Redefining ATM Transactions with 'Experience Zones'

While heading towards the check-in line at the airport, a woman realizes that she needs to draw some cash. As she walks into an ATM nearby, the NFC beam emitted by her smartphone, which is encrypted against theft, is processed by the ATM, which identifies her as the customer and proceeds to allow her to do a secure card-less transaction. This is the future of technology in connected smart banking.

While technological advancements have allowed banks to become increasingly mobile, there is still a lot of room for development until banking ensures optimum convenience, security and self-service. This is why the latest technology from an ATM manufacturer is pegged to redefine banking in many ways. Based on revolutionary plans, ATMs will soon become hubs or ‘experience zones’ that function like a bank branch, but one customized just for you.

For instance, if you are in a shopping mall and you have too many bags in hand, all you have to do is walk into the ATM and use your smartphone to generate a QR code for a secure and card-less transaction without the PIN number. Apart from increasing the convenience in drawing cash, these new ATMs or ‘experience zones’ will also include touch surfaces and sensing devices that manage dynamic content and track consumer activity and traffic. For instance, a consumer walking close to the machine will alert its proximity sensors that use Beacon Technology and allow the machine to direct marketing content towards the consumer. Once the consumer uses the ATM, the touch surface and video tower walls, identify his details and display customized advertisements such as low interest education loans if he is a student.

These ATMs are meant to function just like a bank branch, providing convenient banking solutions at any location. In fact, the technology involved is not far behind, and includes intelligent virtual tellers. For instance, if a consumer wants to conduct complex banking transactions like a redemption request from a mutual fund account, an intelligent avatar provides the services by using an intelligent assistant, advanced cash-in/cash-out, directional audio and language recognition technologies.

Also, by incorporating ‘Queue Management’ and sessions with remote experts, new ATM technology will ensure that the future account holder won’t even have to see the inside of a bank building. Queue Management technology allows customers to stand in line for sessions with the virtual teller for various banking requirements. In addition, remote sessions connect customers with experts through two-way video conferences for various banking needs.

All these advancements are creating banking services that rely more on self-service and convenience. With the addition of ‘experience zones’, bank branches will soon take on a different meaning, while customized and connected banking will pave the way to the future.

What are your thoughts on how ATMs can contribute to smart banking? Please share your comments in the section below.

About the Author

Wipro Insights set up the Council for Industry Research, comprising of domain and technology experts from the organization, to address the needs of customers. It specifically looks at innovative strategies that will help them gain competitive advantage in the market. The Council in collaboration with leading academic institutions and industry bodies studies market trends to equip organizations with insights that facilitate their IT and business strategies. http://www.wipro.com/insights/

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