Virtual Teller Machines Market Projected For Healthy Growth Rate During The Forecast Period

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.
• Virtual teller machines also help financial institutions to add value to their service by providing extended access to banking services and advice of financial experts to their customers
• Virtual teller machines have enabled financial institutions to re-assign their branch employees to higher-level tasks such as consulting with customers on business banking, mortgages, and loans

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