In a bid to woo more customers to use alternative banking channels and lower the bank?s transaction costs, HDFC Bank has planned to upgrade its automated teller machine (ATM) network across the country.
This new initiative, the first of its kind in the country, is powered by NCR Corporation?s ?Aptra eMarketing? software and is aimed at reducing the cash withdrawal time by 40% at ATM locations. Also, the bank has planned to equip all its ATMs to deliver personal messages to its customers to market loan facilities and other initiatives, and educate them on various regulatory issues. Anil Jaggia, chief investment officer, HDCF Bank said, ?In the last 7 years, the usage of alternative banking channels by HDFC Bank?s customers has increased by 27% to 84%. It has been observed that a 10% rise in the usage of alternative banking channels usually translates into around 5% reduction in the transaction costs of the banks.
Rahul Bhagat, country head for retail liabilities, marketing and direct banking channels, HDFC Bank, said, ?This initiative will shorten the time taken for cash withdrawals at our ATM sites since 45% of our customers use ATM services, 80% of them withdraw the same amount every time and 97% of ATM transactions are done either to withdraw cash or inquire account balances. On an average, each HDFC Bank ATM registers 310 transactions per day.?