Like Irving it ditches card readers in favour of mobile phone-based access but does have a tablet touch screen for cheque imaging, ID scanning for new accounts and document signing, and video teller access. Diebold and Citigroup are partnering to test a new mobile-friendly machine which would permit the customers to go off the plastic cards.
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Citigroup is not the only financial institution testing out cardless cash machines and in the US JP Morgan Chase and Bank of America are working on similar technology.
One bank is trying to eliminate the debit card by testing new ATM technology that would allow you to make withdraws using your Smartphone and your eyes.
The test cash machines do not even need a screen or a touchpad as all the information is loaded by the app ahead of time.
According to Diebold, the transaction process takes less than 10 seconds.
The machine will then scan their iris and if verified, will then produce the money they had preselected.
Citigroup has been analyzing the viability of this new self-service solution ever since August, at its innovation lab located in Queens, New York.
Diebold argues that not only is the system faster than traditional ATMs but also more secure because there is no card reader for skimmers to tamper with.
“Small notes are used frequently in our daily life, but we usually can only get them at the bank counter”.
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It remains to be seen if Citigroup will indeed incorporate this state-of-the-art technology.
