The transformation of the banking sector in India
THE SUCCESSFUL CASE OF THE INDIAN PARTNERSHIP BETWEEN AGS TRANSACT AND CUSTOM
The Indian banking system consists of 27 public sector banks, 26 private sector banks, 46 foreign banks, 56 regional rural banks, 1,574 urban cooperative banks and 93,913 rural cooperative banks, in addition to cooperative credit institutions.
This is a well-regulated sector, which is witnessing the spread of innovative business models, with a strong push towards digital payment systems. As regards this latest trend which involves the whole world, the Indian retail sector shows an enormous potential, with a probable catchment area equal to 63% of the retailers in the country. (source: https://www.ibef.org/industry/banking-india.aspx)
As in the rest of the world, the main trends which are transforming the banking sector are linked to accessibility and data security. The challenge has become service personalisation, offering multi-channel experiences capable of integrating digital tools in order to meet customers' growing demand for innovation: 24-hour ATMs, online banking, digital payments...
At the same time, it is necessary to protect this openness in order to avoid becoming vulnerable; therefore, investments in cyber security against fraud and for the protection of digital identity are also inevitable and strategic.
AGS - ATM BANKING CASE HISTORY
Founded in 2002, AGS Transact Technologies Limited (AGSTTL) is a leading provider of end-to-end payment solutions in India, with a wide range of highly customised and technologically advanced products for the banking, retail, oil and gas industries and transport sectors.
AGSTTL operates in 700 Indian cities, reaching over 160,000 customer contact points throughout India, and boasts an important presence throughout Southeast Asia.
AGS Transact has always invested in banking automation by offering various high-tech products and self-service tools, such as the Custom K80 Tornado printer, the most compact and robust ATM printer, and the ground-breaking A6 DOCUMENT AND CHECK COLOR SCANNER, the new scanner for rapid document reading and data management, which will soon be available for the Indian banking sector too.
The innovative automation solutions offered by AGS Transact enable banks to strengthen and, if possible, to improve customer relations. Value-added banking services, Cash Management, Retail Automation, Fuel Retail Automation, Transit Business and Colour Automation, complete the wide range of services offered by AGS Transact, which to date represents the leading partner in India for the best banks in the country.
CUSTOM and AGS Transact
One of the most important AGS Transact sectors, which has always involved Custom, is that of the Kiosk production, which ranges from ATMs to filling stations, from InfoKiosks to queue management kiosks, to vending machines. In this context, the Printing Solutions environment suggested by Custom represents a certainty of reliability and quality for a company like AGS Transact, ensuring Custom is a perfect technological partner.
The product that best proves the success of this technological partnership is the K80 Tornado, the receipt printer with an unrivalled compactness, ideal for installation inside an ATM. A success linked not only to its size, but also to the robustness and reliability of a hardware product designed and manufactured according to the "made in Italy" high standards.
Thanks to AGS Transact, 10,000 K80 Tornadoes are currently installed in ATM environments. Furthermore, the close partnership with Custom S.P.A. has recently led to signing an important ATM Banking contract covering the sale of 6,000 K80 Tornadoes and which envisages the installation of an additional 4,000 pieces by 2018.
Other projects which are already operational and currently being defined between the two companies involve the small Custom panel printers - Plus2 - for cash deposit machines (hundreds of units) and the Custom B202H and KPM150H models for the Metro Rail Ticketing project (100 units in the field, soon to increase).
Published on 27/04/2018 in Trends & Markets