Banks Remain Focused On ATM Innovation

by on May 02, 2013

As we posted last week, Bank of America recently introduced an innovative new ATM that allows tellers to assist customers with ATM transactions via real-time video. Bank of America isn’t the only firm that is working to redesign and enhance the ATM customer experience. Chase, Citibank, PNC Bank and Wells Fargo have also introduced a number of advanced ATM features. The most common feature among the banks is the ability for the ATM to dispense smaller denomination bills ($1 and $5 in addition to $20 and $100 bills).

Let’s take a look at some of the ATM innovations released across the banking industry:

Chase
Chase has been offering self-service banking kiosks at select locations since 2011. The firm continues to roll out this new type of ATM which allows customers to receive exact change, withdraw smaller denomination bills ($1 and $5), pay credit card bills and load pre-paid debit cards.

Chase Self-Service Banking Kiosks
Chase Self-Service Banking Kiosks

PNC
PNC has upgraded more than half of their ATMs over the last year (they hope to have all ATMs upgraded by June) to allow customers to withdraw bills in increments of $1 and $5.

Wells Fargo
Wells Fargo recently introduced new ATM kiosks in Washington D.C. which offers 19-inch screens that will be open 24 hours and dispense $1, $5 and $100 bills (in addition to $20). Additionally, the ATM software is also being updated to anticipate a customer’s preferred transactions. The firm plans to expand these technologies to other U.S. locations.

Citibank
Citibank launched Citibank Express throughout Asia in January 2013, which allows customers to open accounts and apply for loans, cards and cashier’s checks in addition to regular ATM functions. The Citibank Express also offers video conferencing and biometric capabilities for customer identity authentication. The firm plans to expand this service globally throughout the year.

Citibank Express
Citibank Express

Closing Thoughts
With more and more consumers migrating to online and mobile banking, it seems only natural for banks to introduce innovations and improvements to the ATM user experience. The ability to perform essential account services from an ATM or receive a wider denomination of bills allows customers to bank more efficiently and skip the lines for tellers. Banks will likely continue to re-invent the ATM interface as well, making it more compatible with the digital world with the implementation of more touchscreen functionalities and other user-friendly assistance features. Ultimately, these innovative self-service ATMs with video assistance will be the norm, not the exception.