Report Code: A14933 | Pages: NA | Mar 2023 | 1249 Views | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Cash Recycling Atm Market
Request Now !Unlike a regular ATM, a cash recycling machine has two functions. It aids real-time banking by dispensing as well as accepting & depositing cash. It automates manual cash management, reducing the amount of manual labor performed by bank employees. A user can deposit cash in a cash recycler machine by placing banknotes into a feeder. The bills are then run through a bill identifier, which counts the denominations and aids in the detection of counterfeit bills. Furthermore, these recycled notes are automatically stored in separate cassettes in the machines after being validated, and then dispensed to customers for withdrawal. The cash is credited or debited in real-time. While a withdrawal requires an ATM or debit card for regular ATMs, the user must have his/her debit card or the beneficiary’s account number for cash deposits. In addition, the demand for cash in a CRM is accelerated among consumers, owing to the time and effort required for physical banknote transfers into the machine during CIT (Cash-in-transit) agency visits is greatly reduced. Therefore, the demand for cash recycling ATMs is expected to boost the growth of the market in the upcoming period.
The global cash recycling ATM market share is segmented into component, type, application and region. Based on component, the market is further segmented into solution and services. In terms of types, the market is bifurcated into independent cash recycling module and embedded cash recycling module. Based on application, the market is segmented into ATM, Self-Check-Out, Bill Payment, Retail Cash Management and Teller Assist.
Based on region, the global market is divided across North America (the U.S. and Canada), Europe (Germany, the UK, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
COVID-19 Impact Analysis
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Rise in demand for cash recycling ATMs and assistance in providing enhancing services are driving the growth of the market. In addition, the integration of technological advances propels market growth. However, the online banking distribution channels are expected to hamper the market expansion. On the contrary, rise in the digitization across the countries can be perceived as an opportunity for the cash recycling ATM market forecast period.Â
The cash recycling ATM market trends are as follows:
Demand for Cash Recycling ATM:
Cash recycling helps to reduce the amount of 'idle' cash in the ATMs and branches by incorporating it into your self-service network. By optimizing the cash in transit cycle, this automated approach saves money for the financial institutions.
Furthermore, by providing a secure way of storing cash and a more reliable cash audit trail, recycling solutions help to reduce risk. Therefore, the surge in demand for cash recycling ATMs is expected to boost the growth of the market due to its higher efficiency and lower costs. Furthermore, with technological innovations in the banking & financial industry, ATMs are transforming from simple cash dispenser machines to more personalized and richer communication channels. This has helped to achieve customer loyalty by installing more integrated and value-added services. Thus, the number of such developments across the major players drives the cash recycling ATM market growth.
Assists in Providing Enhanced Services:
When the skilled, experienced branch staff engages with customers, starts worthwhile conversations, and nurtures sales leads, they are most likely to be most productive. In the same way, cash recycling helps in freeing up branch employees' time to focus on more important tasks like filling and monitoring ATMs, allowing them to focus on providing a valuable, personalized, and mutually beneficial service. Furthermore, dispensing, accepting, and depositing cash, aids real-time banking. It also helps in automating manual cash management, allowing bank employees to perform less manual labor. Therefore, the ATM's assistance in providing enhanced services is driving the growth of the cash recycling ATM market during the forecast period.
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Key Benefits of the Report:
Questions Answered in the Cash Recycling ATM Market Research Report
Cash Recycling ATM Market Report Highlights
Aspects | Details |
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By Type |
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By Application |
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By Industry Vertical |
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By Region |
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Key Market Players | NCR Corporation, FUJITSU, GRG Banking, Hitachi Ltd, KEBA, Oki Electric Industry Co. Ltd, Tokio Marine HCC, American International Group Inc., Dun & Bradstreet Inc., ALIGNED Insurance, Allianz, Global Aerospace Inc., Chubb, Berkshire Hathaway inc.,, Starr International Company Inc., AXA SA |
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