Malaysia’s Bank Simpanan Nasional has introduced virtual teller machines (VTM) in 31 branches in a move that will help attract and retain more profitable customers.
The machines are built with Cisco Unified Communication and Cisco Unified Computing platforms which facilitate secure, real-time engagement between customers and tellers.
The move will also help streamline human resource management, Bank Simpanan Nasional CEO Datum Adina Maning said.
“The VTM balances the workload between branches, enabling customers in busy branches to perform transactions assisted by tellers in less busy branches nationwide. Customers can now enjoy counter transactions without geographical limitations.”
The VTMs currently provide basic banking services and accept loan applications which account for more than 80 percent of counter services. That percentage will grow as they also provide account opening, bill payment and information management services in the future.
Security features include encrypted electronic signature, thumbprint verification and card verification.
Cisco’s Managing Director for Malaysia Albert Chai said banking and finance are prime industries for disruption, especially given Malaysia’s commitment to innovation.
“Nontraditional financial institutions are delivering new digital services that are personal, customized and convenient.”
“Malaysia is committed to transforming the economy through digitization, and two critical aspects of the Eleventh Malaysia Plan — innovation to drive revenue and productivity acceleration for sectoral growth — are addressed with this implementation at BSN. The digitization of bank branches is an important part of the Omni channel banking experience that transforms the customer’s transaction and increases their engagement with the bank.”
According to McKinsey more than 700 million people in Asian use digital banking. Those users tend to be more educated, have higher account balances, possess multiple banking products and frequently shop online.