Bank Kiosk: Introduction
- Bank kiosks are small booths placed by banks at various locations to provide different banking services. Bank kiosks enable customers to make various banking transactions without visiting a bank.
- Bank kiosks offer 24X7 self-service to customers, thereby providing additional convenience to customers and increasing customer satisfaction. Bank kiosks significantly save the time spent by customers waiting in line at banks during transaction.
- Bank kiosk offers services such as transferring cash and depositing funds, noncash/inquiry services including mini statement and balance inquiry, bill payment facility, check deposit facility, Internet banking, and others.
- The global bank kiosk market is projected to expand at a rapid pace during the forecast period due to advancements in technologies and rising digitalization in the banking sector across the globe
Global Bank Kiosk Market: Dynamics
Global Bank Kiosk Market: Key Drivers
- Increase in demand for self-service in banking and financial services applications coupled with a surge in government initiatives for the deployment of the banking sector is a key factor that is projected to fuel the bank kiosk market during the forecast period
- Rising focus on enhancing customer services, reduction in overall operational costs, and reduction in overall transaction time are also major factors boosting the bank kiosk market.
- Rising population and public awareness related to banking services is further driving the demand for bank kiosks, including ATMs, which in turn is further augmenting the bank kiosk market
- Moreover, increase in adoption of self-service technology in the BFSI sector, especially in emerging countries such as China, India, and South Korea, is expected to positively influence the demand for bank kiosk
- However, increasing incidents of cybercrime, susceptibility of bank kiosks to theft, and growing use of mobile/Internet banking are likely to hamper the bank kiosk market
- Introduction of contactless payments in the banking sector along with focus on new innovations and expansions, growing digitization, and rising number of smart cities projects across the world are expected to offer significant opportunities for the key players of the bank kiosk market in the near future.
Impact of COVID-19 on Global Bank Kiosk Market
- Increasing cases of COVID-19 across the globe is resulting in an economic slowdown and millions of employees are working from home for the first time during this pandemic. COVID-19 has directly affected the daily operations of the banking sector. Bank kiosks minimize human-to-human interaction in day-to-day activities, which helps prevent the spread of the virus. Hence, several banks across the globe are implementing self-service technologies to battle the COVID-19 pandemic. This is projected to fuel the global bank kiosk market.
Asia Pacific to Hold Major Share of Global Bank Kiosk Market
- In terms of region, the global bank kiosk market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- Asia Pacific dominated the global bank kiosk market due to the rapid expansion of the BFSI sector in countries such as China, India, and Japan, in the region.
- The bank kiosk market in Asia Pacific is projected to expand at a rapid pace during the forecast period. This can be attributed to the rising deployment of self-service kiosks, government initiatives to enhance the fintech industry, and growing preference for interactive kiosks in the region.
- North America is expected to hold the second-highest market share, in terms of revenue, mainly because of the presence of developed economies, such as the U.S. and Canada. The U.S. is a key market in the region due to the early adoption and implementation of innovative banking solutions.
Global Bank Kiosk Market: Competition Landscape
Several local, regional, and global players are active in the bank kiosk market with a strong presence. Rapid technological advancements and growing digitalization in the banking sector have created significant opportunities in the global bank kiosk market. Vendors of bank kiosk market are focusing on various growth strategies such as partnership, collaborations, and merger and acquisition with technology partners to develop innovative and advanced bank kiosk to improve their offerings, customer base, and market reach. For instance, in February 2020, GLORY LTD. acquired 53% of shares of Germany-based fintech company Cash Payment Solutions GmbH, which provides online cash settlement platforms and trading under the brands Barzahlen and viacash.
Key Players Operating in the Global Bank Kiosk Market Include:
- NCR Corporation
- Diebold Nixdorf
- GRG Banking
- Glory Limited
- Hitachi-Omron Terminal Solutions Corp.
- Cisco Systems Inc.
- KAL ATM Software
- HYOSUNG TNS INC.
- Auriga Spa
- Olicom Group
- Phoenix Microsystems
- Printec Group
- Shenzhen Yihua Smart Equipment Technology Co., Ltd.
- PARTTEAM & OEMKIOSKS
- Emerico Limited
- Aurionpro Solutions Limited
- KIOSK Information Systems
Global Bank Kiosk Market: Research Scope
Global Bank Kiosk Market, by Offering
Global Bank Kiosk Market, by Type
- Single-function Kiosk
- Multi-function Kiosk
- Virtual/Video Teller Machine (VTM)
Global Bank Kiosk Market, by Distribution
Global Bank Kiosk Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.