Cardless ATMs Innovate While Preventing Fraud

Cardless ATMs can create convenience and prevent fraud.

Dating back to 2012 in the U.K., financial institutions were pioneering cardless ATM products. In 2017, many of the largest U.S. banks followed suit. The trend continues in 2018 with Fifth Third Bank launching its cardless ATM process in March. According to Fifth Third’s Melissa Stevens, Fifth Third’s chief digital officer and head of innovation, design and omnichannel experiences, “Fifth Third is bringing new innovations to customers on a regular basis, and I’m excited that this new feature connects two channels our customers use frequently – our mobile app and Fifth Third ATMs.”

Financial institutions desire to create better consumer experiences and at the same time reduce cost. One area of focus to develop new ways to service consumers is in the ATM channel. As mentioned, a number of major financial institutions are deploying cardless ATM capabilities, allowing consumers to withdraw money from an ATM using a mobile app to initiate the transaction.