Singapore's oldest bank launches newest technology in the banking scene

The innovation comes with a live-video teller assistance.

DBS Group's POSB, the oldest and largest local bank in Singapore, has set up the first ever Video Teller Machines (VTMs) in the city-state which can provide night and day banking services to its customers.

Managing Director of DBS Jeremy Soo said this feat is a game-changer for the industry, as the option of face-to-face assistance from bank tellers via live-streaming is being introduced to its customers.

"The latter function is crucial because many of our customers still place great value in interacting with our staff. As POSB will always be neighbours first, bankers second, these relationships are something we value and wish to preserve even as we continue to push the boundaries in banking innovation,” he said.

The VTMs will be able to provide services such as balance inquiries, change of particulars, replacement of debit and ATM cards, instant internet banking token replacement, releasing of statement requests and many others without necessarily requiring more branch space or increase in manpower.

"Customers who urgently need to have their internet banking tokens or debit cards replaced after branch banking hours, will soon be able to go to POSB VTMs to have their token or card dispensed instantly to them, after verification."

As the project is still in its pilot stage, the first ever VTM established at POSB ITE College Central Branch in 2 Ang Mo Kio Drive can only serve limited functions and be accessed by the public at certain times.

However, POSB looks forward to rolling out more VTMs across selected branches in the city-state by the end of the year with their full capabilities be made available round-the-clock.