Next-generation ATMs — requiring minimal space for their operation and offering expanded options for network connectivity — are a viable branch alternative for budget-conscious institutions.
See You At Bonaroo
Credit unions can easily install solar-powered units like those from India-based Vortex Engineering at parks, music venues, or any hot spot that has access to WiFi or a cellular signal. The only downside? Smaller, maneuverable ATMs in remote locations are a prime target for thieves.
This Seems Familiar
Spanish bank BBVA is experimenting with self-contained touch screen ATM interfaces that mimic the tablet technology consumers already use in their daily lives.
Some of the biggest vulnerabilities with ATMs stem from the fact that all kinds of people, including those with nefarious intent, access them at all hours. But next-generation ATMs are tackling security weaknesses in a number of ways.
Fight Fire With Fire
New hardware from global tech company NCR emits a signal that jams card-skimming or pin-recording devices placed on an ATM. It also notifies the bank whenever a crook tampers with a unit.
You Spin Me Right Round
BBVA prevents prying eyes and creates a psychologically secure environment for its touch screen ATMs (see This Seems Familiar) by placing them at a 90-degree angle from those waiting in line.
Making Fraud Mission Impossible
At the 2013 International Consumer Electronics Show, Ohio-based Diebold, Inc. displayed an ATM prototype that uses mobile devices and QR codes as an alternative to card-based authorization. And unless thieves get their hands on the face cloning technology from Mission Impossible, it will be hard to fool these units, which also use facial recognition to confirm the user’s identity.
You Want It, You Got It
From the useful to the bizarre, these features are coming to an ATM near you. However, credit unions will want to think long and hard about the rational and practicality behind extreme or gimmicky services.
Text Me Maybe?
Wells Fargo is taking its emailed receipt option to the next level by allowing customers to securely receive a text receipt on their mobile device. The concept gives customers an incentive to update the bank with their correct phone number and provides endless mobile marketing possibilities for the bank.
Lotto Tickets And Malleable Metals
Some ATM companies in Missouri offer lottery tickets for a $1 fee, while others in Las Vegas and overseas dispense gold coins and bars. More mainstream alternatives, such as the myGift cards currently dispensed via ATM by Phoenix-based Banner Federal Credit Union, provide a better way to increase income without straying outside your institutional comfort zone.
Half Man/Half Machine
The next generation of remote teller units will seamlessly blend self-directed transactions with live representative video communications depending on user preferences and transaction complexity. What’s more, these units can also dispense exact change right down to the cent.
This article originally ran in the 2Q 2013 issue of Technology@CU.