KI (TOKYO:6703) today announced the delivery of cash-recycling ATMs, ATM-Recycler G7, to State Bank of India (hereinafter referred to as SBI), the largest bank in India. This marks OKI's first delivery of its cash-recycling ATM in India.
Founded in 1806, SBI is a government-owned corporation with its headquarters in Mumbai and is the only Indian bank listed in Fortune Global 500 with assets of US$388 billion (As of December 2013), making it the largest bank in India by assets.
The SBI Group currently operates approximately 39,000 units of ATMs and CDs (cash dispensers). Committed to utmost customer satisfaction, SBI is enhancing services and customer convenience through various channels including the Internet and mobile. SBI ran a live field trial of OKI's ATM-Recycling G7 and evaluated its high-reliability and future expandability to recycling functions, which led to considering and subsequently installing these units.
"Under the Mid-term Business Plan 2016 announced on November 12, 2013, one of most important management strategies is to develop new overseas markets for OKI's ATMs," says Shinya Kamagami, Senior Vice President and General Manager of OKI's Systems Hardware Business Division. "The delivery of ATM-Recycler G7 to SBI is a solid step in line with this strategy. It follows installations in Russia and Indonesia, in addition to Japan and China where OKI already has strong track records. Moreover, in May 2013, OKI announced an expansion into the Brazilian ATM market. Moving forward, OKI plans to further expand its ATM business which will enforce OKI's future growth."
The number of ATMs and CDs operating in India reached 140,000 units in 2013, making it the third largest market in Asia, following China and Japan. The number is expected to continue increasing and approximately double by 2016 due to the Financial Inclusion*1 set by the Reserve Bank of India. Building on the delivery to SBI and leveraging cash-recycling ATMs that contribute to banknote and operation management, OKI aims for 25% share in unit shipments of the Indian ATM market.
Capitalizing on the achievement made in the Indian market, OKI plans to accelerate global sales development of its ATMs and aims for 40% market share in the global cash-recycling ATM market, namely in emerging markets, where economic growth is expected to continue.
*1 Financial Inclusion is a policy that delivers banking services to vast sections of Indian society equally, regardless of district of residence or income.