DALLAS — With competition heating up in the U.S. ATM arena, this Korea-based company says it has an advantage over its competitors.
Nautilus Hyosung Inc. says it has the industry covered, from retail to banking, and it's selling quality products for competitive prices that its competitors can touch.
Now, a new marketing strategy, a strong line of banking products and a continued commitment to the retail space are on the board for Nautilus Hyosung America Inc. this year.
The company, which just last year established an official and direct presence in the United States, after in fall 2006 severing its distribution relationship with former partner Tranax Technologies, continues to see strong market growth and interest, said Chan Park, president of the U.S. base.
Since February 2007, Nautilus Hyosung has placed some 21,000 ATMs in the U.S. market, primarily in the retail space.
"We believe we have strength in our products and services," Chan said. "Because we manufacture everything in-house, we feel we have better quality control. And we develop our own ATMs based on what our customers say the want in the market."
Manufacturing "in-house" means working directly with Seoul, Korea-based Nautilus Hyosung Inc., part of the Hyosung Corp., a $7.6 billion company that has its hands in a number of industries. Information and communication, the division in which Nautilus Hyosung falls, is just one of those industries, affording the corporation and all of its offshoots expertise in numerous areas, Park said.
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| The 5300, shown here with billpay functionality. |
Worldwide, Hyosung Corp. has plants in 14 locations and 19 corporations.
"There is no doubt about our strength in the market," Park said.
On Thursday, during the U.S. base's second user's conference, the company announced to some 180 attendees that it plans to start heavily hitting the market with more information about its products through renewed marketing efforts. Randal Lawrence, who joined the company less than a year ago, has been brought on to oversee U.S. marketing.
One line Nautilus Hyosung America expects to promote is its Monimax 5000 series, a line that includes the new retailed-geared Monimax 5300 — a new ATM that can be upgraded with sidecars for additional functions such as bill acceptance, check scanning, and card and coin dispensing. The 5300 is expected to hit the market during the third quarter, with the sidecars expected to be available by the end of October.
On the banking side, Nautilus Hyosung has the Monimax 7600, expected to release during the fourth quarter of this year.
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| The 7600D drive-up FI ATM. |
"The Monimax 7600 is an easy replacement for Diebold's 1073 and 1072," said Antonio Kim, senior sales manager for banking systems.
It's a sleek, full-function ATM, equipped with a high note capacity and envelope-free bulk-deposit acceptance for checks and cash. "Our product breakdown is now 50/50 for banking and retail products," Park said. "We are covering the market, all the way across retail and into banking."
While the Mini-Bank 1500 remains Nautilus Hyosung's most popular model, and one the company says it will continue manufacturing for as long as the market demands, its new Mini-Bank 1800 also is gaining market share.
Introduced in February, and initially thought to replace the 1500, the 1800 comes in at a low price point, and likely picked up market share throughout last year, while retailers continued replacements for Triple DES compliance.
"This company is still a retail company," said David Charles, president of ATM ISO Cash Depot, which is based in Green Bay, Wis.
How well the line of banking products will perform in the market remains to be seen, he said, though he says he's intrigued by the products.
Most attendees agreed 2008 would be the tale-telling year for Nautilus Hyosung, especially where it's penetration into the banking market is concerned.
