Aug 23

New breed of ATMs are coming to your bank

Category: Technology

Google wallet and PayPal are picking up more payment processing for online transactions. In order to cut down on bank charges and for convenience, more and more are using these payment systems. So, what will happen to age old ATMs at your bank?

Tendency is towards more and more banks to automate customer transactions as much as possible. This will help to cut down on staff and waiting time on lines, and create more efficiency. But the problem is ATMs are so old and doesn’t use technological advancements such as capabilities of smartphones and tablets.

Banks and ATM developers are trying out cutting edge ATMs lately. One of the main manufacturers of ATMs, NCR, indicates 90 percent of banking functions can be done on ATMs, Bloomberg Businessweek reports. The Bank of America is testing an ATM that find a teller at a remote location via video to complete a transaction with a customer at an ATM who left the debit card at home and allows the person to withdraw cash by showing the driver’s license. With younger generation hooked on gadgets, the old ATM badly needs a new update to keep those who are banking with them and to attract more 35 and younger crowed.

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