"We’re certainly not seeing any kind of decline yet in ATM usage," Codina said. While experts debate the technological significance of Wells Fargo's innovation, they agree that it underscores the relevance of cash and ATMs in the marketplace, even as mobile banking technology matures. Wells Fargo plans to take their ATMs a step further later this year, rolling out a Near Field Communication (NFC) option that will "read" NFC-enabled smartphones to complete transactions, along with a PIN. Plus, the new feature also allows customers to ditch their wallets and still have access to cash. Making the terminals more secure is a priority, given that ATM fraud rose more than 500 percent from 2014 to 2015, according to analytics firm FICO.īy removing the card from the transaction, the risk of skimmers on an ATM stealing a customer's information also drops, Codina said. To use an ATM without a card, customers use their smartphone to log into the bank's mobile app and request a one-time, eight-digit authentication code. They enter that code, along with their PIN, to make withdrawals or deposits the same way they would by inserting a card. "People carry their cellphones everywhere. They don’t carry purses." "I have a 16-year-old son who loses his debit card about every three weeks," said Marta Codina, Well's Fargo's Des Moines area president. The move is seen as one of both convenience and security - as well as a recognition that cash is still king in an increasingly digital society. But experts predict small and big banks alike will explore similar moves as mobile technology continues disrupting traditional banking behavior. Wells Fargo says it is the first large bank to offer a cardless feature, rolling it out last week to its 13,000 ATMs across the nation.
Wells Fargo Mobile Banking makes it fast, easy, and secure for customers to stay in touch with their finances.Watch Video: Wells Fargo: All ATMs will take phone codes, not just cardsįor decades, using an ATM has required two basics: a four-digit PIN and a credit or debit card.īut a new generation of ATMs, which Wells Fargo has upgraded around Des Moines, is taking the card out of the equation, allowing customers to use their smartphone instead.
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Meanwhile, the firm has begun enrolling people to its text banking service - which is open to all customers, including those yet to sign up for online banking - at ATMs.Īfter confirming their mobile phone number or entering a new one on the ATM keypad, customers will receive a "welcome" text message with instructions on how to use the service.Īrah Erickson, head, retail mobile banking, Wells Fargo, says: "Our goal is to make it even more convenient for customers to access their account information - anytime, anywhere - helping them save time and providing peace-of-mind. In addition, the apps are integrated with each smartphone's built in GPS feature so customers can search for the nearest ATM or Wells Fargo branch with the touch of a button. Through the apps, customers can access their current available account balances, transaction history and credit card payment information as well as transfer funds and pay bills.
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