As mobile technology becomes the norm for banking, ATMs are currently undergoing a revamp. The changes that we are currently seeing are just the beginning. Biometrics and iris scanners may become the industry standard as they grow in popularity in other countries. However, many of us are still using plastic cards for ATM experience, but here is how this will change in the coming years.

The Arrival of eATMS

According to the article “This Is What the ATM of The Future Will Look Like,” Chase currently has new “eATMS” at 1,500 different branches. This new kind of ATM allows people to use their mobile devices, removing the need for plastic cards. With the banking app, people can a request a temporary pin that will give them access to the eATM. They can also use Apple or Google Pay, and use the thumbprint scanner on their mobile devices to gain access to the ATM.

Moving to Contactless ATMs

The methodology behind eATMS is to have the experience mirror the customer’s mobile device experience. However, the next step in advancing ATM technology is implementing a contactless experience.

Rather than having a temporary pin to gain access to eATMs, which still requires customers to interact with touch, banks are looking more into near field communication (NFC). This technology many of us have already seen in certain restaurants and businesses where people pay with their phone, holding their credit card on their mobile device up to the reader to be scanned.

This new technology would involve using a banking mobile app to set up a withdrawal from the ATM. The customer would then get a unique QR code that they would scan at the ATM so that they can initiate the withdrawal according to “6 Ways Big ATMs Are Changing.”

Using Biometrics and Iris Authentication to Bolster Security

To improve security, thumbprint scanners and iris authentication could become a common thing at ATMs. Biometrics are already being used in India and iris authentication is currently being used in Qatar according to “8 New Banking Technologies You’ll See in The Next 5 Years.” However, these technologies may take more time to arrive in the United States due to current banking regulations.

Robotics and AI

Quantum Systems based in Florida already has a prototype that involves robotic arm driven ATMs. However, the kicker for this new banking technology is the cost of artificial intelligence. As artificial intelligence continues to evolve, the hope is that it will be cheap enough to finally implement on a wide scale. This will most likely happen in the next decade according to Michael Lee, CEO of the trade group ATM Industry Association.

The Speed of Change

Some of these new technologies are still years away from becoming the standard. For now, our near future will see a transition from using plastic cards to going digital. Furthermore, ATMs will become a touchless experience with our mobile devices becoming the interface we use to conduct a transaction.