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VTM — The Omni-Channel Banking Experience

The changing landscape of the Internet, ICT technologies, and financial regulations are causing banks to shift their organizational structures and operating models to provide diversified and personalized financial services to their customers. To adapt to and profit from a new era of Internet finance, retail banks are increasingly seeking ways to attract new customers and improve existing customer loyalty while lowering operating costs and mitigating risks.

Diversified Banking Service Channels

The trend of smart, omni-channel banking is a change from traditional models of branch offices and self-service kiosks. Today’s direction has evolved to a multi-layered model that features flagship offices, full-service offices, specialized outlets, mini offices or community banks, and online services. The conventional online services model has begun to diversify to include voice, video, and Instant Messaging (IM) that allow customers to access services on tablets, personal computers, and mobile devices.

To maximize the impact of this trend toward omni-channel banking, Huawei has launched the Virtual Teller Machine (VTM) Solution. Using a VTM multimedia collaboration platform that provides remote access to bank tellers, the VTM Solution gives banks the ability to provide ubiquitous counter services. In recent years, the number of VTM equipment manufacturers and business software suppliers has increased, and VTM applications have evolved to provide a more complete range of services.

Community Banking Facilitates Convenience

The term community banking is not only a geographic concept, but also refers to smaller banking institutions providing services to individuals and local businesses. Currently, commercial banks in China use community banking to provide convenient services to targeted customers. Communication circular Number 227, issued December 2013 by the China Banking Regulatory Commission, stipulates that only attended and unattended modes of community banking are allowed. Banks operating in the attended mode must be licensed, whereas banks operating in unattended mode are only able to provide self-help services. After several years of development, China’s VTM remote banking solutions have improved, and VTM platform deployment has gained momentum. The result is that VTMs are now the preferred method for deploying community banking services with remote tellers.

Mobile Banking Boosts Service Efficiency

Mobile banking improves user experience with improved service efficiency. As smart phones and tablets have become broadly available, and network bandwidth continued to improve, users appreciate having access to banking services through the mobile channel. Current mobile banking services have been devised to provide transaction support services, as opposed to any services that had required face-to-face communication, such as wealth management or new account enquiries. With the explosion of LTE and Wi-Fi network coverage, banks are leveraging VTM multimedia platforms to extend conventional banking services and provide a much wider range of customer services.

VTM solutions allow account managers to carry tablets equipped to provide counter services to enterprises, door-to-door; bank consultants are able to use PCs or other terminals from their offices to provide face-to-face consultations to global customers; and customers using mobile phones or tablets can to access banking services anytime, anywhere, and receive real-time assistance from bank tellers.

Home Banking for Everyone

Traditionally, when users have been locked out of their bank accounts or need special assistance with a wealth management portfolio, they must visit a local branch. Or, if immediate help from a bank employee was required during non-business hours, they would have to wait for a branch location to open. With home banking, immediate support and face-to-face communication is possible over a variety of terminals or devices, 24/7. A combination of ICT technologies are employed to ensure secure, reliable, and convenient services any time and include end-to-end encryption, high-definition video, remote assistance, and remote application sharing. The recent popularity of network-enabled television promises that bank customers will be able to enjoy the convenience of counter services from their living rooms.

The Huawei VTM multimedia collaboration platform converges virtual and counter-based banking services that combine to provide elements of community banking alongside the convenience of home and other mobile banking services.

By Liu Yihong / Ni Haibo

VTM Product Director, Huawei Switch & Enterprise Communications Product Line / Marketing Manager, Huawei Switch & Enterprise Communications Product Line

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