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Hyosung Chairman Cho Hyun-joon’s ATM Business Takes 70% of Russian Market

November 28, 2019

SEOUL, South Korea--(BUSINESS WIRE)--Nov 28, 2019--

Hyosung TNS has taken more than 70 percent of the Russian ATM market 10 years after it entered the market.

Hyosung TNS has won all of the Sberbank projects to replace ATMs of the No. 1 Russian bank with 14,000 branches nationwide. Under the contracts, Hyosung TNS is scheduled to supply a total of 54,000 ATMs by 2022.

This is the outcome of management focused on technology and Voice of the Customer (VOC) that Hyosung Chairman Cho Hyun-joon has emphasized consistently. “The answer is in the voice of the customer. We must listen even to our customers’ customers to grasp what they want,” Cho has asserted.

Accordingly, Hyosung TNS has paid attention to the needs of banks that are its primary customer and their ATM users. Bills available at ATMs in Russia have diversified after the country issued new bank notes in 2017. In a preemptive step to satisfy customer needs, Hyosung TNS reinforced technologies on banknote classification by denomination and ATM security. This is a success factor of its tighter grip on the Russian market.

Hyosung TNS’s own cash recycling technology was also effectual. Cash recycling enables an ATM to accept banknotes from depositors and dispense them to customers who wish to take out cash. This technology is indispensable to raising the operational efficiency of an ATM and reducing cash replenishment costs as it integrates deposit and withdrawal devices into a single telling machine.

Chairman Cho has kept up his support for Hyosung TNS’s ATM business. He met with senior officials of Sberbank, major US bankers and high-ranking officials of India’s financial services industry to identify market opportunities.

Russian banks have implemented projects to replace all of their telling machines with cash recyclable ATMs since 2016 to cut operating costs. Hyosung TNS has supplied such ATMs exclusively to the banks thanks to its competitive advantages -- its own cash recycling technology and a long experience in security and operation services.

View source version on businesswire.com:https://www.businesswire.com/news/home/20191128005267/en/

CONTACT: Hyosung Corporation

Minjung Cho, +82-2-707-7079

gnujnim@hyosung.com

KEYWORD: EUROPE SOUTH KOREA RUSSIA ASIA PACIFIC

INDUSTRY KEYWORD: PROFESSIONAL SERVICES TECHNOLOGY MANUFACTURING NETWORKS OTHER MANUFACTURING BANKING HARDWARE

SOURCE: Hyosung Corporation

Copyright Business Wire 2019.

PUB: 11/28/2019 03:55 AM/DISC: 11/28/2019 03:55 AM

http://www.businesswire.com/news/home/20191128005267/en