OKI (TOKYO: 6703) today announced that it has won the contract to supply 3,500 cash-recycling machines and associated services for the State Bank of India (“SBI” hereinafter), India’s largest bank. Marking OKI’s 5th year anniversary of initial operations in India, the ATM contract is OKI’s largest to date with SBI and will provide ATM-Recycler G8, the latest state-of-the-art cash-recycling ATMs.
In the last few years, many public and private banks in India have deployed Cash Recycling ATMs to efficiently manage customer cash deposits and withdrawals through the same machine. The initial response saw migrations of cash deposits from teller counters to these advanced ATMs, significantly reducing teller operation loads and automating the cash deposit process. Following sustained adoption by the customers and acceptable of the technological stability of these machines, banks have moved these ATMs outside the branches to provide 24/7 convenience to their customers.
“India is an important market for OKI, and we’re excited by the opportunities available for cash-recycling ATMs,” says Kenichi Tamura, Senior Vice President & Head of Mechatronics Systems Business Group of OKI. “We’re committed to providing excellent customer service to SBI and building on this strategic relationship for years to come. OKI will continue to aggressively expand its footprint in the country.”
The deployment of ATMs and CDs (cash dispensers) in India reached 220,000 units in 2019, making it the fourth largest market in Asia, following China, Japan, and Korea. Against the backdrop of economic growth and based on channel expansion strategies, this figure is expected to exceed 270,000 units by 2022.
For banks, reducing cash handling costs is a primary driver for deploying cash recyclers. Another significant motive for moving to cash-recycling ATMs is the ability for interbank deposit transactions it confers.
Designed as a strategic model for the global market, OKI’s ATM-Recycler G8, has gained a strong track record and established itself in India’s burgeoning cash economy. A single ATM-Recycler G8 can handle up to 18,000 notes, a world-leading capacity for products in its category. The machine features high security, including encryption in key modules, the latest operating systems, and advanced features meeting latest regulatory requirements. It uses deposited banknotes for withdrawals, leveraging its cash-recycling functions to reduce banknote management and operational costs compared to cash dispensers and non-cash-recycling ATMs.
About State Bank of India (SBI)
State Bank of India (SBI) the largest commercial bank in terms of assets, deposits, branches, customers and employees; is also the largest mortgage lender in the country. As on March 31, 2019, the bank has a deposit base of over Rs. 29 lakh crore with CASA ratio of 45.74% and advances of over Rs. 22 lakh crore. SBI commands around 35% of market share in home loans and auto loans. The Bank has the largest network of 22,010 branches in India and an ATM / CDM network of over 58,000. The number of customers using internet banking facility are more than 6 crore and mobile banking services stand at 1.41 crore. Downloads for YONO – an integrated digital and lifestyle platform by SBI – are over 2 ore, with more than 15 lakh logins per day. On social media platforms, SBI has the highest number of followers on Facebook, YouTube, LinkedIn and Pinterest. The Bank tops the list of followers on Facebook and YouTube across all banks worldwide.
About OKI Electric Industry (OKI)
Founded in 1881, OKI Electric Industry (OKI) is Japan’s leading information and telecommunication manufacturer. Headquartered in Tokyo, Japan, OKI provides top-quality products, technologies, and solutions to customers through its info-telecom systems and printer operations. Its various business divisions function synergistically to bring to market exciting new products and technologies that meet a wide range of customer needs in various sectors. Visit OKI’s global website at https://www.oki.com/.
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