Magazine Aug-Oct 2020

The Club is striving towards the digital transformation of our finance operations. We are prioritizing the safety of our Members and staff in the immediate term, and enhancing The Club’s sustainability effor ts and cost efficiency in the longer term. In the past months, some Members were unable to retrieve their statements as the statements were mailed to their workplace during the Circuit Breaker. This in turn affected their monthly bill payments. While The Club has always offered the option of e-statements to Members, the response has been lukewarm. The inconvenience brought about by Circuit Breaker has seen a larger por tion of Members switching to e-statements to address this inconvenience. One of the benefits of digitization is that it enables individuals to better secure their health and safety during the COVID-19 pandemic. From new technology rollouts like the SafeEntry mobile app, which has aided the Singapore Government in effective contact tracing effor ts, to existing digital infrastructure like the unified NETS cashless payment system at hawker stalls, which has helped stallholders reduce physical contact with their customers and vice versa. Our Finance team has devised a suite of digitization initiatives, which will be implemented progressively over the next year. Management and Club staff will be on hand to suppor t Members through this transition and help them to familiarize with the new digital procedures. Over the next three issues of the magazine, we will be sharing vital information about upcoming phases of digital transformation. In this issue, we introduce the first phase of these digitization initiatives, the digitization of Members’ Monthly Statements and Members’ Monthly Bill Payments. Members will be pleased to learn the benefits of having their Monthly Statements and Bill Payments digitized. You will not only be helping to ensure the safety of our Club staff by reducing the need to handle cash and checks, but will also contribute to a significant cost savings total of approximately S$36,100 per year. MEMBERS’ MONTHLY STATEMENTS All printed monthly statements will be replaced with electronic statements (e-statements), starting with the e-statements for October 2020. Principal Members will receive an email and e-sms notification that their monthly e-statements will be ready for viewing on the 4th working day of each month and will be able to retrieve and view their e-statements via the Club website using their secure Member log-ins. E-statements is also a faster way for Members to view their statements, as Members typically only receive printed monthly statements by the 7th or 8th working DIGITAL TRANSFORMATION INTHE CLUB’S FINANCE OPERATIONS

18 THE AMERICAN CLUB SINGAPORE