Smarter ATMs are on the way

Sophie Elsworth
National Features
October 28, 2012

BANKING customers will soon be able to deposit cash and cheques into ATMs in “real time” and personalise the way they use hole-in-the-wall machines.

The Commonwealth Bank’s executive general manager of retail products, Michael Cant, says customers will be able to deposit cash and cheques at any hour and have the amount credited immediately.

“We’ve already rolled out 40 ATMs that can do that and we’ll have 150 of that type out by the end of this financial year,” he says. “You deposit your cash or a cheque into an ATM that’s smart enough to count the cash, read the cheque … and credit that immediately to your account.”

ANZ is also set to introduce 800 ATMs by the end of the 2012-13 financial year that have the ability to deposit coins, notes and cheques and have them instantly credited to the customer’s account.

Cant says customers will also be able to personalise their settings on ATMs that will pop up each time they use it.

“When you put in your card, it identifies you as the customer and preferences that you set,” he says.

ATMs will also be able to read the EMV (EuroPay, MasterCard and Visa) chip instead of the magnetic strip on a card. This will improve customer security, with the card’s chip containing encrypted information, making it harder for fraudsters to skim details.

Digital strategy agency New Republique spokesman Nima Yassini says banking is being redefined in a digital age.

“A lot of stuff you saw in the branch network is slowly shifting to ATMs,” he says.

“So you don’t have to queue up to put your cash or cheques in at the branch.”

Yassini says the introduction of video conferencing within banks will be the norm for the coming generations.