Written by CIOReview
No one would have predicted in 1998 that Hyosung America would be a definitive entity in the U.S. ATM market. Yet, here we are! Since 2017, Hyosung has tripled its banking market share and revenue. “We are at the forefront of the banking industry in terms of ATM hardware and software. We do business with four of the top five banks in the U.S.” prides Hee-Eun Ahn, CEO of Hyosung America.
Hyosung has come a long way since its humble entry into the U.S. ATM markets in 1998 with its small-footprint retail ATMs. Shouldering the legacy and business principles of the prestigious South Korea-based Hyosung Corporate, the company, today, has acquired a 70 percent market share in the retail ATM space with over 150,000 ATMs installed in retailers as well as large and small financial institutions. In 2008, they decided to broaden the scope of their novel ATM technologies and cater to financial institutions (FI). The company acquaints clients with the pros of branch transformation by introducing recycler ATMs and teller cash recyclers (TCRs) in the U.S and rendering them capable of automating the redundant yet crucial customer-facing, as well as backend teller workflows. In parallel, they also drive innovations in multi-vendor software technology and core integrations, enabling FIs to roll-out customer self-service and assisted self-service capabilities through the ATM outlets. This game-changing approach frees up the tellers’ time and resources and opens avenues to deliver value-added services that ultimately enrich customer relations.
Having pioneered recycling technologies in the U.S. for seven years and counting, Hyosung America recently brought forth its new family of recycler ATMs. According to Scott Hackl, EVP of North American FI Sales, the new line supports all form factors and provides more denomination selection beyond just $20 bills. Hyosung has over 9,000 recycler ATM installed and operational across the country, cutting their clients’ “cash-stranded or cash-in-transit” costs.
By developing robust software solutions that integrate recycler ATMs into the core teller workflows, Hyosung enables its clients’ customers to carry out transactions—that are beyond just withdrawing or depositing cash—at their convenience. Facilitating interoperability with well-known banking applications, the company offers over ten core application interfaces, with a few more slated to be launched in 2020. Also, with Hyosung’s solution, banks can set up their own business rules and need not incur ATM network fees. Further accentuating customer experience and security, the ATMs even support authentication methods such as biometrics, for instance, as an alternative to ATM card PINs.
Hyosung has invested heavily in U/X design to optimize the user experience and foster intuitiveness into ATM interfaces. They are the only recycler ATM solution provider that enables clients to provide assisted self-service to make the ATM experience more engaging.
Unlike other video teller assistance solutions in the market that require tellers throughout transactions—defeating the purpose of self-service—Hyosung’s ATMs allow users to opt-in for assisted self-service as and when needed, during any transaction. “In effect, the Hyosung solution requires half the tellers, reduces the bank’s investment and leverages core integration, enabling users to access advanced teller transactions,” says Bill Budde, VP of product marketing at the company.
Another key differentiator of Hyosung’s recycler ATM solution is its innovative, modular design and the fact that the company owns all the IP, which they have built from scratch. The ATM components have been designed in modules to facilitate maximum serviceability and availability; that, in turn, lets service personnel work more efficiently in finding and replacing faulty components. This has translated to an impressive 92 percent incident resolution on first service calls while the industry average stands at just 75 percent. Their ATMs maintain close to 99 percent uptime, with less than two percent going to overnight downtime. Additionally, all of Hyosung’s 500+ second-line technicians are employed by the company directly without the involvement of any third party service vendor. All of these aspects exemplify the company’s high availability service and support model.
Hyosung’s solutions align perfectly with the increasing trend among FIs to reduce the loose cash on teller drawers and to optimize cash flows across their branches and ATMs. Their ATM cassettes are interchangeable, allowing banks to easily transport some money from one branch to another, making it easy to maintain adequate cash levels while reducing the “cash-stranded or cash-in-transit” costs.
On the software and core integration front, Hyosung offers MoniManager, a purpose-built software application that enables banks to manage their fleet of ATMs holistically. It keeps track of all ATMs and provides information on faults, which can be leveraged for ATM quality management/improvement. “We have also launched a very successful initiative around multi-vendor software that essentially provides FIs with a “unifying” application. It harbors a standard look and feel to operate multiple vendors’ solutions that run their ATM networks,” says Ahn. Banks, through one single and unified interface, can manage security, marketing, and other preferences across all ATMs in their network, whether they are Hyosung’s or not.
“We allow banks to maximize the efficiency with which they manage their cash movement within and between branches. The connecting fabric of robust software enables the interoperability of our devices, and interfacing technologies impart a unique branch-handling experience,” adds Budde.
Cohesively functioning hardware and software solutions, along with Hyosung’s stance on serviceability, imparts immense value propositions to FIs of all sizes.
In many ways, Hyosung not only positions itself as an entity that democratizes access to cutting-edge recycler ATM technologies, but its associated solution stack is also a boon to firms that can’t afford the resources to maintain dedicated IT teams for ATM network management.
In terms of client onboarding, Hyosung adopts a high-touch model, with sales personnel engaging directly with banks and a nation-wide channel partner network. “We can deliver a personal touch to every FI in America with our talented, servicing experts. Hyosung has also built a global software development center in Dayton, Ohio, where we provide the software development, support, and consultation resources as part of the onboarding program,” mentions Hackl. The company brings to the table the full gamut of education materials, professional and consulting services, and software tools to help clients adopt their solutions in the timeliest manner.
Conclusively, with the prowess of their solutions and sheer commitment to client satisfaction, Hyosung helps banks and FIs embrace branch transformation propelled by modernized ATMs and pleasant customer experience.
Unleashing ATM Innovations across North America
The previous year saw Hyosung launch the country’s first island drive-up recycling ATMs, which exemplifies the company championing the “recycling movement” in the U.S., as Ahn terms it.
In addition to their North American headquarters in Irving, Texas, and the global software development center in Dayton, Ohio, Hyosung has established sales offices in Columbus, Ohio, and Charlotte, North Carolina, that deliver uncompromising services across 47 states of the country. In light of growing interest in their solutions from the Mexican market, Hyosung is all set to open a new office in the country. This would mark the beginning of the company’s ambitious plan to expand into the North American markets beyond the U.S. They have also partnered with IBM, setting the groundwork to establish their presence in Canada.
The new markets, as well as the prospective client base, are hungry for Hyosung’s innovative ATMs; and, more precisely, their modern looks, feel, and user-intuitive interfaces. After all, these are factors that ultimately contribute to enhancing the customer appeal for any FI. In today’s digitally enhanced world where customer satisfaction and ease-of-use is definitive for any brand or service provider’s success, FIs have never been more eager to witness the innovative-firsts in ATM technology that Hyosung offers.
Learning from the legacy of Hyosung Corporation, the company understands that only an empowered workforce and a satisfied client base can propel growth. Hyosung, in this regard, has left no stone unturned in fostering a conductive, family-like work culture that weighs in on the best interest of their employees.
“Our current Chairman represents the third generation of the founder of Hyosung Corporation. We’ve always adopted a long-term business perspective, the success of which depends heavily on nurturing the workforce. Like a parent bringing up their children, we train our employees to be better at what they do, allowing them to grow, while forging a relationship with the company based on trust,” concludes Ahn. This inevitably reflects on everything that Hyosung does, including their customer relations, strategy and success.