ATM and mobile: A perfect match
The mobile phone has evolved from primarily a voice medium into a rich channel for data exchange and consumer interaction. The convergence of mobile communications with self-service (via the marriage of mobile technology and ATMs) will further leverage that bandwidth.
Indeed, mobile devices are becoming ATM-access tools, able to offer many of the display and keyboard functions currently available on the ATM.
A recent paymentssource.com article takes a look at six mobile-ATM benefits. I've highlighted four of them below:
- Anti-skimming — letting users initiate ATM transactions via a mobile device removes the risk of card skimming.
- Time savings — technology that enables consumers to withdraw cash from an ATM with a QR code on their smartphone is said to cut ATM session times in half.
- Location-based offers — a solution currently being tested prints offers from nearby merchants on the user's ATM receipt; the customer simply scans a QR code to redeem the offer.
- ATM locator apps — the interactive ATM locator uses integrated GPS technology to locate nearby ATMs. We recently added this feature to Shazam Bolts, our fraud detection and P2P money transfer app; it tells the customer whether the ATMs are surcharge-free "privileged status" terminals and provides directions.
As we move forward in this age of evolving mobile technology, it's important for FIs to allow consumers to interact with them (including at the ATM) the way they want to — with simplicity, swiftness, convenience and as few restrictions as possible. Consider the ways that bringing mobile and ATM together can achieve this for your customers and members.
One of the challenges with mobile at the ATM is the current lack of interoperability and scalability. A solution might be cool, slick and have a lot of bells and whistles, but if it only works with an FI's own network, its value is limited.
Indeed, this is the main issue in making the mobile device a primary method of payment. A bankcard is accepted virtually everywhere and is nearly equal to cash today. Attempting to make a mobile device the method of initiating a transaction, and expecting the same ubiquity of acceptance as cash or a physical payment card might be putting the cart in front of the horse.
Terry Dooley Terry is an integral part of the Shazam team, bringing more than 20 years of financial and electronic funds transfer industry experience and expertise that keeps Shazam at the forefront of EFT technology. He leads all IT strategy and development. www