Hyosung Chairman Cho Hyun-joon Dominates North American Market with ATMs
SEOUL--(Korea Newswire) November 29, 2019 -- Hyosung TNS, an ATM manufacturer, has maintained the largest share of the U.S. market since 2013 with localization strategy and next-generation hybrid ATMs it developed independently. It has advanced the strategy ever since it began to export ATMs to the U.S. in 1998.
Moreover, in the North American market including the U.S., it stands unchallenged at the top in terms of market share with a whopping 46 percent. Hyosung TNS has so far sold more than 20,000 ATMs to major banks including Chase Bank and Bank of America. It expects sales to increase more than 40 percent from a year earlier to about 200 billion won this year.
In 2016, Hyosung (KRX:004800) Chairman Cho Hyun-joon met with key officials of Bank of America and persuaded them into selecting Hyosung as their sole supplier of ATMs under the bank’s ‘next-generation branch innovation project.’
With U.S. banks reducing the number of their branches recently and expanding self-service banking using ATMs as fully automated branches instead, Hyosung TNS has increased the supply of New Branch Solution best adapted to the needs of the American customers. As a result, new orders for NBS (ATMs fitted with a cash recycler and a self-banking system) are rapidly mounting.
It has also upgraded ATM service operation remarkably, running Service Operation Center (SOC) since 2017 to grasp ATM service quality across the US at a glance. The center uses a large electronic display to check and manage Hyosung TNS ATMs installed at thousands of locations in about 40 US states.
Chairman Cho visits the US subsidiary of Hyosung TNS frequently for the inspection of its business situation in a bid to help expand its market steadily. “To increase sales in the US, we must pay attention to changes in the customer environment, identify customer needs and make quick responses,” Chairman Cho said during a recent visit to the US unit.
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