ATMs (automated teller machines), an innocent initialism, has now become a norm in the banking industry. With millions of ATMs installed all around the world, enabling people to interact with their banks not just in their hometowns, but also while traveling cross cities, countries or oceans, ATMs have become a lifeline. Even non-banking businesses, such as convenience stores, shopping malls, hotels, and nightclubs, tend to install an on-site ATM to make it convenient for their customers to retrieve cash.
It has been decades since the term ATM has been ringing our ears, but thanks to IoT they’re now experiencing mass improvements. Today, banks all around the world, are equipping their ATM facility with embedded sensors to help them detect potential tampering or any signs of theft attempts. Others tend to gather data from their teller machines to track which ATMs have more turnover in a given town and at what hours the public turnover is at its peak. This is done to ensure the parties that stock up the teller machines are informed in advance to maintain the smooth flow of cash from these ATMs.
Furthermore, many banks are in the process of linking their teller machines with other connected services and smartphone apps – Wells Fargo is one amongst them – allowing customers to retrieve cash without physically using their bank cards. Users on receiving single-use codes on their smartphones can enter their credentials along with the code to retrieve cash, thus serving the same purpose as inserting a card.
By leveraging the IoT tech, banks that can keep a tab on statistics that how many people uses their card-free service. With these statistics, banks can further improve their marketing strategies or customer interaction.