Bangkok--18 May--Asian Banker
More people in India are now moving towards using the ATM for their banking needs. According to a 2006 survey by Banknet India, 95% people now prefer this modern channel to traditional mode of banking. Almost 60% people use an ATM at least once a week. Increased ATM usage is also helped by the fact that customers have now the flexibility of using ATMs of other banks, as most of the banks are part of major interbank networks like National Financial Switch (NFS), Mitr, BANCS, Cashtree and Cashnet.
ATMs are now seen to be more than mere cash dispensing machines. Customers use ATMs to recharge their mobile phone pre-paid connections, pay their utility bills, even mutual fund transactions — making them at par with flexibility given in internet banking — only more secure.
In view of growing importance of ATMs in India, Banknet India is bringing out a comprehensive “Report on Indian ATM Industry”. This report will be released at “Conference on Indian ATM Industry”, to be held on 31st May, 2007 at Mumbai.
ATM Conference will focus on issues related to Growth & Usage of ATMs in India, ATM Networks, Security and related Issues, Key Trends and Challenges. In addition there will be a Special Session on Kiosks.
ATMs have been used by banks not only to expand their reach to customers, but also to offer value-added services. According to Mr. Anurag Khanna, CMD, Banknet India, now ATMs are increasingly seen as a tool for financial inclusion — the introduction of biometric ATMs, has led this channel to expand a bank’s reach to the rural masses.
There is also interest towards white-label ATMs. Many companies are interested in this model, where the ownership of the ATM will not be with the banks but with third parties who deploy them and make money on fees charged on every transaction.
Number of ATMs installed in India grew by almost 20%, from 17,642 last year, to more than 21,000 by March 2006. Wide acceptance of ATMs by consumers, introduction of biometric ATMs, and various value-added ATM services will maintain growth in the industry, added Mr. Khanna.
For more details, please visit: www.banknetindia.com
--www.theasianbanker.com (May 18 2007)--