ATM Audit & Inspection Services

Background: ATM Industry in India and Global Trends

Even as the global volume of non-cash payments continues to grow, transactions conducted in cash still dwarf the non-cash transactions. This is true of even the most mature economies like the USA and the Euro zone.

Retail Banking Research projections indicate a 6% growth in ATM installations and an increase of 8% per annum through 2016. The ATM Future Trends Report 2012 (ATM Market Place, ATM Industry Association) indicates that the total number of ATM installations across the globe to be over 2.3 million. Retail Banking Research’s recent report forecasts the number of installed units to rise to 3.4 million by 2017.

From once being purely cash dispensing mechanisms, ATMs have significantly evolved to perform a wide range of financial services - depositing cash and cheques, checking transaction history, printing bank-statements, paying bills, mobile phone top ups, dispensing postage stamps, ticketing, gold-exchange, delivering pre-approved loans and being a games kiosk. ATM as a delivery channel is assuming greater significance and the ATM industry is undergoing a major transformation. Some of the technologies and applications, which have not yet gained worldwide acceptance, are biometric authorization, barcode scanning and multicurrency recognition.

Thanks to the rapid growth in cardholder base (CAGR of 25% since 2010) and the central bank’s focus on financial inclusion through card penetration and operational efficiency of ATM channels.

It is extremely critical for banks to properly promote these services for the consumers to feel comfortable with the technology. Research says, banks will soon start investing in value-added services in order to improve customer interaction and attract new customers.

Fine Print

The number of ATMs and other Payment services in India have grown exponentially in the last few years leading to an unforeseen demand for quality service offerings across the horizon. The changing market dynamics, newer business models, need for creating new paradigms in operational efficiencies and managing fraud & risks effectively are creating platforms for businesses to look for reliable partners who could provide secure, innovative, customized and scalable ATM management solutions.

Secure Source Technologies is the FIRST company to offer dedicated professional ATM audit solution in India and plans to offer a range of specialized services to its clientele from the ATM/Payment Automation industry in the coming days.

SST is headquartered in Mumbai and networked by established branches at Bangalore, Hyderabad, Chennai, New Delhi, Baddi & Raipur to cater to the growing demand for ATM audit solution PAN India.

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