Shinhan Bank begins total outsourcing of ATMs through Nautilus Hyosung

- Shinhan Bank begins total outsourcing of ATM

Nautilus Hyosung has signed a contract on total ATM outsourcing with Shihhan Bank, and will begin total outsourcing services in earnest for over 2,300 units of ATM equipment installed at outside of the bank’s branches for the first time in Korea beginning in June after a trail service in May.

Shinhan Bank began a review in earnest of its plan to outsource ATM service operation last yera, and selected Nautilus Hyosung as the main contractor. The bank also selected LG CNS and Chungho Comnet as supplementary service providers. By being selected as the main contractor for total outsourcing contract for Shinhan after clinching a similar deal with Hana bank in 2006, Nautilus Hyosung has secured an upper hand in the total ATM service operation market.

In an ATM total outsourcing service arrangement, banks to do own ATMs on their own, and instead use ATMs and booths by paying fees to ATM total outsourcing service providers. In addition, such operators take full responsibility for cash management, problem solving, facility maintenance and reparation, and operation of a comprehensive management system for ATMs. This arrangement allows financial firms to focus on their core businesses, cut costs for purchase of ATMs, improve operational efficiency and enhance services for customers.