Hyosung America: Innovating Transformation and Cash Management
Written by CFO Tech Outlook
As financial institutions and retail banks continue to explore ways to be more efficient, the handling and processing of cash remain a problematic area for them to improve on their own. The reason?
On the one hand, financial institutions have been driving the adoption of self-service for the majority of transaction processing for a decade. However, traditional transaction automation tools still require significant operational effort to ensure cash availability. The amount of cash in circulation in the U.S. has risen every year since 2000, and a significant portion of the operational load on financial institutions is supporting the cash circulating in the economy. Driving additional efficiency by automating the counting, sorting, and storage of cash allows financial institutions to focus the efforts of their employees on strengthening relationships with customers and meeting all of their service needs while avoiding repetitive, non-value-added tasks that can be more accurately and efficiently accomplished through automation.
On the other hand, cash remains the primary mode of payment for in-person transactions in the retail space. The tools available to retailers to efficiently handle and manage cash have been relatively stagnant, and the introduction of more cash automation will provide significant benefit opportunities for retail operations. As a result, optimizing efficiency in cash management has become a necessity for both financial services and in retail.
Enter Hyosung America!
Established as an innovator in the branch transformation and cash management space, Hyosung has driven the technology advancement by creating self-service and assisted-service capabilities as well as cash management optimization. “ Our U.S. based team is intimately attuned to the U.S. market and understands the issues that financial institutions and retailers face. We leverage the global expertise of our entire firm to offer state-of-the-art hardware and software technology that streamlines traditionally labor-intensive tasks, freeing employees to spend more time deepening relationships with their customers and meeting their service needs,” says Scott Hackl, the EVP of North American Sales at Hyosung America.
The company’s industry-leading position in cash management and cash automation—including the evolution and proliferation of recycling ATMs and the combined power of TCRs and recycling ATMs—gives them the expertise and experience to deliver value to their customers. Hyosung went from developing a small form factor recycling ATM a few years ago to introducing the world’s first recycling island drive-up ATM in 2019. “Our recycling cassettes are interchangeable between devices, and our innovative ‘docking cassette’ technology on our TCRs allows for simple, automated counting and auditing of a branch’s entire cash ecosystem,” states Hackl. Complementing its cash automation expertise, Hyosung has also led the industry in integrating self-service capabilities to core banking systems, greatly expanding the types of self-service offerings that financial institutions can provide to their customers and transforming the way those financial institutions serve their customer base.
Further, Hyosung develops the key components like recyclers, depositories and dispensers for their ATMs. “We don’t aggregate those components from other sub-manufacturers; we develop them in-house so that they are designed from the beginning to be a part of our ATMs and work cohesively with all of our other components,” mentions Hackl. This gives Hyosung a performance advantage, as each component is designed with the holistic solution in mind. The modularized nature of the components also makes the ATMs easier to service, resulting in the highest uptime in the industry, another advantage they have in the marketplace.
Having carved a unique niche, Hyosung is investing heavily in expanding both professional services and managed services. Hyosung has built out a complete toolset that manages software distribution, provides remote problem resolution, and monitors the health and performance of the devices on a network. The company is also expanding the functionality of its retail ATMs, enabling customers to provide banking-style services to the end-user in a retail setting. Additionally, Hyosung is continually looking for ways to provide more secure and relevant authentication and interaction modes for customers to interact with their banks through its solutions.
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