A recent press report said that the ATMs of Corporation Bank would serve as a source of advertising medium to the public. The bank expects to take its ATM network to 3,250 by the end of the current financial year and as an attempt to achieve it, 2000 ATMs are to be added this year.
Mr. Ramnath Pradeep, Chairman and Managing Director, Corporation Bank, said the additional 2,000 ATMs would be set up in locations where the bank has little or no presence. He added saying that such areas will enhance customer acquisition.
Reports said that the new ATM project has been outsourced to a third party and the bank will only pay depending upon the number of hits. He also said that the bank is looking for a potential to earn when other bank customers use Corporation Bank ATMs as usage of another bank ATM costs the customer’s bank Rs 17-18. The bank is otherwise renowned for its variety of products including Car loan, Personal Loans, education loans etc.
Mr. Pradeep told the press that when more and more other bank customers transact in Corporation Bank ATMs, details of these customers will be available with the bank which can be used for cross-selling. He said that the setting up these cashing dispensing machines in tier II and III cities and where footfalls are high, such as malls and multiplexes, it would not only cut costs but also help generate income.