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A Big Summer for Advancements at the ATM

By: Kari English

The immutable ATM as consumers know it appears to be breaking new ground with some recent advancements in technology. This summer, Diebold introduced text receipts for ATM transactions with Wells Fargo rolling out the capability shortly thereafter. Wells Fargo has offered e-receipts via email since 2010 and this is an extension of that service.

“Today, almost half of all receipt-eligible transactions at the ATM result in customers selecting an e-receipt or not printing a receipt,” said Alicia Moore, head of Wells Fargo ATM Banking in a press release. “Our customers tell us they appreciate the ability to reduce paper waste — text receipts just give them one more option.”

Another recent innovation is from NCR Corp., which now offers Interactive Teller video banking. Interactive Teller allows consumers to conduct remote, assisted-teller transactions over an ATM, e.g., speaking with a live teller who has control of the machine. Essentially, it is customer service at the ATM via video.

But possibly the most interesting and dramatic technological advancement for the ATM may be cardless ATMs. New software from NCR allows consumers to initiate cash withdrawals from their banking accounts on mobile devices from anywhere and then complete those transactions at an ATM by scanning a 2-D barcode. There is no additional hardware required, just a software upgrade for the institution.

Similarly, a partnership between Diebold and Paydiant has created Mobile Cash Access, which also allows customers to pre-stage cash withdrawals on smartphone devices and then, once at the ATM, authenticate themselves by scanning a unique QR code that signals the ATM to dispense cash via an encrypted connection to the cloud.

Besides eliminating the need to use a plastic card, the vendors say cardless ATM technology saves time for consumers by simplifying the steps it takes to get cash and by delivering e-receipts to the customers’ phones instead of waiting for printed receipts. NCR claims users can make wireless withdrawals in under 10 seconds at the ATM.

Another benefit touted by the vendors is security because there is no risk of ATM skimming — if there is no card, there is nothing to skim.

For more information on technological advancements for the ATM, click the links below.

Cardless ATMs

Video ATMs and Paperless Receipts

Kari English is senior editor of BankNews.

Copyright (c) September 2013 by BankNews Media