Banks Use Smartphones to Eliminate ATM Cards

by Mercator Advisory Group 0

Want to see just how profoundly the smartphone can change a tripto the bank ATM? Head to Madison Streetin downtown Chicago.

Respondingto the growing use of smartphones, Wintrust Financial is rolling out 190″cardless cash” ATMs that will give consumers the option ofwithdrawing cash using only their smartphones.

Wintrust,based in the Chicago suburb of Rosemont, is riding a banking technology trendfor 2015, according to Mercator Advisory Group. “We anticipate theincreasing convergence of ATMs and mobile banking” in what’s commonlycalled cardless cash access or mobile cash access, the Maynard,Massachusetts-based consulting firm said in its newly released report “2015Outlook: Banking Channels.”

Tomake the cardless-cash transactions possible on existing ATMs, the Wintrustmachines are being outfitted with software from FIS, a technology provider tobanks, retailers and payment processors. FIS said Wintrust is the first of its1,600 mobile-banking clients to roll out cardless cash on a widespread basis.

Recent advances inmobile banking and ATMs are presenting new opportunities for bankingcustomers. One capability that isgaining interest is cardless cash access (also known as ATM prestaging andmobile cash withdrawal). This capabilityis good examples of the convergence of the ATM and mobile banking channel. Not only does it offer a way to withdraw cashwithout the need of a debit card, but it can significantly reduce the time towithdraw funds at an ATM.

Overview by Ed OBrien, Director of Banking Channels for Mercator Advisory Group

Read full story at Detroit News

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