Banks in India are likely to replace the existing ATMs with more innovative and multi-function machines in the next three to four months, said officials of NCR Corporation, a global leader in omni-channel solutions.
The multi-function ATMs will have innovative features like face recognition and biometrics and will facilitate customers in transferring money and depositing cash and cheques. The machines will not run out of money as the cash deposited by customers will be dispensed.
NCR, which has a 50 percent ATM market share in India, has come out with innovations like Interactive Teller ATM and EMV contactless ATM from its research and development centre in Hyderabad.
The ATM market in the country has gone down in the country post demonetization but NCR believes that with the replacement of existing ATMs, the market would return to 9 percent annual growth rate as the progression to cashless economy will be slow.
The existing ATMs were deployed 8 to 10 years ago and with the deployment of multi-function machines in metros, the existing ones will be moved to tier II and tier III cities.
The company executives shared these thoughts while announcing the opening of their research and development centre in Hyderabad, its largest R&D centre outside the US.
Spread across 140,000 square feet and 1,200 employees, the software is working on innovative products and platforms for channel transformation and digital enablement.
Paul Langenbahn, Executive Vice President, NCR Software said that the R&D centre in Hyderabad would focus on the development of innovative technologies to assist customers across the industries NCR serves.
Eli Rosner, Chief Technology Officer, NCR Corporation said the centre will be developing and supporting innovative software and services that global institutions use to empower consumers through self-service applications.
Hyderabad facility is responsible for innovations including the Interactive Teller ATM, EMV contactless ATM, mobile payments solutions, retail self-checkout lanes, CRM platforms and cinema and stadium systems management solutions.
NCR’s manufacturing facility in Chennai has manufactured 200,000 ATMs since 2004. The company exports 70 percent of the machines manufactured in Chennai facility.
With about $7 billion global revenues, NCR has 30,000 employees including 3,600 in India.