The bank kiosk market was valued at USD 315 million at a CAGR of 27.54 % over the forecast period of 2022–2031. The bank kiosk market growth can be attributed to several factors such as the rising demand for self-service in several security-related applications in financial sectors, enhanced customer services offered by interactive kiosks, reduction in the overall operational costs, and increased adoption in various developing countries such as India, China, and Japan, among others.
– With countries focusing on new innovations and expansions, that are being carried out by smart cities and digitization projects, the demand for the bank kiosk market will increase in the forecasted period.
– One of the primary factors driving the demand for bank kiosk is the growing demand for self-service security applications. Moreover, the bank kiosk market is driven by factor including increasing government initiatives for the deployment of bank kiosks.
– For instance, in March 2019, DBS plan to launch 100 kiosks and branches in India,in next 12-18 months.
– Moreover, bank kiosk is one of the remote banking channels providing additional convenience to customers and save service costs to the bank. The use of bank kiosks saves the time spent by customers in the queues for the teller machines or during transferring cash and depositing funds.
– However, the high initial cost for installation and the increasing use of mobile devices resulting in a significant reduction in the use of bank kiosks is hampering the market growth.
Request A Free Sample to Learn More About This [email protected] https://www.sdki.us/sample-request-84212
Scope of the Report
Bank kiosks are small internet enabled booths placed by the banks at different locations (like ATM) to offer banking services without the need to visit the bank. The increasing adoption of advanced technology by the banking sector has resulted in the growth of bank kiosks. These equipment offer 24*7 self-service to customers, thus, increasing customer satisfaction along with a considerable reduction in the operational costs.
Key Market Trends
Multi Function Kiosk Expected to Grow at a High Rate during Forecasted Period
– Multi-function kiosk in bank offers services such as cheque deposit facility with CTS interface, bill payment facility using a debit card and Net banking, browser-based Internet Banking, noncash/inquiry services including balance inquiry and mini statement, among others.
– Multi-Function Kiosk helps in integrating different functionalities in a single platform helping various organizations to reduce their capital expenditure on investing in separate machines. Low capital expenditure in application development, equipment purchases, installation, and maintenance are major factors driving banks to adopt multi-function kiosks over single-function kiosks.
– Further, the customer is preferring self-service solutions because it reduces their effort and time of performing banking transactions. According to a study by Source Technologies, self-service retail banking kiosks can offer significant improvements to physical branch locations.
– For instance, usually, it takes customers 9 minutes to get an official check from a bank teller. But with self-service kiosks, the customer can get an official check in 40 seconds. Hence, customers can get their checks 13.5 times faster with a self-service kiosk.
– Kiosk in the bank also offers employees to focus more on complex tasks and customer services reducing their time and effort on daily routine transactions which are expected to drive the demand of the bank kiosk market across the emerging economies.
Asia-Pacific to Have Fastest Growth Rate in Bank Kiosk Market
– Asia-Pacific is expected to be the fastest-growing market during the forecasted period. The governments in the Asia-Pacific region are taking efforts to enhance the development of the Fintech industry and provide innovative banking solutions. The main aim behind the increased adoption of Fintech solutions is to attract international innovators in the market and take banking to the next level.
– Further, the deployment of self- service kiosks is also increasing especially for the population which prefers banking through interactive kiosks to traditional banking. The market for self-service kiosks in the Asia-Pacific region is in the growth stage.
– Moreover in emerging countries like India, major banks such as SBI, PNB, Bank of Baroda, among others are offering kiosk banking for the convenience of the customers.
– For instance, Oxigen made a foray into the much needed financial inclusion sector with India’s largest bank, State Bank of India(SBI) in 2011. Through this partnership, Oxigen delivers mainstream financial services to the bank-excluded masses of India using remote biometric-enabled technology for kiosk banking.
Competitive Landscape
The bank kiosk market is highly fragmented due to the players included across the value chain of the bank kiosk market include hardware vendors and software and solution vendors. The market also witnessed activities such as acquisitions, and partnerships & collaborations that paved the way for the expansion of business and customer base of market players. Some of the key players in the market include NCR Corporation,Diebold Inc., Glory Limited, KIOSK Information Systems, Nautilus Hyosung Corporation, GRG Banking, Korala Associates Limited (Kal Atm Software), Hitachi-Omron Terminal Solutions Corp., among others.
– July 2019 – NCR Corporation, a technology leader for the financial industry, has acquired D3 Technology, Inc., a leading provider of online and mobile banking for the Large Financial Institution (LFI) market. Adding D3 expands NCR Digital Banking into new market segments, including U.S. large banks and over time, international banks.
– June 2019 – Diebold Nixdorf, a global leader in driving connected commerce for the banking and retail industries, unveiled the DN Series, a family of self-service solutions designed to anticipate the needs of a progressively transforming industry. Leading banking brands, including Fifth Third Bank and BNL Gruppo BNP Paribas, are among the 18 financial institutions in 13 countries already piloting the DN Series.
About Us
SDKI Inc goal is market scenarios in various countries such as Japan, China, the United States, Canada, the United Kingdom, and Germany. We also focus on providing reliable research insights to clients around the world, including growth indicators, challenges, trends and competitive environments, through a diverse network of research analysts and consultants. With SDKI gaining trust and a customer base in more than 30 countries, SDKI is even more focused on expanding its foothold in other pristine economies.
Contact Us
Lauren Brown
600 S Tyler St
Suite 2100 #140
AMARILLO, TX 79101
Email:– [email protected]
