Korean high-tech firm dominates US ATM Market
Hyosung TNS, an info-tech subsidiary of Korea’s Hyosung Group, is ruling the automated teller machine (ATM) market of the United States as a business bellwether there.
Since 2013, the Seoul-based outfit has maintained the largest share of the U.S. market. The firm said that its localization strategy and technological prowess worked.
For example, Hyosung TNS has developed next-generation hybrid ATMs so that it can enjoy the market share of almost 50 percent.
Hyosung TNS said that it has so far sold more than 20,000 ATMs to major banks, including Chase Bank and Bank of America. It expects sales to increase more than 40 percent from a year earlier to about 200 billion won this year.
Behind the exploits is Hyosung Group Chairman Cho Hyun-joon, who spearheaded the group’s businesses in the world’s largest economy.
In 2016, he with key officials of Bank of America and persuaded them into selecting Hyosung as their sole supplier of ATMs under the bank’s ‘next-generation branch innovation project.’
With U.S. banks reducing the number of their branches recently and expanding self-service banking using ATMs as fully automated branches instead, Hyosung TNS has increased the supply of New Branch Solution best adapted to the needs of the American customers.
As a result, new orders for NBS, which refers to ATMs fitted with a cash recycler and a self-banking system, are rapidly mounting.
It has also upgraded ATM service operation remarkably, running Service Operation Center since 2017 to grasp ATM service quality across the U.S. at a glance.
The center uses a large electronic display to check and manage Hyosung TNS ATMs installed at thousands of locations in about 40 U.S. states.
Chairman Cho visits the U.S. subsidiary of Hyosung TNS frequently for the inspection of its business situation in a bid to help expand its market steadily, the firm said.
“To increase sales in the U.S., we must pay attention to changes in the customer environment, identify customer needs and make quick responses,” he said during a recent visit to the U.S. unit.