State Bank of India (SBI), India’s largest bank, has chosen ATM manufacturer and service provider NCR Corporation, to deploy 600 NCR SelfServ 32 intelligent cash deposit ATMs across India. This order is the country’s largest single order for cash deposit ATMs.
As per NCR internal study, in a typical branch, check and cash withdrawals make up more than 60% of transactions performed at the teller counter. With the adoption of NCR SelfServ intelligent deposit ATMs, SBI will be able to reduce long queues at its branch and will give its customers the flexibility to execute everyday cash deposit transactions beyond banking hours.
Migrating high volume deposit transactions from the branch to the ATM reduces cost significantly for banks. A single cash withdrawal or deposit transaction at the branch can be reduced by up to 75%. A normal withdrawal typically costs a bank between Rs 40 to Rs 45 per transaction, while the same transaction may cost about Rs 10 to Rs 15 at the ATM.
Jaivinder Gill, Managing Director for NCR India said, “We are delighted to work with SBI to lead the intelligent cash deposit revolution in the country. The Retail Banking Report for Deposit Automation and Recycling, 2012, indicates that some of the strongest drivers of growth for cash deposit ATMs in India are ‘queue reduction’ and ‘customer demand’. The report predicts that the installed base of ATMs in India with automated deposit functionality is expected to grow five folds reaching 17,000 by 2017 – clearly indicating a trend of increasing consumer demand for counter-based transactions to be available 24×7 on the self-service channel.”
“As consumers do more through the ATM channel, it becomes imperative for financial institutions to ensure their ATM network is secure and constantly up and running. The NCR SelfServ 32 with its large cash holding capacity ensures higher availability, while its innovative security feature validates genuine and counterfeit notes before accepting or crediting, and further facilitates tracing every note to the depositor to counter frauds,” Gill added.