• K. Scott

The Latest Touchless Applications For ATM’s

The ATM industry was rocked this year due to Covid-19 but the good news is that the pandemic also encouraged the rapid adoption of the latest touchless applications for ATMs.

As we approach the end of 2020, the good news is that more companies are releasing touchless applications so that consumers can use ATM’s without having to physically touch them.

The Average ATM Is Used Up To 300 Times Per Month

Recent data from the Digital First Banking Tracker shows us that the average ATM in the world is used up to 300 times each month, and there are over 10 billion ATM transactions in the United States each year.

With the global use of ATM’s on the rise, it’s easy to see how more banks and ATM companies are eager to implement touchless applications for ATM’s because consumers want to avoid touching surfaces and avoid potentially spreading viruses.

What Are The Latest Touchless Applications For ATM’s?

Thanks to a recent article on facial recognition ATM’s that we published, we know that the use of this technology is on the rise, especially in Spain.

Besides facial recognition technology, some of the other touchless applications for ATM’s that we’ve seen in use include using mobile applications on banking consumers smartphones, so that they can withdraw cash from an ATM’s, without having to physically touch the ATM.

AGS Transact Technologies has developed a touchless system for cash withdrawals that enables consumers to withdraw money from ATM’s by scanning a QR code on an ATM to initiate the banking transaction then consumer completes their transaction using the application on their smartphone.

Yes, the contactless ATM technology that we’ve seen in 2020 has been impressive but thanks to the work of ASKA3D, we could see another advancement with the use of 3D at ATMs around the world. Their technology which is already in use in Japan enables consumers to conduct their banking transactions in mid-air without having to touch any surfaces.

Mobile ATM Applications Does Have Some Drawbacks

Even though the use of mobile phones to withdraw money from ATM’s isn’t going away, the reality is that this contactless method for accessing an ATM doesn’t enable an ATM to identify a user’s intent because hover-based interactions just are not possible.

The good news is that some ATMs are being updated with “deep-hover” technology that enables an ATM to determine a user’s intent. This means that we could see ATMs of the future offer users credit cards, home loans, or other banking products that a customer expressed interest in while also being assisted by physical employees via a Zoom conference call on the bank's screen.

Yes, the future of ATM’s as bright as the industry continues to overcome Covid-19 challenges that offer consumers a wide variety of contactless options for conducting their ATM transactions.

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