-hour cash withdrawal ATM and Easi-Cash ATMs, which allowed for the transfer of funds and quick withdrawal of cash in fixed denominations. This was crucial for the development of retail banking in Singapore as it enabled the bank to serve a wider customer base while reducing queues at bank branches. Moreover, ATM services were available 24/7. This transformation enabled bank branches and their staff to offer higher-value services such as personalised financial advice, wealth management and business banking support. Essentially, it shifted the role of bank branches from merely handling routine transactions to becoming advisory centers where customers receive comprehensive support beyond basic banking services. To further cater to rising consumer demand, OCBC was also the first bank in Singapore to introduce Sunday banking. This development was particularly important as it recognised that many consumers, unlike businesses, may only visit banks during weekends. By offering banking services beyond traditional working hours, OCBC made banking more accessible to the general public. This innovation continues today, with OCBC maintaining Sunday banking branches. Digital disruptions have transformed many aspects of our world, and bank branches are no exception. With in Singapore, one key advantage that OCBC enjoys is the ability to operate a network of branches and ATMs across the country. But today, many of us need not step into a branch, relying primarily on digital banking applications for our transactions. This leads to the next question: what does the future hold for bank branches? To get a glimpse of how the future bank branches could look like, we can take a look at OCBC Wisma Atria. Spanning 20,000 square feet, OCBC Wisma Atria is unlike a regular bank branch where you only visit for banking-related matters. Instead, the branch offers not only a full suite of banking services, but also exciting retail and dining options in its space. These include a bookstore in BookXcess where you can browse and purchase a wide selection of books. There is Crane Living, a shop that curates unique goods and homewares from global artisans, offering a variety of items you can purchase for your home. For those looking to catch up with a business partner, OCBC Wisma Atria has a café – Baristart Coffee – a Japan-based cafe that serves coffee, drinks and creative food options. For a romantic date option, there is even a hidden Omakase restaurant – Sushi Moka – within OCBC Wisma Atria. There is also a conducive venue within OCBC Wisma Atria where talks, workshops and exhibitions are regularly organised for the public. As a lifestyle and banking center, OCBC Wisma Atria has the advantage of being an inviting space where consumers can visit even if they don’t have specific banking needs. This branch offers a unique experience, allowing customers to interact with the bank in an engaging and enjoyable environment that goes beyond just traditional banking services. Of course, when it comes to addressing banking-related matters that customers may have, OCBC Wisma Atria is able to provide the ideal environment for these conversations to take place. Pods and rooms are available to facilitate these private discussions with customers. Moving forward, we believe that the value of face-to-face interaction for bank customers cannot be overlooked. While modern bank branches today will likely process far fewer routine transactions due to the adoption of digital banking among their customers, they can evolve to become venues where important financial decisions are discussed and made – ideally in a comfortable setting. Moreover, branches can serve as educational hubs where customers can attend workshops and seminars on various financial topics, from budgeting and saving to investing and retirement planning. This not only enhances financial literacy but also strengthens the bank’s relationship with its community. In essence, the future of bank branches lies in their ability to provide high-value, personalised services that digital platforms cannot fully replicate. By focusing on these areas, branches can remain relevant and play a crucial role in the banking ecosystem.