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China's VTM Industry Market Development In 2017

VTM (Virtual Teller Machine or Video Teller Machine) first appeared at the China International Finance Fair on September 1, 2011, is a new generation of electronic banking equipment developed by banks and financial equipment manufacturers. Compared with ATM, VTM functions are more comprehensive, can replace more than 90% of the traditional manual counter services, including deposit business, bank card business, corporate business, payment business, wealth management business, information inquiry business. VTM's launch filled the gap between "face-to-face" banking services and self-service banking services.

 

At present, the global set off VTM trial boom, including the Bank of America, North Carolina Coastal Federal Credit Cooperatives, Turkey's largest bank Turkey Agricultural Bank, one of Brazil's largest bank Banco Bradesco, one of the largest bank in the Middle East-Emirates Bank have tried VTM products. Several large commercial banks around the world try VTM, indicating that they look wonderful at the market prospects of VTM.


SZZT'S VTM designed for Bank of China (BOC)

SZZT'S VTM designed for Bank of China (BOC).png

In the domestic market, since July 2012 GF Bank put the first VTM, the Bank of China, Minsheng Bank and other financial institutions have launched VTM, China VTM market accelerated faster. As of 2013, China has a number of banks such as Bank of Communications, Bank of China, Guangdong Development Bank, Minsheng Bank and Everbright Bank, and so on who adopted VTM in small batches, China Merchants Bank, Agricultural Bank, Kunlun Bank, Baotou Bank and other banks began to learn and preliminary trial VTM, such equipment has nearly 300 units in the country.


At home and abroad, VTM is standing on the same starting line, is currently in the early marketing, competition is not intense. Domestic VTM participants can be divided into three categories, the majority is the traditional ATM and other self-service equipment suppliers, the second category is the integrated solution provider, the third category is the communications equipment provider.

2017 is the transformation year for China's VTM from small-scale pilot to application. VTM market is expected to enter the stage of large-scale application in 2017, 2018-2019 will be heavy volume growth. VTM will gradually replace the traditional counter services, and the market capacity will be 2-3 times of the current ATM products, with good market prospects.


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