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(released in July, 2014)
Established in 1916, the Karur Vysya Bank (KVB) has emerged as a universal bank offering diversified financial services. The bank's large network has helped it serve the majority of country's populace during all these years. However, with the growth came many challenges, one being a significant increase in the volume of transactions and consequent queuing up of customers at various bank branches. KVB needed an automated solution to complement its growth, add efficiency to its operations and grant the bank's customers freedom to bank through the ATM at any given time.
KVB's management team decided to adopt a self-service terminal solution that helps better manage customers at the bank's branches and address other challenges associated with cash transactions- cash withdrawal and cash deposit. Following were some of the major challenges that KVB faced.
Long Queues for Teller Services
The transaction counters at the various branch locations of the bank experienced significant customer attendance. The current system required customers to make deposit transactions physically at the branch. As a result, customers began to notice an escalation in wait time, transactional delays, and other logistical challenges such as parking and branch overcrowding. By this time, the pressing need for KVB to control the traffic at its branches had become the highlight.
Restricted Working Hours
The Reserve Bank of India's regulations restrict banks in India from operating for extended hours. However, being a premier bank, KVB turning away a large number of customers with a request that they return the following day could not be justified. Moreover, people who make deposit transactions are mainly shop owners and migrant workers, and it is difficult for them to come to the branch during working hours. So even though there was a huge demand for deposit after working hours by these people, KVB could not meet it.
In India, there are certain threats such as bank card skimming and counterfeits. Counterfeits at banks are in fact a common occurrence these days. It is requested to provide customers with an efficient solution against such criminal activities to ensure secured transactions at the branch.
Play the video "State-of-the-art ATM Technology- Challenge" (Time - 1 minute 14 seconds)
Note: "BNA (Bunch Note Acceptor) is the industrial term of Cash Deposit ATM in India"