Market Trends of Bank Kiosk Industry
Multi Function Segment is Expected to Grow at a Significant Rate
- The bank's multi-function kiosk provides services, including the ability to deposit checks using the CTS interface, pay bills online with a debit card, browser-based Internet Banking, and non-cash/inquiry services like balance inquiries and mini statements, among others.
- Multi-Function Kiosks integrate many functionalities onto a single platform, allowing various businesses to spend less money purchasing individual units. Banks increasingly choose multi-function kiosks over single-function kiosks due to low capital expenditures in application development, equipment purchases, installation, and maintenance.
- Further, the customer prefers self-service solutions because it reduces their effort and time in performing banking transactions. According to a study by Source Technologies, self-service retail banking kiosks can offer significant improvements to physical branch locations. Moreover, investment in the development of multi-function kiosks is rising. For instance, The Beau Vallon Regatta site on Mahe is where the Seychelles Investment Bureau (SIB) has released an expression of interest (EOI) to local and foreign investors to construct a multi-story parking lot and kiosks.
- 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 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 emerging economies.
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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 trying 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.
- The market is expanding due to rising kiosk usage by retailers and other service providers in tourist-heavy areas. Kiosk systems remove barriers to communication and information for visitors and make it simple for them to access services while providing real-time updates.
- Further, the deployment of self-service kiosks is also increasing, especially for the population that prefers banking through interactive kiosks to traditional banking. The market for self-service kiosks in the Asia-Pacific region is growing. Moreover, in emerging countries like India, major banks such as SBI, PNB, and Bank of Baroda, among others, are offering kiosk banking for the convenience of the customers.
- For instance in, October 2022, MCT Cards & Technology Private Ltd., India, a division of Manipal Technologies Ltd. and a producer of banking and smart cards, provided self-serve banking kiosks to banks in India as part of the government's recent initiative to establish 75 Digital Banking Units across 75 Districts.
- Furthermore, The majority of the largest banks in the Asia-Pacific region, in terms of assets in 2022, were headquartered in China. At the top of the ranking were the Industrial and Commercial Bank of China (ICBC) and China Construction Bank Corporation, with over USD 5.0 trillion in assets. Additionally, Japan's Mitsubishi UFJ Financial Group was among the top five banks in the region with the highest volume of assets.
- Since China has been the focus of numerous foreign hacker groups from wealthy countries who offer a high threat, and recent attacks on kiosk systems worldwide are prompting users to seek other substitutes, rising cybersecurity concerns are challenging the business. It is anticipated that this aspect will impede market expansion.
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