Bank Simpanan Nasional has become the first bank in Malaysia to introduce virtual teller machines (VTMs), which allow bank tellers in one location to serve customers in multiple locations in Malaysia remotely, via a live virtual banking operation.
BSN was inspired by kiosk banking, which has been implemented in European countries, China, Canada and the US, to adopt VTMs. The project involves a strategic collaboration between BSN and Vastcomp to build a custom system combined with video conferencing telepresence technology from Cisco that complies with the bank's security requirements. BSN also partnered with Telekom Malaysia as the network service provider.
“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 and experience a more comfortable and personalised professional financial services,” said BSN Chief Executive Datuk Adinan Maning.
Transactions that can be carried out via VTM include balance enquiries, deposits and withdrawals, intra/inter-bank fund transfers, inter-bank GIRO transfers, bill payments, loan and credit card repayments and Sijil Simpanan Premium* (SSP) savings. For security purposes, all transactions require the customer to insert their MyKad (ID) into the Multi-Link Queue Management System (MLQMS) or VTM and have their thumbprint verified, while the transactions are recorded.
Datuk Adinan added, “In total, BSN is investing RM30 million to roll out the VTM that provides more than 80% of counter services, and is an improvement over current automated teller machines (ATMs) and cash deposit machines (CDMs). In the near future, VTM will also be offering additional services including account opening and issuance of debit cards, customer information management and bill payments. The VTM can also allow extended banking hours with the placement of VTMs at public locations, if necessary.”
Speaking at the launch, Deputy Prime Minister Dato’ Seri Dr Ahmad Zahid Hamidi said, “The technology is rapidly changing. To keep well abreast and continue to evolve with the advent of technology, it is important that banks innovate and provide the latest financial technology to consumers. I commend BSN on its concerted effort in optimising technology to provide smart, efficient and interactive face-to-face banking services via a technological system. It is an excellent tool to offer a combination of technology and human touch banking experience.”
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BSN's 9.1 million+ customers can enjoy the new banking service in 31 branches, with 93 VTMs already operational. BSN currently has 401 branches, 870 ATMs, and 387 CDMs across Malaysia. The system currently involves a total of 450 BSN tellers as virtual teller agents nationwide. Read the list of virtual teller services
Read the TechTrade Asia blog post about Cisco's involvement in the VTMs
*SSP savings are a type of shari'ah-compliant savings which do not accrue interest. In lieu of interest, SSP account owners are entered in weekly lucky draws and stand to win prizes.