THOUGHTS

Understanding Evolving Perspectives Due to COVID-19 in ATM Managed Service and Retail Banking Sectors

Sep 14, 2020

The global financial sector is constantly evolving its business outlook and strategies to cope with regulatory and competitive pressures, stressed interest rates, and dynamic customer expectations. The COVID-19 pandemic poses greater challenges to companies in ATM managed service and retail banking markets as they strive to manage daily operations while ensuring services are not disrupted. Amidst these changing market conditions, retail banks are encouraging customers to leverage online banking facilities or rely on ATM centers for basic transactions. As a result, ATM service providers need to upscale existing technology to prevent fraudulent practices and ensure seamless transactions to their customers.

During this time of upheaval, it is essential to have the right guidance and market information to plan your next course of action. Is your business unprepared to face the ongoing crisis? Request a FREE proposal from our industry experts to know more about our COVID-19 support solutions for business.

How the retail banking sector will be affected

Decline in Cash Flow and Credit

Government restrictions due to COVID-19 across countries have disrupted business operations in the end-user sectors. This includes industries such as retail, logistics, and manufacturing. Also, due to lockdowns and economic uncertainty, businesses have restricted spending (new investments). Also, they are not willing to avail credit from banks, which in turn is leading to a decline in cashflow in retail banks.

Increasing Focus to Reduce In-person Meeting and Physical Interactions

Banks are evolving by implementing digital technologies such as remote operations, advanced kiosks, and virtual meetings (video KYC) to replace in-person meetings and minimize physical interactions. For instance, a prominent multinational investment bank and financial service provider has mandated work from home for its employees in the UK from February 2020 due to the COVID-19 pandemic. This ensures a reduced physical interaction between both employees and customers.

ATM managed service providers need to be aware of

Introduction of Advanced ATMs

The ATM managed service providers are introducing Mobile Cash ATMs, a new contactless ATM, enabled with QR code-based operations. Mobile Cash ATMs allow customers to scan the QR code with the help of smartphones to reduce contact with ATMs. Globally around 325 companies are currently working on advanced ATMs equipped with a voice-enabled feature for entering the PIN and restricts contact with ATMs.

Struggling to stay relevant amidst the fast transformations in the banking industry?

Keeping up with transformations in the ATM managed services market, for comprehensive insights.

We help our clients make smarter decisions to achieve rapid business growth

Our strength lies in the unrivaled diversity of our international market research teams, innovative research methodologies, and unique viewpoints that merge seamlessly to offer customized solutions for your every business requirement.

Recent Thoughts

Market Sizing – When is it most effective?

Market Sizing – When is it most effective?

Written By: Gaurav Sharma Overview Market Size of a product/service is necessary for every business. But why? It’s an indicator that can help you assess the profit potential of your business. You always want to be a step ahead of your competitor(s) when doing business...

read more

Insights

Our knowledge hub offers exclusive access to a collection of free resources and downloadable articles that provide insights into market developments and details on how our services can benefit your business.