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POSB Launches First GRGBanking Video Teller Machine in Singapore

Thursday, August 18, 2016

by GRG Banking

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.

Singapore, 16 August 2016 – POSB, the subsidiary of DBS, a world-leading international banking group, has debuted its “POSB VTMs” intelligent service in POSB ITE College Central branch on 2 Ang Mo Kio Drive in Singapore.

The “POSB VTMs”, or called Video Teller Machine (VTM) was supplied by GRGBanking, a leading provider of currency recognition and cash processing solutions, which is estimated as dominating over 50% of the VTM market in China. GRG’s video banking solution has also been applied in Germany, Turkey, as well as a lot of top-tier Chinese banks. The pilot video teller machine (VTM) is the first of its kind in Singapore, which 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 and statement requests, the POSB VTMs will be also able to dispense internet banking security tokens as well as debit cards instantly.

VTM complements the wide array of existing services provided by banks and pushes the envelope when it comes to the range of round-the-clock services customers can come to expect from a bank, while without necessarily requiring more branch space or a large increase in manpower.

The innovative solution provided by GRGBanking, is a pioneering banking channel solution that leverages video conferencing technology to integrate the merits of self-service and counter service, providing full range banking experience with smaller footprint. It can result in a truly different and better intelligent experience for consumers.

GRGBanking team led by Mr. Mark Yip, the managing director of GRGBanking Equipment Co., Ltd. was invited to the launch ceremony. During the event, GRG Team interacted on some sessions and visited Learning Lab, Contact Centre and the flagship branch of DBS. Mr. Mark Yip exchanged ideas on branch transformation extensively with Mr. Lim Sim S. the Country Head, DBS Singapore. GRGBanking’s VTM innovative solution and intelligent technology was highly applauded by DBS team.

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

"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.” Said Jeremy Soo, managing director and head of consumer banking group (Singapore), DBS Bank.

Up to now, the big news of “POSB launches pilot of Singapore’s first GRGBanking Video Teller Machines” has been released in English, Chinese, Malay and India language and has drawn wide attention to the public and dominated the early headlines in major media.


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