Providing an innovative solution to elevate functionality in the Russian financial self-service industry, Diebold, Incorporated (NYSE: DBD) has assisted Moscow-based Master Bank in transforming its automated teller machine (ATM) channel into a versatile currency-exchange network.
With currency exchange one of Russia's most popular banking features, alongside providing exchange operations through the existing branches, financial institutions are working under agreements with currency exchange venues and experiencing reduced revenue generation, while customers are receiving limited services.
The Opteva ATMs, equipped with Bulk Note Acceptor (BNA) technology complete with coin dispensers, offer Master Bank customers and non-customers a streamlined, round-the-clock currency-exchange solution that provides the precise amount of cash back. The ability to accept and dispense three different currencies (dollars, euros or rubles) is helping turn Master Bank's ATM fleet into multi-function machines that serve as virtual branches.
Since the beginning of the project, nearly 500 Diebold Opteva ATMs offering automated currency-exchange operations were installed. In 2007 Master Bank experienced a 30 percent rise in currency exchange transactions completed through its ATM channel.
Diebold's currency-exchange solution enables Master Bank customers to not only deposit and exchange currency in stacks of up to 100 notes, but to also transfer funds from one card to another or between accounts, with deposits converted to the new account's currency. For Master Bank, adding currency exchange capabilities to its ATM channel's functionality helps reduce transaction costs and improve overall operational efficiency, while reinforcing its image as a highly technological financial institution. Additionally, Diebold's BNA technology helps alleviate security concerns by greatly reducing the risks associated with internal theft and counterfeiting activities.
"Our bank is dynamically developing and we are constantly offering our clients new, cutting-edge technological services," states Mr. Alexander Bulochnik, First Deputy Chairmen of the Management Board, Master-Bank. "Optimisation of retail banking is a key concept for Master-Bank. By inty introducing new services on full-function Diebold ATMs and transferring a number of traditional banking operations in the self-service sector we provide better service for our clients, who no longer depend on working hours and location of the bank's branches."
The enhanced-function Opteva ATMs were installed at the most prevalent currency exchange locations in Russia, including highly trafficked airports and train stations, allowing Master Bank to service customers across a wide footprint. The convenience offered though ATMs capable of performing currency exchange is expected to appeal to non-customers as well, drawing them to Master Bank to explore the additional services the financial institution offers.
"This highly successful alliance with Master Bank epitomises Diebold's customer service promise," said Charles E. Ducey, Jr., senior vice president, global development and services, Diebold. "Our top priority is to help our customers implement the most effective solutions to meet their greatest challenges head-on. In this case, Master Bank has now set the standard for Russia's self-service delivery."
This advanced technology also is helping strengthen Master Bank's brand, furthering its image as an organisation intent on being first in its industry to deliver cutting-edge solutions and expand its customer services portfolio.