Smart ATMs?


We definitely live in a smart world. A world of smart people who develop smart tools to use. Smart homes, smart phones, and Automatic Teller Machines (ATMs). The finance industry couldn’t be an exception of course.

The greatest benefit of using such a smart ATM is to get the money instantly in your account. How does this happen? These ATMs are online at all times, something which allows the specific transactions to happen in real time. There is no need of waiting until the next day, and until the bank branch opens to proceed with the transaction. No more wasting your time. There is, of course, the limitation of €10,000 per customer per day for compliance reasons.

This process is not only with cash. The same story happens with cheques. The client can deposit multiple cheques at once. Those are scanned and recognize the amount and accounts related to the transaction. The transaction, in this case, is not ‘online’, but it is rather executed manually by the bank officer on the same or next day, like any other cheque transaction. The benefits of using this method, are the speed of execution due to the automation techniques and the advance receipt type, where the cheques’ images are printed on it.

Those are the two main features of the new era of ATMs. Many times it is advertised that this kind of ATMs is learning each client preferences and reacts accordingly. Unfortunately, I will disappoint you here, because this is not the case. We need to wait a bit more to see the first ATM that is possibly going to recognise the likes and dislikes of each client.

Another ‘innovation’ that those ATMs have, is the touch screen. Yes, in 2015 we still mention touch screen as something really new. Banks are true innovators on many concepts, but...touch screens?

The usability advancement and the flexibility on transactions of those machines are definitely a fact. Nevertheless, there is plenty of space towards real innovation and progression.


Sponsored Links

Learn more about Startup Europe Week Limassol: Fintech Forum. Register and join us!

Give us the chance to distinguish innovation, Made in Cyprus. Vote for CyRIC for European Business Awards!