In a statement published in The Straits Times on Aug. 7, DBS Bank responded to letters written to the local daily, complaining about the increasing number of ATMs that only dispense $50 notes, forcing customers to have to withdraw the seemingly luxurious amount each time.
Said Head of Consumer Banking Group Singapore Jeremy Soo, decisions on the withdrawal amounts allowed via ATMs are made based on data analytics that showcase typical customer traffic and withdrawal patterns. These configurations are reviewed on a regular basis.
“For example, to better serve customers in locations where bigger amounts tend to be withdrawn, we have configured some of our ATMs to dispense only $50 notes,” he wrote.
Soh also said there were instances where ATMs configured to dispense only $50 notes were changed to dispense both $10 and $50 notes.
“…we are constantly calibrating the algorithm we use to achieve an optimal balance between customer preference for various denominations, queue times and machine availability… and based on recent feedback, we are already making further adjustments. We thanks our customers for their support and understanding on this matter,” the statement finished.
