Video teller machine (VTM)
Video teller machine (VTM) is an electronic banking outlet that allows customers to complete basic transactions, request banking services or receive immediate assistance with the help of live video conferencing consultation with a remote bank teller.
Table of contents
VTM Advantages
- If you forgot your PIN or lost your credit card, you still can have your issues solved via VTM. As you are connecting face-to-face with a banking representative, you can prove your identity by answering security questions.
- Apart from money withdrawal, you can ask for assistance with basic banking questions via video conferencing. Although you may not be able to open a new individual or joint bank account, or take out a loan, you still can change an address connected to your account, set a live appointment, or solve basic financial issues.
- VTMs can be installed out of the branches so the customers can receive banking services and consultations (e.g., use a VA loan calculator) without visiting the bank office.
- Video tellers are available 24/7 and after traditional banking hours, while bank branches do not provide such flexibility.
- Video tellers are not bound to the bank branches – instead they can provide remote assistance from the general office or from their homes.
VTM implementation
VTM has proven to be an innovative solution to integrate branch counter, ATM, internet banking, mobile banking and call banking. Different modules are built into one machine to achieve cash deposit and withdrawal, check deposit, card issuing, investment product purchase, financial consulting, payment services, etc.
In addition to the standard card readers and cash slots, keyboard and screen, video teller machines are enhanced with additional video conferencing equipment, including a camera, a microphone and an extra screen. There are also more features that enhance the functionality of the machine. The card dispenser in VTM allows the bank to issue new cards remotely. Passport scanners and finger print readers are provided for identification of the customers. A document printer offers a possibility to receive documents issued by the bank without visiting the bank branch. Moreover, a smart scanner can be connected to the VTM to read and process the data from the client’s papers in A4 format automatically. In some countries, the VTMs are often deployed in private cabins with strict access control.
Case studies of VTM implementation
The video banking technology is gaining an increasing popularity all over the world. In many cases, audio and even video calls are simply not enough for some clients. Operators often have to show or send charts, tables, or copies of , such as the 2024 W9 form, 1099 forms, or even loan applications, when dealing with these people. Today, video teller machines are widely used in Asia, the Middle East and Europe. Video banking and remote transaction processing helps increase the transaction speed without the need for a physical branch. You can find examples of banks all over the world that are successfully using VTM technologies.
China Guangfa Bank was the first bank to introduce a concept of a video teller machine back in 2012. The bank proved that the customers are satisfied with remote services and out-of-the-branch experience. Moreover, with the implementation of VTMs, China Guangfa Bank has succeeded in differentiating itself from competitors.
Bahrain Islamic Bank (BisB) used TrueConf SDK to integrate video conferencing in their ATMs. BisB’s digital branch allows customers to perform a multitude of transactions such as card less cash withdrawals or deposits, checkbook printing as well instant card issuance through the use of a dedicated self-service kiosk.
POSB Bank in Singapore introduced VTMs in 2017. In addition to solving basic banking questions, the POSB clients can benefit from reissue of their debit cards without visiting the bank branch.
Kuveyt Turk Participation Bank in Turkey launched VTM-based digital branches in 2013. The VTM is located in a separate room where customers can conduct their business in private. Their customers can receive any service face-to-face seven days a week, 24 hours a day.
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