Written by CFO Tech Outlook
Mr. Keith Lennard serves as the Vice President, Head of Software at Hyosung America. Mr. Lennard is responsible for all Software Development, Professional Services and Managed Services. With 10+ years of leadership experience in Financial Services and nearly 20 years in Software Development, Mr. Lennard has a proven track record of transforming organizations, scaling for growth, and driving execution excellence.
The unprecedented events of 2020 have entirely changed the face of the banking sector. The increasing usage of smartphones and internet penetration across the world has driven almost every banking entity to deliver their services online. This momentous digital shift is ushering a new era of flexibility, but banks are often found struggling to ensure customer satisfaction and maintain the highest level of service quality. In fact, a recent study by J.D. Power states that banking experience has declined significantly as customers are shifting from the branch to digital-only banking relationships. They have highlighted that the overall satisfaction score for branch-dependent bank customers—on a 1,000-point scale—is 824, which is 23 points higher than the score among digital-only customers.
This is where Hyosung America—a leader in branch transformation technology—takes center stage. With a focus on innovation, engineering, and superior customer service, the company has emerged as a global leader in providing enhanced self-service solutions to the retail off-premise and financial institution markets. “The self-service model is the future of the banking industry. ATMs are no longer solely for transactions, but they should operate as self-sufficient mini branches. Our mission is to facilitate that journey by equipping clients with cutting-edge solutions,” begins Keith Lennard, Vice President, Head of Software at Hyosung America.
Hyosung America’s next-generation banking solutions offer physical touchpoints for mobile-first digital members. From bill payments and fund transfers to self-audit and video assistance, the Hyosung machines allow banks to meet (if not exceed) customer expectations and subsequently ensure satisfaction. “We have architected a solution that allows ATMs to integrate with the core banking platform. As such, they can interact with consumers like a teller, bridging the physical and digital divide,” Lennard mentions. “Customers feel comfortable using a technologically advanced ATM due to the intuitive design that seamlessly provides a 24-hour banking experience.”
Several banks across the North American region today are leveraging Hyosung America’s self-service ATMs for providing a more personalized, powerful, and richer communication channel. For example, the company has recently worked with a top 25 Midwestern Bank to help them ensure a more consistent customer experience across its multivendor ATM fleet. “We also have more than a hundred different customers in the United States running our core integrated solution that has completely revamped the customer experience,” Lennard adds.
The greatest contributor to such a success of Hyosung America is their indomitable zeal to question and challenge the status quo. “We started with ATMs inside of convenience stores. Then, we moved into banking, and now we have a deeper dive into software,” Lennard mentions. Having such a focus on innovation, the company always strives to ensure the quality of the software and the hardware they provide. In fact, the company has recently launched a digital desk that can be paired with its core integrated software solutions. It can truly transform the branch by driving enhanced self-service processes and allowing banks to really focus on banking services instead of the routine tasks of counting cash or collecting signatures.
Going forward, Hyosung America will continuously evolve its products by leveraging the lessons that they have learned during the pandemic. In this context, Lennard mentions that it is time for the banking industry to fulfill the promise of branch transformation that they have been making for years while ensuring customer satisfaction. And Hyosung America is a perfect partner for that effort. “We are truly committed to the North American market, performing our software development here in the United States, and do not offshore our product development work to other countries. This is the greatest testament to our commitment to customer success.” Lennard concludes.