In Singapore DBS Bank customers are now able to access nine Video Teller Machines. Is it the end of the traditional branch?
The DBS/POSB Video Teller Machines (VTMs) provide round-the-clock branch banking services to customers, with the option of virtual teller assistance via live-video streaming.
In addition to providing services such as balance enquiries, change of particulars and statement requests, the VTMs are able to dispense internet banking security tokens instantly and allows for customers to apply for debit cards* and obtain them instantly.
DBS which likes to call itself the «Digital Bank of Singapore» claims the new service pushes the envelope of round-the-clock services customers can come to expect from a bank.
The Branch is History
With more customers using smartphones for everyday payments and some mobile payment systems now allowing customers to receive their payroll/salary directly to their device, will branches even exist in a few years time?
The high cost of prime located real estate with security and staffing costs on top, make the old fashioned branch look obsolete.
«The VTMs are an example of how we are reimagining banking, using digital technology and innovation to extend our reach, enhance our efficiencies, and create tomorrow’s solutions,» said Jeremy Soo, Managing Director and Head of Consumer Banking Group (Singapore), DBS Bank.
