Wells Fargo has introduced a new feature allowing customers to access reward points at the company’s 12,500 ATMs, converting them to cash in hand in an attempt to provide concrete benefits in exchange for customer loyalty.
The scheme offers Wells Fargo customers a $20 note for every 2,000 points a customer earns, CNBC reported.
Banks have continued to make changes to the retail banking experience to allow customers to use ATMs for other purposes than cash withdrawals, making cash deposits, transfer funds between accounts of pay bills. While ATM usage is declining around 2 per cent per year, the volume of cash dispensed has not decreased, with people still likely to use cash for purchases under $20.
In 2013 Chase Bank and PNC started to allow customers choose their own denominations for withdrawals, and TD Bank is introducing similar technology in a certain stores in Canada and in a prototype branch in Maryland.
Higher cost transactions are now much more likely to be paid in plastic, and with the rise of digital and mobile payments, it is becoming much easier to make smaller transactions without cash.
Banks, therefore, are adding more and more options to the ATM experience, with more than 150 US banks launching “video teller” technology. JP Morgan Chase is also experimenting with biometric technology to identify customers at ATMs.
Mastercard is working with Stripe to expedite the payment process for American sellers on the latter's marketplaces using the instant payouts feature from Stripe.
Lloyds has launched biometric finger print authentication for mobile banking.
Barclaycard has partnered with Case Station, a company that makes personalised phone cases, to embed contactless technology in the latter's smartphone cases.
Digital challenger bank, N26, which has been live for one and a half years and has more than 200,000 customers, rolled out a new feature that allows its customers to transfer money using Siri. All they have to do is talk to it.