ATMs to open new bank accounts

Mumbai, June 13: A good news for ATM users. Soon customers can open bank accounts, clear their cheques, and transfer funds using Automatic Teller Machines. ATM manufacturer and service provider NCR Corporation on June 12 unveiled a new multi-channel integrated solution to facilitate more functions on ATMs.

This move will help the banks to reduce costs for opening newer branches. Currently, ATMs offers basic services such as cash withdrawal and balance inquiry. The US-based company’s new CxBanking solutions will try to include new features in interactive teller such as to open instant bank accounts, issue debit cards, facilitate automatic signature verification (AVS), fund transfer, bill payments, mobile top ups.

Sources say that the costs of these new ATMs would be ranging from Rs 30-50 lakh depending on the functionality chosen by the bank. Currently, the regular ATMs costs about Rs 4 lakh.

Experts say that "this new atm s will do 90 percent of the transactions done in a bank branch at a fraction of the cost".They also say that "adding a new branch of 2000 square feet costs an average of Rs 60 to service a customer whereas adding new features to 200 square feet ATM would cost Rs 15".

The company will soon roll out a few hundred ATMs this year with the partnership of public and Private banks. NCR Corp is a major leading ATM operators in India with a 49 percent market share and contains 1.06 lakh ATMs in India. Finally, customers are happy because they need not go to a bank to avail basic facilities.