New ATM Designs Imitate Online and Mobile Banking
Before heading to lunch, Kirsten Keary-Taylor, 29, uses an iPhone app to request $20 from a nearby ATM. Passing the cash machine on her way out, she scans it with her phone to retrieve the bill. “It’s significantly faster than fumbling for my card and opening my wallet,” says Keary-Taylor, who works in the Chicago area for Wintrust Financial. The $17.1 billion bank, which has been testing its mobile-cash feature among employees for about two months, plans to release it publicly later this year, says Senior Vice President Thomas Ormseth. “We think we’ll attract a new client base, 35 and under, we didn’t cater to before,” says Ormseth. New ATM hardware and software can cost from several thousand dollars to more than $75,000 apiece, but Ormseth says banks need to invest to appeal to younger consumers. “If you look at the competition banks are facing down the road, it’s from Google, it’s from PayPal,” he says.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.