The International Management Seminar, organized by ATM provider Wincor Nixdorf last June in Madrid, opened the debate on the future of the ATM market and by extension, of cashMoney in physical form such as banknotes and coins. More. The seminar gathered 150 experts from retail banks and industry representatives.
Discussing new technologies, Wincor Nixdorf’s banking Vice-President Christian Weisser reminded participants that “it is still the customer’s decision that sets the pace on how digital retail banks should be”. He proposed three steps for banks to find the perfect balance between traditional services and digitization: share a location with another business, automate as many functions as possible through self-service devices and show engagement by providing assisted self-services to customers.
Many speakers stated that digitization has not taken over cash, which remains as the leading payment methodSee Payment instrument. More worldwide. According to Euromonitor’s International Global Cash report, 80% of transactions were made in cash in 2015. Indeed, the demand for cash is still increasing, especially in the Asia-Pacific region – both in emerging and developed countries – Middle East and Africa (RBR Global ATM market and forecast to 2020 Report*). On this basis, Christian Weisser pointed out that implementing cash recyclingThe process of converting waste materials into new materials and objects. Banknotes are increasingly recycled after destruction, and the waste is often used for landfills, isolation material etc. Polymer notes are melted into pellets which are recycled into new products. Recycling is often incorrectly used instead of recirculation. See Recirculation. More and deposit functionalities would be an effective way for banks to save operational costs.
Wincor Nixdorf also announced its upcoming partnership with Diebold – another ATM provider – with the aim to develop new software and ultimately provide fully integrated and transformative solutions, especially in Asia-Pacific. The newly merged company will own about 34% market shares, making it the largest ATM provider in the world.
The company showcased its three latest products: CINEO C2020, a banking system that enables people to retrieve cash by using a smartphone, Cash Cube, a multifunctional ATM controlled by an Android-based device, and CINCO C4060, a cash recycling system.
To read the original article, click here.