Bank Branches have a dire need to reinvent themselves as cost pressures mount and reducing transaction based revenue force them to downsize and become leaner. The VTM represents a compelling solution to this very challenge
Aurionpro Solutions, a digital innovation, enterprise security and banking solutions provider, today announced its Branch-in-a-Box product, the Virtual Teller Machine (VTM). It is a fully integrated self-service kiosk for automating 90% of banking transactions at a branch.
Speaking on the occasion, Raj Menon, EVP & Head – Customer Experience Solutions, Aurionpro, said, “Bank Branches have a dire need to reinvent themselves as cost pressures mount and reducing transaction based revenue force them to downsize and become leaner. The VTM represents a compelling solution to this very challenge.”
Going forward, bank’s Tellers will have to adopt a consultative approach with a sharp focus on delivering value and enhanced customer experience. In the future, branches will focus less on transaction driven revenue and more on relationship based sales, service & consultancy. Consequently, traditional transactional engagements involving a Teller will rapidly shift to more automation and self-service technologies. The Branch itself will get leaner, more automated with a retail centric ambience that stimulates customer engagement.
The VTM helps in migrating routine transactions like eKYC, account opening, passbook and statement printing, video assistance, bill payment, cash and cheques (single and bunched) deposit, cheque account summary, cash withdrawal, personalised instant card issuance, activation and replacement.
Consumers around the world are rapidly adopting digital interfaces for their everyday banking services like mortgage, insurance, remittance, wealth management or payments. Banks have 3 to 5 years to transform and become digitally proficient, or, risk losing relevance in the industry. Banks that will successfully use digital technologies to create new products, automate processes, build self-serve technologies and redefine overall customer experiences will come out as winners in the industry.
