ATMs to open accounts; allow cheque clearance and fund transfer

ATM manufacturer and service provider NCR Corporation on Monday unveiled a new multi-channel integrated solution to facilitate more functions on an ATM to reduce costs for opening newer branches for banks.

The US-based company’s new CxBanking solutions have features in an ATM other than basic cash withdrawal and balance inquiry. The features include interactive teller to open instant bank accounts, issue debit cards, facilitate automatic signature verification (AVS), fund transfer, bill payments, mobile top ups.

The costs of these new ATMs would be in the range of Rs 30-50 lakh depending on the functionality chosen by the bank while the regular ATMs at present cost about Rs 4 lakh.

“These will do 90 percent of the transactions done in a bank branch at a fraction of the cost. A 2,000 square feet branch reduces to 200 square feet," Dastur said, adding it costs an average of Rs 60 to service a customer at the branch versus Rs 15 at an ATM.

NCR is already piloting at three locations with a public and a private sector bank. They plan to roll out a few hundred ATMs this year, Dastur said, without giving a target.

NCR Corp is one of the leading ATM operators in India with a 49 percent market share with about 1.06 lakh ATMs in India and plans to go big in the hospitality and retail segment as well.#casansaar (Source - MoneyControl)