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Bank Kiosk Market size was valued at over USD 800 million in 2022 and is expected to grow at a CAGR of over 10% during the forecast period. Kiosk banking enables users to access various traditional banking functions such as withdrawals and deposits. It allows money transfers between accounts as well as checking of user balances through kiosks. Kiosk banking system provides effortless access to as many as people possible. It offers various features, making it more convenient for users and customers to manage their money outside traditional banking hours.
Kiosk banking offers services including fund transfers, cash withdrawals, cash deposits, checking deposits, loan & credit payments, and live teller video conferencing. It helps in reducing overhead costs, handling multiple functions at a time, and offers a consistent customer experience.
The companies operating in the bank kiosk market are focusing on expansion and product innovations, which are being carried out under digitization and smart city projects. This is expected to increase the demand for bank kiosk systems. One of the major factors fueling the bank kiosk industry growth is the increasing demand for self-service security applications. These systems reduce security concerns and potential fraud in the financial & banking industry. The teller machine ensures that banks and financial institutions can offer their customers high-quality self-service, financing, and banking options while maintaining high security.
Bank kiosks are vulnerable to security risks and theft if they do not comply with the rules and are not maintained properly. As there is a chance that the information could be misused by third parties, access to kiosk payments requires validated identity evidence of the user. The misuse of bank terminals and cards is a cybercrime. The vulnerability of public kiosks to hacking discourages users from utilizing such internet services. Many organizations are vulnerable to malware assaults that have the potential to harm their infrastructure if they are not well protected.
Bank kiosk systems have significant growth opportunities in the APAC region for NFC-based contactless payments in the banking sector. Major banks and banking kiosk service providers in the Indian subcontinent have proliferated NFC-based payments in the financial & banking sector. These service providers include ICICI Bank Limited, State Bank of India (SBI), Tech Mahindra, and Aditya Birla Minacs. NFC technology in bank kiosk services enables users to withdraw cash without using debit cards and allows payments through NFC-enabled mobile phones. The companies operating in the market are upgrading bank kiosks to ensure cost savings, high security, and the deployment of the latest devices in the market.
Based on component, the hardware segment is expected to grow extensively owing to its use in various offerings & technologies, which include personalized & secure banking services and interactive kiosks. The hardware segment provides various features such as high security, ease of management, connectivity, scalability, advanced and processing capabilities for the bank kiosk market. These features are provided through hardware, such as physical privacy screens, physical & digital keys, and proximity detectors, to maximize security. The companies operating in the market are initiating strategic partnerships with hardware vendors to deliver efficient hardware-based bank kiosk solutions.
Based on type, multi-function bank kiosk systems are expected to witness substantial growth in demand due to their features such as the ability to accept cheques & cash, enabling customers to directly operate the machine, 24-hour operation cycles, and transaction processing in 30 to 40 seconds. They can be configured to operate with the core banking systems of specific banks for validating the account number entered by customers or can be read by the card reader after inserting credit or debit cards into the system.
The increasing use of bank kiosk systems and services for the financial & banking sector in Asia Pacific has raised their demand. China, India, and Japan are witnessing increased investments and development in the banking sector. Digitalization has also fueled the development of bank kiosk hardware, software, and services for providing easy transactions and high security for customers in the region. Major banks in India, such as ICICI and SBI, are using bank kiosk systems to improve customer experience and increase efficiency in the banking processes.
Some prominent players in the bank kiosk market are KALATM Software GmbH., Diebold Nixdorf, NCR Corporation, Glory Limited, and Hitachi-Omron Terminal Solutions. These companies are focused on product innovations and new product development in the bank kiosk industry. They emphasize acquisitions, mergers, and new product launches to expand their global footprints and meet customer demands.
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