Cash machines are being reinvented, offering new contactless features that work with mobile apps for great UX, and healthy customers.
ATMs are an important part of banking infrastructure. And in the new normal of contactless operations, banks are finding an important ally in mobile applications to revitalize cash machines and make them more practical for their users.
Mandatory social distancing due to the pandemic has pushed the concept of “zero contact”, because of the risk of infection. This trend has led to a big jump in digital transactions and, especially, contactless payments. However, in some places, cash is still highly valued - so banks need to help customers use it safely, by reducing contact between people to a minimum.
This is where mobile banking applications come in – they offer a way to access ATMs and withdraw cash, without needing a physical card or to touch the machine.
“Using mobile banking as an operating tool allows for quick, easily accessible transactions for the customers,”
says Marcelo Fondacaro, COO of VeriTran.
Among the various alternatives for accessing or using an ATM without the need for direct contact, the link with mobile apps stands out as the most practical. In the case of contactless cards, for example, the ATM will not know how much money the client needs, so the user will need to touch the device to enter the amount.
Mobile banking is the ideal tool to authenticate a user and validate actions in other channels, such as ATMs – so much so that it is changing the nature of ATMs from a channel where the client needs to make contact to operate them.
Under a contactless ATM system, the client uses the security controls of their banking app to verify their identity. With the use of tokenization and biometric authentication, mobile apps offer the advantages of being highly secure as well as providing a very easy experience for the customer.
After verifying their identity on their cell phone, the customer enters the details of the transaction they want to make - for example, the amount to be withdrawn and the account. From there, to connect to the specific ATM all that is left to do is to scan a QR code on the machine with their mobile app, and the cash is dispensed.
“When the person gets to the ATM line, they can verify their identity and enter on their cell phone how much money they need, identify themselves with the ATM, and have the ATM dispense the cash without having to touch anything,” Fondacaro explains.
Perhaps the best thing about this new way of interacting with ATMs is that the capabilities to do so already exist in the ATM network. To get started, the transactional switch of the bank's ATMs needs to be updated - the complexity of this depends on the ATM provider and its age.
“If the banks are VeriTran clients, all we need to do is upload some settings to the mobile banking. It's a matter of weeks,” explains Fondacaro.
“If the banks are not our customers, as well as the advice we can provide, we can deliver an SDK with a specific configuration, so that banks can add it to their mobile banking and roll out the necessary features.”
ATMs are an essential part of banking. In addition to providing cash far away from the branches, they offer very strong brand positioning. With simple changes to its operation, the relevance of ATMs will increase despite the contactless trend.
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