Banking Hardware Maintenance, Software Support and Helpdesk Support Services Market Ongoing Trends and Recent Developments

According to recent research "Banking Hardware Maintenance, Software Support and Helpdesk Support Services Market by Key Trends and Statistics, Regional Perspective, Market Size Estimation, Vendor Insights, Partnership Opportunities and Competitive Landscape - Global Forecast to 2021", projects that maintenance and support services market for major hardware devices and equipment for retail banks will grow from USD 8.4 billion in 2018 to USD 10.4 billion by 2021 at the Compound Annual Growth Rate (CAGR) of 7.5%.
Key factors that drive the growth of this market include focus to improve IT infrastructure and capabilities, emphasis around offering enriched customer experience, and improving operational and supply chain efficiencies.

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Developing countries to drive adoption of banking infrastructure; advanced countries to focus on automation

Countries like Indonesia, Brazil, and Turkey are expanding their banking infrastructure further fueled by population growth. The banks in these countries will spend more on procuring hardware and software to expand bank networks and in-branch hardware/software maintenance services to maintain the infrastructure. Banks in countries such as China, India, Canada, and Japan are aligning their resources to incorporate technological advances and have not showcased significant changes in their spending patterns. In countries such as the US, Russia, France, and Germany; the banks focus on automation to sustain competition and reduce costs. However, in these countries, population growth is slow and number of branches is reducing.

Focus on improving customer experience, operational efficiency and supply chain management

Retail banking institutions across the globe have adopted advanced solutions such as latest ATMs, digital signage systems, and kiosks to improve customer satisfaction and acquire new customers. These solutions empower banking leaders to track and manage diverse customer touch points for consistent customer experience. Banks focus on minimizing equipment breakdown that lead to customer dissatisfaction and loss of operational efficiency. Retail banking institutions also utilize advanced analytical capabilities for enhanced risk mitigation and higher operational efficiency. Retail banks collaborate with suppliers and partners for skill development, improve supply chain management efficiency, and to strengthen supplier network.

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Impact of ATMs in the era of customer experience management and technology evolution

ATMs continue to play a major role in customer experience management due to familiarity and convenience of use. Banks aim to add more self-service capabilities to their ATMs to offer more mobile based financial services. Due to an increase in incidents of malware attacks on ATMs, ATM security has become a prime focus area for banking institutions. Predictive maintenance and remote monitoring are increasingly used to ensure continuous and smooth functioning of ATMs.

Key vendors offer solutions and services to retail banks globally include NCR (US), Oki Electric (Japan), Diebold Nixdorf (US), Wincor Nixdorf (Germany), Loomis (US), and Global Glory (Japan). The study includes an in-depth competitive analysis of the key players with insights around business overviews, financial positioning, recent developments and case studies.

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