With technology guiding banking, there are new innovations that are highly influential to people’s choices. One such choice is “going card less”. It may not be an innovation that is going to be disruptive but, it can create a higher level of security for transactions and ease of use for customers. ATMs of various branches of Bank of America already include the card-free option. While they plan to convert all their ATMs, Wells Fargo and JPMorgan Chase are installing and testing this option at various branches.
Wells Fargo claims this is how it is going to work: You’ll log in to the bank app and request an eight-digit access code. At the kiosk, you’ll enter the access code and your regular ATM code to start the transaction.
How the bank thinks it is going to be helpful: Customers need not carry their card all the time. It can make it more secure with card thefts causing issues to customers.
What ATM manufacturers think: They are not sure card-free ATM transactions would prove more convenient than using a card. Also, they don’t see it being beneficial to the card users.
What I feel about the whole card-free ATM: Considering US is not cash based economy, with very limited cash transactions there is not going to be much effect as there are not many withdrawals. But it might be a path leading to a complete mobile/ online banking system without any additional cards required in the future.
REFERENCE: https://apple.news/AC6frPQ2qS2-v0JYGP9Z25Q