Future ATMs Will Dispense Cash in Varying Denominations

Technological advancement in the banking sector is reducing your need to visit the bank quite frequently. Banking services are going to be further decentralized in near future by more involvement of ATMs in the process of different works done by the bank. In the coming days expect ATM services to become even more modernized. You will find a number of possible features of the future ATMs here.

Bill Denominations of Your Choice:

So far, you have been getting cash dispensed by most of the ATMs in $20 bills. In years to come people will be receiving $5 and even $1 bills instead. Banks have plans to respond to the need of the customers for change. So, customers will be enjoying more flexibility in cash withdrawal.

Receipts in Inbox:

After the ATM dispenses a cash transaction receipt along with the money to be withdrawn, most of the paper receipts land on the floor of the ATM or even on the road outside. In most of the cases, customers just have a quick look at the available balance and crush the transaction paper to throw it into the trash bin. The future e- receipts can be an effective solution to this undue littering of ATM floor or roads. Saving paper in this manner can be a step taken towards maintaining ecological balance.

Cardless Transaction:

Like wallets, people do not even forget their smart phones while going out. Many mobile phones these days are built with NFC or near field communication technology. With the help of this feature, the mobile gets to communicate with a number of devices in the close vicinity of the phone. Already some of the banks have started offering the facility of accessing their ATMs through the NFC devices on the smart phones. So, in the near future, smart phones are expected to replace debit and ATM cards.

Video Conferencing with The Teller:

The concept of ATM was put to use for relieving the bank teller of extra burden of work. Still, the need for a live teller does not get eliminated completely. People need their help when facing some problem with the use of ATMs for withdrawing money or checking the available balance. A chat with the teller can solve these problems fast. In near future, you can expect a video conference with the tellers to get all your queries answered without even visiting the bank.

ATMs as Credit Cards and for Paying Back Loans:

Future banks have plans to make paying back loans, mortgage and credit card bills through ATM much easier. Once doing such tasks through ATMs become convenient customers are surely going to appreciate that a lot as these are the key services they need to visit bank frequently for.

The Bank of America and Dollar Bank are among the banks that have already started with the initiation of the up-gradation of ATM machines to access bank remotely for getting several tasks done.

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