A QR code, an iris scanner, and a cash dispenser slot helped by NFC. These are the only things that future ATMs are likely to have. That gets rid of PIN pad, card reader, a screen or for that matter the need of carrying an ATM card. The smartphone becomes the interface.
Citibank is testing the prototype, called Irving, at its innovation lab in New York. Designed by Diebold, one of the leading ATM and software provider, the prototype uses technology developed by iris-based identity authentication solutions and software provider, EyeLock.
According to the New York based EyeLock’s Chief Marketing and Business Development Officer, Anthony Antolino, the age of carrying plastic cards and remembering passwords is just about over and “the era of unfettered personal access through biometric technology is just beginning.”
“For banking and other applications, EyeLock’s iris identity authentication solutions are not only highly secure, but very easy to use.”
EyeLock was acquired by automotive and consumer electronics major, VOXX International in September last year for US$20.2 million.
BYOD gets extended to consumers
Interestingly, the prototype has been named ‘Irving’ after Washington Irving, the author of
‘The Legend of Sleepy Hollow’ in which the headless horseman character was introduced. Similarly, Irving too is headless as it completely eliminates the card reader, PIN pad and physical screen. Instead, transactions are scheduled using the screen on the consumer’s mobile device. The stake-holders believe that adoption of the technology will mitigate card fraud, as transactions are done through the consumer’s mobile phone. Authentication and identifications are done by iris-scans and NFC.
Savings in real estate
Compared to a standard through-the-wall ATM, Diebold claims that the enables to reduce the depth of the terminal by as much as 32% as compared to traditional ATMs in the market. The consumer-facing side too narrows up by 37%.
The entire experience at the ATM too gets reduced by half, claims Frank Natoli, Executive Vice President of Self-Service Technology, Diebold.
While digital channels are evolving, cash will continue to play an important role in consumer transactions, feels Natoli. “That’s where Diebold comes into play – to bridge the digital and physical worlds of cash in unprecedented ways through card-less transactions, mobile integration and faster, more convenient access. The Irving concept embodies a new era of banking and puts the user experience at the top of the pyramid to connect consumers with their money when and how they see fit.”