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Coming soon: Video Teller Machines from POSB for 24/7 banking services

By Marcus Wong - on 16 Aug 2016, 12:42pm

Coming soon: Video Teller Machines from POSB for 24/7 banking services

POSB is introducing another innovation to the local banking scene with the pilot of POSB Video Teller Machines (VTMs) – the first of its kind in Singapore.

POSB has just announced that it is starting a pilot for Video Teller Machines (VTMs) – a first for Singapore. These will provide your usual services like balance enquiries, change of particulars and statement requests, and will be also able to dispense internet banking security tokens as well as debit cards instantly, saving you long queues at the bank.

There is the option of getting live assistance from a bank teller via video-streaming, whether for operating the machine, or for other banking needs. 

DBS/POSB banking sees some 45,000 requests per month for replacement debit or ATM cards, and 7,500 requests per month for replacement internet banking tokens – mostly as a result of misplacement. So, transferring such requests to semi self-service methods like the VTMs will hopefully reduce the queues in the bank branches.

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 finger scanning for verification if required. With POSB VTMs, customers will be able to perform transactions such as:

  • Balance enquiries
  • Change of particulars
  • Card services
  • Instant replacement of debit and ATM cards
  • Instant internet banking token replacement
  • Changing fixed deposit arrangements
  • Changing Giro arrangements
  • Statement requests

The first pilot VTM is now at POSB’s ITE College Central branch, at 2 Ang Mo Kio Drive. The machine can be accessed 10am to 2pm (Monday to Fridays) and 10am to 1pm (Saturdays). Selected functions, including internet banking token replacement, are currently available, while full capabilities (like round-the-clock access) are expected to be rolled out by the end of the year. VTMs will be progressively introduced to selected branches from now till then.