All your spy-movie dreams could be coming true. OK, maybe not all of them. But a new ATM concept from Diebold could give everyday people the opportunity to unlock their bank accounts with an eye scan.
The Irving terminal, which Diebold introduced recently at the Money20/20 conference in Las Vegas, does away with the screen typically found on ATMs in favor of integration with a smartphone.
That will allow users to pre-schedule cash withdrawals, which will be authenticated by scanning the person’s iris or a QR code, or by connecting with a smartphone in the same way Apple Pay or Android Pay works.
Citigroup is testing Irving, which is significantly smaller than traditional ATMs, in its New York innovation lab, Diebold said. Mercator Advisory Group expected cardless cash access to be one of the top banking trends of 2015, the Tribune reported last year.
Diebold suggests the Irving terminal is more secure than traditional ATMs. It lacks a card reader, which thieves can “skim” for credit card data; it doesn’t require PIN entry, which simplifies the withdrawal process; and it doesn’t display transaction information on a screen, which could be monitored by others.
“Biometrics (should) do fairly well but I think it’s going to be a longer ramp-up time to make sure customers not only are interested in it but are comfortable using it,” said Ed O’Brien, director of the banking channels advisory service at Mercator Advisory Group. He said biometrics offer a “unique authentication and approval process.”
He said banks will need to ensure that they can protect biometric credentials such as eye scans from predators and then educate consumers about how to use the new systems. O’Brien said it could be several years before biometric scanning becomes widespread in banking operations.
Diebold says Irving can complete cash withdrawals in less than 10 seconds.
Irving is not the first cardless ATM. Rosemont, Ill.-based Wintrust Financial introduced dozens of such machines in early 2015. Chicago-based BMO Harris announced it would do the same in March.
Those systems are built by FIS, a Jacksonville, Fla.-based provider of technology to banks and others. Unlike the Diebold Irving terminal, the FIS ones continue to include screens and card readers for those who do not select the “cardless cash” option.
Diebold also introduced at the Money20/20 conference a dual-sided, self-service banking terminal called Janus. It includes a tablet interface for completing transactions, plus the option to interact with a video teller – another of Mercator’s top banking trends for 2015.