Smart ATMs can be the future way of how one may be interacting with a bank and doing transactions:
In adopting the digital, banks have always been in a continuous thinking process of how a digitized service or a product could enhance the customer experience. One such domain has been the ATM. From a stage where banks were examining how the human teller could be replaced by a machine, it has now transcended to a stage where the automated machine could do other work than dispensing or collecting cash. Like for example, data gathering which can create a whole new level of customer experience or introducing mobile applications or micro-services. Leveraging the ubiquitous nature of ATMs, banks have avenues open to introduce self-services like booking flights, or paying bills or buying a ticket for a movie or even ordering food to other nuanced functions like recharging gift cards, buying a sporting and entertainment event tickets, or even opening new investment accounts.
Here come the smart ATMs. They have already made their presence felt with functionalities incorporated such as contactless payments, remote maintenance, customer services facilitated by biometric authentication ensuring higher levels of service and reduced chances of fraud, touchscreens eliminating the use of keypads and even allowing a customer to affix his signature to validate a transaction.
NEED TO BE SMARTER
There was an obvious need for ATMs to get smarter. Today’s bank transactions are mostly marked by contactless payments, online mobile transactions and a virtual absence of cash. So, in order for the ATMs to justify their role and responsibility, they need to be smarter. ATMs are very expensive for banks in terms of maintenance, cash replenishment and providing security. One of the key benefits of the next-gen ATMs is that they can be remotely managed. For example, Intel is offering its Intel Active Management Technology, that helps technology teams to manage devices remotely. Intel claims if there is connectivity and if there is power, an ATM can be accessed remotely. So, even in cases like a disk crash, or a bug in the OS, a tech hand can solve it remotely.
Another key advantage is the ability of the smart ATMs to be the vehicle for identification, validation and on-boarding of a prospective customer or even when an existing customer applies for a loan or a credit card, using biometric authentication.
MULTI-TASKS POSSIBLE
In general, using a smart ATM one can withdraw or deposit cash, deposit cheques, transfer funds between accounts, make loan repayments and much more. It can integrate with other technologies like IoT devices and provide an interactive touchscreen interface with greater functionality than a keypad. There are touch screens in use that allow signing of documents.
WINNER IS BIOMETRICS
The biometric authentication facilities available in smart ATMs offer an additional layer of security. There is technology that provides for voice recognition, recognition of irises and a human finger’s unique vein patterns to authenticate transactions. Other advanced features include real-time monitoring capabilities, allowing banks to detect and respond quickly in the event of suspicious activities and realize when cash level is low and replenish in time.
The smart ATMs can be integrated with AI and analytics technologies thereby enabling prevention of frauds in addition to timely detection. AI-powered proactive fraud detection is an existing tool for banks.
IOT – THE GAME CHANGER
In addition, there are IoT-enabled sensors and cameras that can be installed at ATM locations and on the machines themselves for better security. These connected systems can detect suspicious activities in real time and alert the security personnel. Such ATMs can also detect instances of card skimming and trigger alarms and even have the facial recognition features in cameras activated to help identification of the culprits.
There is also a unique technology available today, which can ensure high level of security in high-value transactions. If a person is withdrawing a large sum, an IoT-enabled ATM can make use of the user’s unique heartbeat pattern from his smartwatch to enhance the authentication process.
Smart ATMs offer just not convenience and error-free transactions. They also perform the crucial role of providing the required security and convenience for the banks in the digital world. The technology is still evolving and what these smart machines are capable of is yet somewhat in the domain of the unknown.
Smart ATMs – making of a future bank branch
While some analysts predicted a stunted growth for ATMs in the light of banks getting digital and cash becoming a lesser used medium, there appears to be a resurgence in the ATM domain. With banks globally cutting down on branches and reducing their physical footprint to make way for more self-service, it is possible that the next gen ATM may be filling the void – becoming a digital branch. The smart technology that is available today can equip the lowly ATM with security and convenience features that can draw customers in an unexpected manner.
One single feature that should make them highly acceptable is the biometric capabilities. Apart from other capabilities, biometrics can create an effective and an almost impregnable layer of security for the transactions.
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