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Great Eastern's 3-year 2.05% endowment plan selling well

Singapore GREAT Eastern's three-year single premium endowment plan offering a guaranteed payout of 2.05 per cent is selling well, said a company official. The insurer, a unit of OCBC Bank, launched the product last week. The plan also provides coverage against death and total and permanent disability at up to 105 per cent of the single premium during the policy term. "The take-up rate is very good, better than expected," said Tan Seck Geok, Great...


Cashless payment trend 'may profit banks'

The growing trend towards cashless payment systems could lift local bank profits by up to 9 per cent over the next two years, according to Maybank Kim Eng Research. Analyst Ng Li Hiang said in a research report yesterday that the higher adoption of such payments would increase credit card use, which would potentially lift bank revenue. If 40 per cent to 70 per cent of expenditure here shifts from cash to cashless payments, bank...


Banks need to keep up with tech-driven changes in the industry

THE former Citigroup Inc CEO, Vikram Pandit, said recently that new technologies such as artificial intelligence (AI) could result in a 30 per cent cut in banking jobs over the next five years. AI and robotics are indeed reducing the need for staff in many back-office roles. The adoption of AI is not just resulting in staff reductions, it is also changing traditional processes and systems within financial services. Looking ahead, AI will become...


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