POSB branch crowded? Bank launches Singapore's first video teller machines

POSB VTMs will soon be able to provide round-the-clock branch banking services to customers, with the option of “face-to-face” assistance from bank tellers via live-video streaming. PHOTO: DBS
POSB VTMs will soon be able to provide round-the-clock branch banking services to customers, with the option of “face-to-face” assistance from bank tellers via live-video streaming. PHOTO: DBS
In addition to providing services such as balance enquiries, change of particulars and statement requests, the POSB VTMs will be also able to dispense Internet banking security tokens as well as debit cards instantly. PHOTO: DBS
In addition to providing services such as balance enquiries, change of particulars and statement requests, the POSB VTMs will be also able to dispense Internet banking security tokens as well as debit cards instantly. PHOTO: DBS

SINGAPORE - POSB launched a pilot video teller machine (VTM), the first of its kind in Singapore, whch can provide round-the-clock branch banking services to customers, with the option of "face-to-face" assistance from bank tellers via live-video streaming.

In addition to providing services such as balance enquiries, change of particulars, statement requests, a change in Giro or fixed deposit arrangements, the POSB VTMs will be also able to dispense internet banking security tokens and debit cards instantly, parent DBS said in its announcement on Tuesday (Aug 16).

POSB's first VTM is situated at POSB ITE College Central branch at 2 Ang Mo Kio Drive. The machine can be accessed by the public from 10am to 2pm (Monday to Fridays) and 10am to 1pm (Saturdays). Selected functions, including internet banking token replacement, are currently available.

More POSB VTMs will be progressively introduced to selected branches and the machines are expected to run with their full capabilities and be made available round-the-clock by the end of the year, said DBS.

Said Jeremy Soo, managing director and head of consumer banking group (Singapore), DBS Bank: "We see the POSB VTMs as a game-changer for the industry, in terms of delivering round-the-clock branch banking services to our customers.

"And just as important, those who require assistance - whether in operating the machine or for their other banking needs - are able to access instant 'face-to-face' teller assistance via live-video. The latter function is crucial because many of our customers still place great value in interacting with our staff."

For POSB, VTMs will help it serve its customers without necessarily requiring more branch space or increase in manpower.

To use the POSB VTMs, customers will need to have valid ID (such as their identity card or passport) or their ATM card for verification. POSB VTMs will also provide the option of biometric fingervein scanning for verification if required.

DBS said it sees some 45,000 requests per month for replacement debit or ATM cards, and 7,500 requests per month for replacement internet banking tokens.