Singapore banks push live video ATM and chat bot banking
Two of Singapore’s national banks DBS and POSB, both part of the DBS group, have pushed new AI-powered services this week to adapt to how consumers want to interact.
POSB has launched VTMs
DBS has launched plans to allow customers to do ‘conversational’ banking within their chosen messenger apps and POSB has launched ‘Video Teller’ machines, which allows people to do live video chats with staff at ATMs.
The ‘VTMs’ are in a testing phase, with one live in Singapore currently and plans to expand it out further later. People will be able to sign in using ID or their bank card, with additional an option for biometric finger scanning. The service will allow people to be able to carry out enquiries that are normally reserved for branch opening hours at any time of the day or night.
Jeremy Soo, managing director and head of consumer banking group (Singapore), DBS Bank, said: “We see the POSB Video Teller Machines as a game-changer for the industry, in terms of delivering round-the-clock branch banking services to our customers. 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.
And just as important, those who require assistance – whether in operating the machine or for their other banking needs – are able to access instant ‘face-to-face’ teller assistance via live-video. 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.
Sister bank DBS has announced plans to move to ‘conversational’ banking via messenger apps. According to the bank, DBS will use ‘natural language’ to converse with customers over the messaging app they prefer.
The bank is partnering with US-based Kasisto, a spin-off from SRI International which created the technology behind Siri (Apple's voice assistant), to power the service.
DBS gives the example of checking account balances, with people being able to simply ask “How much do I have?” to get an answer.
The service is launching with Facebook Messenger this year but plans to extend its new AI-powered customer service to both Whatsapp and WeChat later this year.