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Virtual Teller Machines Market - High Growth Opportunities | Emerging Trends | Industry Review By TMR

12-02-2021 12:23 PM CET | IT, New Media & Software

Press release from: Transparency Market Research

Virtual Teller Machines Market - High Growth Opportunities |

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.

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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

Off-site Segment to Witness Strong Growth

Based on deployment type, the global virtual teller machines market can be divided into on-site, off-site, and worksite

Off-site deployment of virtual teller machines refers to deployment in locations where the bank or financial institution has no branch. Through such deployment, banks or financial institutions can expand their reach in remote areas.

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Global Virtual Teller Machines Market: Competition Landscape

Asia Pacific to Lead Global Market for Virtual Teller Machines

Due to rising awareness and enhanced security measures, people living in remote areas are becoming interested in banking services. Asia Pacific is expected to offer immense opportunities to the virtual teller machines market in the next few years, as the region has a large number of developing countries.

Asia Pacific has high potential for off-site deployment of virtual teller machines. On-site banks or financial institutes are not capable to serve the entire population of the region.

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Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information.

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