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Impact of COVID-19 on retail banking and ATM managed service providers. (Graphic: Business Wire)
The global financial sector is continually evolving its business outlook and strategies to cope with regulatory and competitive pressures, stressed interest rates, and dynamic customer expectations. The COVID-19 pandemic poses more significant challenges to companies in ATM managed service and retail banking markets as they strive to manage daily operations while ensuring services are not disrupted. Amidst these changing market conditions, retail banks are encouraging customers to leverage online banking facilities or rely on ATM centers for basic transactions. As a result, ATM service providers need to upscale existing technology to prevent fraudulent practices and ensure seamless transactions to their customers. In their recent article on the impact of COVID-19 on ATM managed services and retail banking companies, experts at Infiniti Research, some key challenges including:
- Decline in cash flow and credit
- Increasing focus to reduce in-person meeting and physical interactions
- Difficulty in ATM service operations
During this time of upheaval, it is essential to have the right guidance and market information to plan your next course of action. Get in touch with an industry expert for unprecedented market insights.
The COVID-19 pandemic and social distancing norms are reducing the dependency of customers on bank branches. To adapt to the new normal, some banking companies are deploying new self-service technology in ATMs with software updates for higher availability, low failure, and reduced service calls. Consequently, they can easily manage higher transactions and high-volume cash deposits at the ATM, increasing their ability to promote social distancing and safer transactions. Infiniti’s industry experts now offer unprecedented insights into the changing trends, and new opportunities in the ATM managed services market as a FREE download. The resource also comprises a comprehensive analysis by market experts to understand the ATM managed services market in countries including the US, Canada, UK, India, and the Philippines.
Struggling to stay relevant amidst the fast transformations in the banking industry? Get in touch with an industry expert to know how our market intelligence solutions can help.
About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit:https://www.infinitiresearch.com/about-us
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