Visiongain Publishes Bank Kiosk Market Report to 2031

01 April 2021
Electronics

Visiongain has published a new report on Bank Kiosk Market Report to 2031: Forecasts By Type (Single-Function Kiosk {Bill Payment Kiosk, Check Deposit Kiosk, Card Dispenser, Passbook Printer}, Multi-Function Kiosk, Video Teller Machine), By Component (Hardware {Card Readers, Card Dispensing Machines, Keyboards, Touchscreens, Printers, Barcode Readers and Scanners}, Software {Remote Device Management, Usage Analytics, Content Management, Application Development Platform, Multivendor Software}, Services), By Distribution (Rural, Urban, Semi-Urban, Metropolitan). PLUS, Profiles of Bank Kiosk Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios

Global bank kiosk market was valued at US$ XX billion in 2019 and is projected to reach a market value of US$ XX billion by 2031.

A kiosk machine is a self-operated banking system which facilitates the automatic usage for performing cash as well as non-cash transactions such as printing account statements, money transfer, cheque book request, bill payments, and resolving queries. A banking kiosk machine offers features such as barcode scanner, a keyboard with trackball, cash accepter, touch and non-touch display, video camera, integrated full-page thermal printer and integrated speaker. High focus on enhancing customer experience and focus on reducing the overall operational costs are the factors driving the growth of the bank kiosk market. The market seeks growth opportunities from the growing demand for self-service technologies in BFSI sector and adoption of NFC-based contactless payments in the banking sector. However, the high cost of installation, rising cybersecurity threats, and mobile applications reducing the demand for banking kiosks for financial applications are the factors hampering the market growth during the forecast period.

COVID-19 Impact on Bank Kiosk Market
The COVID-19 outbreak is having a significant impact on the lives of people and businesses. The pandemic has created a positive impact on the bank kiosk market. The need for maintaining a safe distance is rising the demand for bank kiosks for banking-related applications. Even during the lockdown times, self-service machines such as kiosks have allowed the banks to provide the banking services 24/7, thereby driving the demand for bank kiosks. Moreover, the new focus on developments of contactless kiosks is also expected the need for bank kiosks during the pandemic. However, the lockdown has disrupted the entire supply chain due to the shutdown of manufacturing facilities and the trade restrictions, which is expected to have a slightly negative impact on market growth.

Market Drivers

High Focus on Enhancing Customer Services Through Interactive Kiosks
Interactive bank kiosks offer several benefits to service providers. The kiosks allow bank customers to make purchases from touch screen kiosks. It provides 24/7 services, decreases the wait times significantly and provides all the relevant information to the customers related to the bank services, thereby increasing the need for bank kiosks. Moreover, digital signage also offers visuals related to display branding, marketing materials, and others on the screen to attract customers. Thus, the adoption of interactive kiosks to enhance the customer service is spurring the growth for bank kiosk market.

High Focus on Reducing the Overall Operational Costs
The kiosks help in reducing operational costs significantly. The cost of personal teller machine costs is almost 50% less than that of an ATM and offers two times the number of transaction types. Self-service kiosks do not require any staff for operations. Thus, the time and resources needed to train staff members on services cut down, thereby reducing the operational costs for the banking enterprises. Moreover, by migrating the day to day transactions to the self-service banking kiosks and the tellers allows the enterprises to focus on customer service, assisting customers in product purchases, and boost sales. Also, the digital kiosks offer as an alternative for full-service locations to the banking enterprises looking for expanding the market reach without requiring a full brick and mortar location. Thus, the high focus on reducing the overall operational costs is driving the demand for bank kiosks.

Market Opportunities

Growing Demand for Self-Service Technologies in BFSI Sector
The customers are demanding quick, reliable, flexible, and interactive banking services. The BFSI enterprises are moving from traditional banking to self-service enabled banking services to obtain a competitive advantage and a larger market share in the intense market competition. The BFSI enterprises across the globe are investing huge amount in self-service technologies such as teller machines, internet banking, and m-banking. Thus, the growing demand among enterprises to offer self-service technologies for providing 24/7 customer services to boost customer services and satisfaction, is driving the need for bank kiosk.

Adoption of NFC-Based Contactless Payments in Banking Sector
The demand for contactless payments is increasing rapidly. The contactless payments use NFC technology to allow payment card or any other device near a point-of-sale terminal equipped/ kiosk with contactless payment technology. The demand for NFC-based contactless payments is increasing due to easy and convenient payment acceptance, the technology is safe, secure, and stable, and growing need among consumers for an on-the-go m-banking/ e-commerce solutions. The major e-commerce and banking companies such as Google, IDFC, and ICICI among others are increasingly focusing on NFC-based contactless payments which are expected to create growth prospects for the bank kiosk markets during the forecast period.

Competitive Landscape
The bank kiosk market is highly competitive. The key market players are focused on developing the research & development capabilities and emphasize partnership & collaboration strategies for developing innovative and advanced banking kiosk software and hardware applications. The companies focus on obtaining a competitive position in the market by offering an engaging and enhanced customer experience. Some of the companies profiled in the report include NCR Corporation, Hitachi-Omron Terminal Solutions, Corp., Cisco Systems, Inc., Glory Limited, Diebold, Inc., Nautilus Hyosung, Korala Associates Limited, GRG Banking, Auriga SPA, and OKI Electric Industry Co., Ltd.

October 2020, NCR Corporation launched NCR Activate Enterprise NextGen, a new digital-first ATM platform. The new platform offers easy and quick digital services through the ATM by integrating the physical and digital for enhanced customer experience. The software platform is hardware-independent and enables banks to deploy new features such as video teller collaboration and contactless payment technology in a simple to deploy ATM application.

July 2019, Hitachi-Omron Terminal Solutions, Corp. acquired Interblocks Limited, a payment software & services company based in Sri Lanka. The acquisition aimed at enhancing its banking kiosk solution portfolio with the new innovative solutions and increase its geographical reach.

Notes for Editors
If you are interested in a more detailed overview of this report, please send an e-mail to sara.peerun@visiongain.com or call her on +44 (0) 20 7549 9987.

About Visiongain
Visiongain is one of the fastest-growing and most innovative independent media companies in Europe. Based in London, UK, Visiongain produces a host of business-to-business reports focusing on the automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors.

Visiongain publishes reports produced by analysts who are qualified experts in their field. Visiongain has firmly established itself as the first port of call for the business professional who needs independent, high-quality, original material to rely and depend on.

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