Virtual Teller Machines Market: Introduction
- 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
- 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.
- NCR Corporation: Incorporated in 1884 and re-established in 1997, NCR Corporation is located in Atlanta, Georgia (the U.S.). It provides various products in branch transformation, digital banking, and payment and transaction processing. These include virtual teller machines, automated teller machines, and self-service teller machines. The company also offers IT maintenance support services and digital connection services.
- Diebold Nixdorf, Incorporated: Founded in 2016 with the acquisition of Wincor Nixdorf by Diebold Inc., Diebold Nixdorf is located in Green, Ohio (the U.S.). It is a global retail and financial technology company specialized in the manufacture, sale, installation, service of self-service financial transaction systems (such as virtual teller machines, interactive teller machines, and currency processing systems), physical security products, point-of-sale terminals, software, and other related products.
- FUJITSU FRONTECH LIMITED: Established in 1940, Fujitsu Frontech Limited is headquartered in Tokyo, Japan. The company is involved in the development, manufacture, sale, and service of front-end technologies, related software, and system integration services. Its service integration business segment deals in virtual teller machines; automated teller machines; security solutions for sectors such as financial, industrial, and Internet of Things (IoT); and financial, retail, and life cycle management services.
- Other prominent players operating in the global virtual teller machines market are Huawei Technologies Co., Ltd., Hitachi-Omron Terminal Solutions, Corp., Aurionpro Solutions Limited, and Inspur
Global Virtual Teller Machines Market: Research Scope
Global Virtual Teller Machines Market, by Component
- Managed Service
Global Virtual Teller Machines Market, by Deployment
Global Virtual Teller Machines Market, by Form Factor
Global Virtual Teller Machines Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
- Interactive Teller Machines
- Banking Solutions
- Cash Dispenser
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