The Eye-Scanning ATM Is Here
2015年10月26日 - 8:54AM
Dow Jones News
By Peter Rudegeair
Will ATM machines soon be able to identify you by your eyes?
Citigroup Inc. is testing new technology with
automated-teller-machine maker Diebold Inc. that would allow
customers to withdraw money with an eyeball scan or a code on a
smartphone instead of a card swipe.
The new technology, set to be announced by Diebold on Monday, is
the latest foray by big banks to find easier, more secure ways for
consumers to access their cash than the ATM card, a staple in
consumers' wallets for decades.
While the new bank wrinkle is years from reaching mass consumers
at Citigroup, other big banks including J.P. Morgan Chase & Co.
and Bank of America Corp, recently started internally testing their
own cardless ATM technologies.
Citigroup's experiment involves a new kind of cash machine that
lacks a screen or touchpad. Instead, customers would first check
the bank's mobile app on their smartphone or tablet ahead of time
to sign in and select how much money they want to withdraw. Then,
they would approach the machine, which would quickly scan their
iris to verify their identity. The machine, which connects to the
mobile app, would spit out the right amount of cash.
J.P. Morgan showed off a cardless ATM during its investor day
earlier this year but hasn't yet offered consumers a demonstration.
A bank spokeswoman said that is also evaluating the use of voice-
and facial-recognition technology. A Bank of America spokeswoman
said the bank has tested cardless ATMs internally and will begin a
customer pilot of them during the first half of next year. Similar
features have already been rolled out at the ATMs of smaller banks,
such as BMO Harris Bank, a Chicago-based unit of Canada's Bank of
Montreal, and Rosemont, Ill.-based Wintrust Financial Corp.
Now, interest from some of the largest U.S. banks signals that
more consumers may see the option. "Larger players sometimes like
to wait on the sidelines a little longer to see if a product has
merit before investing in it," said Daniel Van Dyke, an analyst at
Javelin Strategy & Research.
"Everyone is doing more and more on their mobile device," said
Wayne Malone, Citigroup's head of global ATMs, in an interview.
Between 2013 and 2015, the share of bank customers who said their
first preference for basic banking was using their mobile phone
rose to 13% from 5%, according to Javelin.
It remains to be seen whether consumers who are generally
suspicious of large financial institutions would be comfortable
letting a bank scan their eyeballs regularly.
Changing thousands of ATMs' hardware to make use of some of
these features would probably be expensive and time-consuming. That
means it would likely be tested extensively before any full
rollout.
Proponents say the new technologies may give banks a weapon in
the fight against frauds that target ATM transactions.
Credit-scoring and analytics firm FICO said in May that the number
of attacks on consumers' debit cards used at ATMs in roughly the
first three months of the year hit the highest level in at least 20
years.
The new technology, by contrast, wouldn't need a card, which
means a card's information couldn't be skimmed by machines that are
attached to ATMs. The new machines also don't have PIN pads that
thieves have spied on using tiny cameras.
BMO Harris currently has more than 900 ATMs running the software
that allows cash withdrawals without bank cards, said Doug Peacock,
the bank's lead executive for mobile banking. Mr. Peacock declined
to give the number of customers using the cardless option but said
it was increasing by a double-digit annualized basis each month and
that growth has so far exceeded its goals.
Cardless transactions take about 15 seconds to complete compared
with around 45 seconds for more traditional transactions, Mr.
Peacock added.
Diebold said cash withdrawals on the ATMs developed with
Citigroup can be completed in less than 10 seconds. Citigroup
tested the new technology in August with about 30 consumers in a
lab it keeps on the 10th floor of its skyscraper in the Long Island
City neighborhood of Queens, N.Y.
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(END) Dow Jones Newswires
October 25, 2015 19:39 ET (23:39 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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