The biggest influence on recent ATM design has been the smartphone; a device that has changed the face of consumer electronics and set society on a path to digital domination. Since its launch and staggering pace of adoption, the form and function of ATMs has been built to mimic the smartphone consumer experience and reflect that same intuitive user experience.
From touchscreens, finger pinch and zoom, mobile authentication, to pre-staging transactions on a mobile and digital banking integration, banking customers now enjoy a similar experience at the ATM that they have on their handheld devices. So, now they can have a seamless connection from banking on their phone to banking at the ATM.
Also, the smartphone has enabled banks to offer contactless banking, the first to do it was ANZ. The personal banking financial institution enabled a single card tap to initiate transactions, with banking customers entering their pin on the pin pad and proceeding with their transaction as normal.
What we’re seeing now is more financial institutions taking contactless to the next level, by enabling customers to use their mobile phone for authentication—removing the need to use the pin pad. And this contactless connection can go even further by using the financial institution’s banking app to pre-stage the entire transaction, with the ATM solely providing the cash after banking customers have tapped their smartphone on the contactless reader.
Contactless is certainly the wave of the future—particularly post COVID-19. There’s now 1.3million contactless enabled ATMs in the world and this number is fast on the rise. According to RBR’s Global ATM Market and Forecasts to 2025 study, the number of ATMs offering cardless cash withdrawals has increased with a rise of 26 percent in 2019 – 16 percent of which was the US alone, while the number of ATMs offering Near Field Card (NFC) readers rose by 86 percent globally.