The global Bank Kiosk Market is estimated to surpass $1.2 billion mark by 2026 growing at an estimated CAGR of more than 20.4% during the forecast period 2021 to 2026. Bank Kiosks are computer devices designed to help people in performing specific tasks and services on their own like paying bills, account checking, bank transactions and others. Many countries are focusing on new innovations and expansions are being carried out through the smart cities and digitization project, which would help to increase the demand for bank kiosk systems in the coming years. At a regional level, penetration of bank kiosks, particularly self service kiosks is maximum in the mature, concentrated banking markets of Western Europe.
Bank Kiosk Market Segment Analysis - By Usage
The increasing complexity of self-service banking channels has given rise to new opportunities for setting up separate sophisticated software in the kiosk. Thus, there is a growing market for the software applications of bank kiosk. Providers of ATM software comprise both manufacturers and independent companies. Banks normally procure complete solutions that combine the transaction application with a middleware platform allowing it to operate on different manufacturers’ terminals. Some financial institutions – as well as third-party software companies – source only the platform, and shape their own application on top of it. U.S. based NCR is the largest provider of application software overall and for multivendor solutions, with a strong presence in China.
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Bank Kiosk Market Segment Analysis - By Type
While single function Bank Kiosks dominate the market, multi function bank kiosks will play a significantly bigger role during the forecast period. The bill payment and other transactions in the ATM machines are quick and safe. The bill payment software in the Bank kiosk eases the customer to transfer the fund from anywhere. Various banking services around the world started installing not just bill payment services but multi-function services into their bank kiosks. This service is becoming increasingly desirable to the consumers, which in turn is also resulting in growth of bank revenues. The merchants and financial institutions of all sizes around the world increasingly prefer to be paid through bill payment system because of its low cost compare to cash handling charges.
Bank Kiosk Market Segment Analysis - By Geography
APAC held the largest share in the Bank Kiosk market in 2020 up to 33%. This can be attributed to rapid urbanization and consumer preference for convenience. The contactless transaction option helps clients to complete transactions easily, conveniently, and safely. In addition, growing acceptance in the banking and financial services sector is also driving the region's market growth. According to RBI, India on-site ATMs increased to 112,458 in 2019 from 104,011 ATMs in 2018. In Japan, the banking market is one of the big industries facing a threat to customer requirements. Users prefer banks that have an automated, simple and trouble-free transactional experience, but also deliver higher service. Thus, various banks are investing in self-check kiosks and banking systems, which enable a faster banking experience with easy access to information about the availability of the products. In addition, the adoption of Bank Kiosks is also on the rise as a result of the COVID 19 pandemic. For instance, to minimize the risk of cluster infection by reducing human interaction during the COVID-19 pandemic.
Bank Kiosk Market Drivers
Growing Demand for ATMs
The growing growth of contactless payment systems, combined with the need of reduce processing times at various counters, Bank Kiosk demand is increasing as it avoid long-standing queues, while providing operating efficiency. With a rising population and increasing public awareness of banking services, demand for ATMs is growing at a fast rate. Large investments in this sector to provide secure ATM-based self-service kiosk systems are contributing to the development of this market. According to Retail Banking Research, 4 million ATMs will be deployed worldwide by 2021 and Asia-Pacific will expand by 46% and account for well over half of the global number. As, growing number of ATM’s across world wide, accelerating the demand for market. According to RBI data, India had 104,011 on-site ATMs in 2018, with rapid population growth and post-recession digitization. In addition, the convenience of performing all kinds of banking operations, such as check deposits, balance-sheet surveys, money transfers, money withdrawals, and much more, makes people focus on 24*7 service ATMs rather than going to banks within defined hours. It also helped the bank to ease the workload of catering to so many people and to make the process smooth at the end of the process. The increasing trend towards the adoption of ATMs in the banking and other industries is one of the key factors driving the growth of this industry.
The outbreak of COVID-19 pandemic drives the market growth
Bank Kiosks can help to reduce the risk of spread of diseases in many places by limiting accessibility to a wide number of users. Many businesses including banks are using self-serving to minimize human-to-human encounters with most day-to-day activities by replacing the interaction with a human-to-machine interface. There are various ways that self-service technologies can help battle COVID'19. Bank Kiosks eliminate the need for person-to-person contact, Help in maintaining user confidence and specialized kiosks to prevent transmission of the virus and spread of COVID'19. Self-service machines with temperature recognition systems held at the doors of various banks help to test people based on their body temperatures and allow for those with normal temperature conditions to check in. These rising applications for bank kiosks will drive the market.
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Bank Kiosk Market Challenges
High upfront investment and ongoing financial crisis to hinder market growth
Several banks are automating the transactional process by deploying smart kiosks involving the delivery of large amounts of capital. This involves purchase costs, process costs and costs incurred with the repair of the facilities. In addition, in the wake of the current pandemic, businesses are facing difficulties in responding to changing hourly demands. The banks are already facing a serious cash shortage, which means that they are also forced to lay off some of their workers. This is likely to have an effect on banks in the coming years, with the magnitude of the recession rising on a regular basis and hindering unparalleled economic growth. Several expenses are involved in the implementation and operation of Bank Kiosks, such as kiosk software costs, touchscreen, 24*7 technical assistance, software administration, installation and so on. The high construction and repair costs of ATMs, and kiosks pose a threat to business development in emerging economies.
Bank Kiosk Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Bank Kiosk Market. Diebold Nixdorf, SLABB, NCR, Embross, Kiosk Information System, Toshiba TEC, OLEA Kiosks, Phoenix Kiosk Inc., Meridian Kiosks Inc and Kontron are considered to be the key players of the Bank Kiosk Market.
Acquisitions/Technology Launches/Partnerships
Hitachi Omron Terminal Solutions acquired Interblocks Limited, which was a provider of various payment-related software products and services. With the acquisition the company accelerate the development of solutions with cash and non-cash transaction channels like Automated Teller Machines, mobile banking or smartphone-based payment, bank counters and others.
NCR added SelfServTM 63 a cash recycling ATM, a self-service device specially designed for premium floor space and offers flexibility in accepting, validating and storing cash quickly and reliably.
Key Takeaways
The contactless transaction option helps clients to complete transactions easily, conveniently, and safely.
Banks normally procure complete solutions that combine the transaction application with a middleware platform allowing it to operate on different manufacturers’ terminals.
Bank Kiosks eliminate the need for person-to-person contact, Help in maintaining user confidence and specialized kiosks to prevent transmission of the virus and spread of COVID'19.
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