Bank Kiosk Market Report
Bank Kiosk Market by Component (Hardware, Software, and Services), Deployment (Rural, Urban, and Metropolitan), Location (On-site and Off-site), Application (Automated Teller Machines (ATMs), Video teller Machines (VTMs), and Self-service Kiosks), End-user (BFSI and Government), and Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2023-2032
Bank Kiosk Overview
Bank kiosks are self-service devices that let consumers access a variety of banking services without having to speak with a bank employee directly. For typical financial transactions, these kiosks are intended to provide accessibility, convenience, and speed. Bank kiosks include intuitive keypads or touchscreen interfaces. Customers can use the menus and prompts to easily move through the services that are offered. To serve a varied customer base, certain kiosks might also provide bilingual options. Security is given top priority in bank kiosks to safeguard customers' financial data and transactions. To avoid fraud and unauthorised access, they implement encryption technology, secure data transmission, and physical measures. Additionally, security cameras may be installed to keep an eye on kiosk activities.
Global Bank Kiosk Market Analysis
The global bank kiosk market size was $755.2 million in 2022 and is predicted to grow with a CAGR of 12.1%, by generating a revenue of $2,365.5 million by 2032.
COVID-19 Impact on Global Bank Kiosk Market
The COVID-19 pandemic had a positive impact on the global bank kiosk market. Banks offered their customers a contactless option for doing banking transactions in the form of bank kiosks. Customers might minimise physical touch and lower the danger of virus transmission by being able to withdraw cash, deposit money, and do other common tasks without dealing with bank employees.
Even after the pandemic, contactless transactions and good hygiene habits will probably still be stressed. Bank kiosks will keep playing a big part in giving consumers a safe and hygienic way to perform their financial operations without having to engage with bank employees directly.
User-friendly Interfaces of Bank Kiosks to Drive the Market Growth
Customers can conduct self-service banking at bank kiosks. They offer accessible and user-friendly interfaces that let clients carry out a variety of transactions without having to speak with bank employees directly. Customers can readily utilise bank kiosks since they are placed in convenient locations, such as branches, malls, and public areas. By completing transactions quickly and effectively, bank kiosks cut down on the time consumers must wait in queue or speak with bank staff. In comparison to conventional teller-assisted transactions, customers can complete routine banking chores including cash withdrawals, deposits, and balance enquiries in a fraction of the time.
Customer Resistance to Change to Restrain Market Growth
Self-service banking may not be popular with all consumers, who may instead prefer traditional teller-assisted transactions. Concerns about technology, a lack of expertise with self-service interfaces, or a desire for human interaction in banking transactions can all be sources of resistance to change. It might be necessary to educate consumers and promote the advantages of bank kiosks with tailored marketing campaigns. Modern technology is used by bank kiosks to provide self-service banking features. The dependability and performance of bank kiosks, however, might be impacted by technological constraints like hardware problems, software faults, or connectivity problems. To deliver a seamless user experience and uphold client trust, it is crucial to have a reliable and solid technology infrastructure.
Enhanced Self-Service Capabilities to Drive Excellent Opportunities
Future bank kiosks will be able to offer a wider range of services by expanding their self-service capabilities. This could involve trickier processes including loan applications, account opening, account maintenance, and specialised financial planning. Bank kiosks can provide consumers a wide range of self-service choices by integrating with backend systems and utilising modern technologies. Customers' data and cutting-edge analytics can be used by bank kiosks to provide customised services and recommendations. Kiosks may offer focused product offerings, financial advice, and customised experiences by comprehending consumer preferences, behaviour, and financial needs. This increases customer pleasure and engagement.
Global Bank Kiosk Market Share, by Component, 2022
The hardware sub-segment accounted for the highest share in 2022. For bank kiosks to operate continuously across a range of situations, they need and dependable hardware components. This comprises dependable touchscreens, top-notch displays, safe card readers, powerful printers, and trustworthy cash handling devices. Bank kiosks have a longer lifespan and are more effective thanks to high-performance hardware, which also reduces downtime and maintenance needs.
Global Bank Kiosk Market Share, by Deployment, 2022
The metropolitan sub-segment accounted for the highest market size in 2022. Metropolitan locations are sometimes thought of as having hectic metropolitan lifestyles where people have little time for standard branch visits. Bank kiosks offer a self-service option that is quick and convenient, which appeals to city dwellers who value productivity in their daily lives.
Global Bank Kiosk Market Share, by Location, 2022
The off-site sub-segment accounted for the highest market size in 2022. Customers who might not have easy access to conventional bank branches can benefit from bank kiosks that are situated off-site. Among these off-site sites are office buildings, universities, airports, supermarkets, and transit hubs. By installing bank kiosks in these non-bank settings, users can access banking services more conveniently, minimizing the need to visit a bank branch.
Global Bank Kiosk Market Share, by Application, 2022
The Automated Teller Machines (ATMs) sub-segment accounted for the highest market size in 2022. ATMs are essential for handling cash since they give users a quick and secure way to withdraw money. They reduce waiting times and offer quick access to funds by removing the need for consumers to see a bank teller for normal cash withdrawals. Customers can get cash whenever they want by using ATM services, thanks to its cash dispensing capabilities.
Global Bank Kiosk Market Share, by End-user, 2022
The BFSI sub-segment accounted for the highest market size in 2022. Financial organisations are always looking for methods to reduce expenses while still running smoothly. By automating routine transactions and lowering the demand for teller-assisted services, bank kiosks provide cost savings. By concentrating their human resources on more intricate and value-added services, banks can distribute their resources more efficiently.
Global Bank Kiosk Market Share, by Region, 2022
The greatest market for bank kiosk is in the North America region. Since North America is at the forefront of technological development, the market for bank kiosks is directly impacted. The region welcomes cutting-edge security features, touchscreens, biometric authentication, contactless payments, and other developing technology that improve bank kiosk usability and user experience. The goal of North America is to increase financial inclusion and provide banking services to underrepresented groups. Market expansion is fuelled by ongoing innovation and the incorporation of cutting-edge technologies.
Competitive Scenario in the Global Bank Kiosk Market
Product development and geographic expansion are key strategies adopted by major players functioning in the highly competitive global bank kiosk market. In November 2022, the financial institution, ABA Bank, in Cambodia became the first bank in the country to launch an instant card issuing kiosk, thanks to a partnership with Compass Plus Technologies.
Some of the leading bank kiosk market players are NCR Corporation, Euronet Worldwide, Inc., Diebold Nixdorf, Nautilus Hyosung America, Inc., Azkoyen Group, OKI Electric Industry Co. Ltd., Hitachi Channel Solutions, Corp., Brink’s, Inc., and Fiserv, Inc.
Historical Market Estimations
Base Year for Market Estimation
Forecast Timeline for Market Projection
North America, Europe, Asia-Pacific, and LAMEA
Segmentation by Component
Segmentation by Service Type
Segmentation by Location
Segmentation by Application
Segmentation by End-user
Key Companies Profiled
Q1. What is the size of the bank kiosk market?
A. The size of the bank kiosk market was over $755.2 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 12.1% during the forecast period.
Q2. Which are the major companies in the bank kiosk market?
A. Brink’s, Inc. and Fiserv, Inc. are some of the key players in the global bank kiosk market.
Q3. Which region, among others, possesses greater investment opportunities in the near future?
A. The North America region possesses great investment opportunities for investors to witness the most promising growth in the future.
Q4. What are the strategies opted by the leading players in this market?
A. Product development and geographic expansion are the two key strategies opted by the operating companies in this market.