Virtual Teller Machines Market: Introduction
- A virtual teller machine is an efficient tool for financial and non-financial institutions to provide convenient and customized services to their customers in real time
- Customers can perform banking transactions through a virtual teller machine, while interacting with tellers located at call centers or other branches through video conferencing
- A virtual teller machine has a touch screen, multi-functional buttons, and a handheld device to access a live teller. On the other hand, a conventional ATM can only be operated through buttons with limited functionality. For customers who want to enjoy the digital technology with an interpersonal touch, virtual teller machines is a suitable option, as these machines is a perfect integration of digital convenience and human interaction.
- Equipped with video assistance, virtual teller machines facilitate business consultation, sales system and support, identity verification to meet witness criteria for banks during self-service card issuing, deposit and withdrawal of large amounts, check handling, account summary, bill payment, and card replacement. This leads to providing of remote-counter business solutions to financial institutions and virtual realization of extension of manned counters for customers.
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Global Virtual Teller Machines Market: Dynamics
- At present, customers want their banking transactions to be personal as well as convenient
- Virtual teller machines offer a wide range of transactions for customers ranging from simple transactions such as dispensing cash and balance enquiry to complex tasks such as identity verification and check clearance through remote tellers
- Customers can perform most of the activities that they usually perform at a brick-and-mortar branch with a remote teller from a call center in real time. Virtual teller machines is an efficient solution for financial institutions to offer their services in remote locations, where the feasibility of opening a branch is minimal.
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Asia Pacific to Lead Global Market for Virtual Teller Machines
- Due to rising awareness and enhanced security measures, people living in remote areas are becoming interested in banking services. Asia Pacific is expected to offer immense opportunities to the virtual teller machines market in the next few years, as the region has a large number of developing countries.
- Asia Pacific has high potential for off-site deployment of virtual teller machines. On-site banks or financial institutes are not capable to serve the entire population of the region.
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