Technically Speaking
23
However, the ATM is more than just a mute
cash dispensing tool. In the future it could be
well the face as well as the heart of banking
operations. In this context, the maturing of
new technologies such as biometrics, NFC
and mobility couldn't have come at a much
better time for banks and financial
institutions who want to reduce their
footprint drastically by providing safer and
faster self- service option.
For example, let us take mobility. Today, the
mobile phone is more than just a device – it is
an extension of our selves. In the entire history
of the electronic device, never has anything
resembled its popularity and ubiquity. So why
not use it at the ATM to withdraw cash or top
up your mobile wallet?
Well, it seems that the techies at Mahindra
Comviva have already crossed that one out
of the wishlist. “Wincor Nixdorf, one of the
leading providers of IT solutions to retail
banks and Mahindra Comviva, the global
leader in providing mobility solutions, have
collaborated to enable seamless transaction
experience at the ATM. With advent of this
new solution, consumers using mobile
wallets powered by Mahindra Comviva's
mobiquity® Wallet will be able to withdraw
cash and top up their mobile wallets at the
ATM by simply scanning or presenting a QR
code or use their NFC enabled mobile
device.
In the future, customers will have more
expectations from their banks. Customers
used to mobile's quick and immediate
service would want similar services from
their banks. On the other side of the
equation, banks will have to rationalize costs
on the account of increasing pressure on
their margins. In this scenario, ATMs will
grow in importance and will become the face
of the banks.
The transformation is already underway: In
U.K. many banks provide ATMs that enable
customers to pay in checks and cash, print
statements, check direct debits and
standing orders, and even make faster
payments. To increase ATM uptake, banks
are going to the extent of removing tellers out
of sight so that the customers have no other
choice but to use the ATMs.
It is not as if the customer is not interested. A
recent report by ATM Marketplace asked
consumers what they wanted to see from
their FI's ATMs. The list included the ability to
make bill payments, the sale of prepaid
cards, cardless cash withdrawals, setting
personal preferences and email receipts.
About the author: Rahul Vaish is an Application Developer for Mobile Financial Solutions
at Mahindra Comviva. He has completed his Engineering from LPU, Jalandhar.. Prior to his
current stint, he worked with Aon Hewitt and Steria. He is a technology enthusiast with a keen
interest in payments space.
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1 http://content.time.com/time/specials/packages/oarticle/0,28804,1914560_1914558_1914559,00.html
2 http://www.axistech.com/WebPages/Howandhow.html
3 https://en.wikipedia.org/wiki/Talking_ATM
4 http://edition.cnn.com/2010/WORLD/europe/07/05/first.biometric.atm.europe/
5 https://relianceacsn.co.uk/palm-scan-biometric-atms-for-japanese-bank-customers/
6 http digitaltrends.com://www. /cool-tech/smart-atm-uses-qr-codes-instead-of-cards-to-dispense-cash/
7 http://newsroom.bankofamerica.com/press-release/consumer-banking/bank-america-adds-human-touch-new-atms
8 http://www.independent.co.uk/news/business/news/that-s-handy-world-s-first-atm-for-bitcoins-opens-in-vancouver-cafe-8913907.html
9 http://www.ncr.com/news/news-releases/financial/anz-first-world-offer-contactless-emv-atm-transactions-powered-ncr
O T H E R
U S E F U L
L I N K S
http://www.alacriti.com/biometrics-in-banking
http://timesofindia.indiatimes.com/business/india-business/In-a-first-DCB-Bank-starts-Aadhaarbased-ATMs/articleshow/51670047.cms