With the technology supporting real-time transaction, any financial transactions conducted by customers can be instantly switched on and connected to the central office, saving recordkeeping time and employee performance.
Digital technology has helped facilitate the lifestyle of modern society. Today, almost everything can be done with the help of mobile gadgets and an internet connection, so that we can resolve matters more quickly from anywhere. This benefit is also currently enjoyed by the banking industry, by the presence of virtual branch technology.
According to Business Dictionary, Virtual banking is an Internet-based financial institution that offers deposit and withdrawal facilities, and other banking services, through automated teller machines or other devices, without having a physical (brick and mortar) walk-in premises. Thus, the process for someone to open a savings or banking transactions can be done without limitation of distance and time. This is now being widely adopted by banks around the world.
If you worked in the field of banking, then, of course, you need to think about some things regarding productivity and cost effectivity. With virtual banking technology, you can consider the following advantages:
- Time Efficiency
Online banking makes it easy for customers to perform banking transactions anywhere, anytime. With the technology supporting real-time transaction, any financial transactions conducted by customers can be instantly switched on and connected to the central office, saving recordkeeping time and employee performance. When in the conventional bank teller system serves a single customer for ten minutes, then with online banking can include hundreds or thousands of transactions every minute.
- Less OPEX on development and maintenance of buildings
The virtual branch does not require physical buildings such as office buildings. Banking institutions can reduce the cost of development and maintenance of the office building and enabling banks to reach new customers from rural areas and beyond. The cost required to create a virtual branch application certainly will cost far less than the cost of mortgages and construction in various places.
Convenient Client Documentation
Virtual branch banking system makes it easy to monitor the activity of customers and records every financial transaction that occurs in real time. Without limitation of the branch area, then any data can be more systematic and recorded neatly. It will also facilitate customers to conduct banking transactions, for example in opening a new account, or transfers between accounts.
Some of these conveniences must be supported by the technology infrastructure that truly powerful and sophisticated. As one of the largest software house in Indonesia, WGS has been trusted by national banking institutions to establish a virtual branch system that is solid, safe, and reliable. Please contact us for further consultations on the development of these systems or digital systems of your company.