Expanding Self-Service Banking Channels in a Developing Market: U.S.-based Diebold Helps SBI Broaden the Bank's Terminal Networks

by Mercator Advisory Group 0

Diebold announced that SBI, the largest bank in India, has signed an agreement to expand the bank’s national terminal network using Diebold’s machines.

As part of the contract, Diebold will deploy approximately 1,000 cash dispensers (CDs), more than 600 full-function lobby ATMs and approximately 60 cash recyclers. After this expansion is complete, SBG’s total ATM network will grow to more than 28,000 terminals. This is part of SBG’s plan to support its strategic self-service expansion plan and serve its widespread customer base across India with a significant number of deployments planned in metro, urban, semi-urban, rural and remote areas including Northeast India.

“As the self-service market evolves, automated self-service deposit functions continue to gain popularity,” said Naresh Hosangady, vice president and managing director, South Asia, Diebold. “SBG has decided to adopt deposit automation to enhance the self-service technology on ATMs, and we look forward to delivering our solution and further developing our relationship with the SBG.”

With more than 17,000 branches, SBG offers the largest banking network to Indian customers. The ongoing ATM network expansion plan will strengthen SBG’s mission of providing banking services and solutions across the length and breadth of the country.

Even with lower labor costs in developing markets, the expansion of bank branches typically falls far behind the growing consumer demand, causing long lines at the windows and frustration among consumers. Self-service channels can significantly help to expand banks’ service coverage within a shorter period of time and at lower costs.

Read the original story here: http://www.greensheet.com/newswire.p…story&id=22075