Wintrust Rolls out Cardless Cash ATMs Powered by FIS
Chicago-based Wintrust Financial is launching about 200 cardless cash ATMs in the US, a move that taps into the growing use of mobile banking.
Wintrust’s rollout of cardless cash ATMs is focused throughout the Chicago area.
Wintrust has teamed up with FIS, a technology provider to banks, payment processors, and retailers to enable cardless cash transactions on its ATMs.
These machines allow customers to withdraw cash using only their smartphones, thus improving customers’ experience when it comes to simplicity, speed, and security.
Customers just access money through their Wintrust mobile banking app. A QR code is then scanned at the ATM to get the money.
Cash withdrawal at a cardless cash-supporting ATM is faster than traditional ATM transactions, taking only eight seconds, compared to 47 seconds for normal withdrawals.
Wintrust’s cardless cash ATMs also ensure security as no sensitive customer information is exposed. The threat of skimming is also eliminated, since there is no card involved in the transactions or PIN numbers to enter at the ATM.
A four-digit code is required however, to access the banking app, and it further protects consumers in case their device is stolen or lost.
With Wintrust’s older customer base, the bank sees the technology as an avenue to develop relationships with their clients’ children, who are more dependent on their mobile devices.
According to Doug Brown, SVP and GM of FIS Mobile, “FIS has multiple clients deploying Cardless Cash across the U.S. – Chicago and Milwaukee are the first cities to launch. FIS clients in Philadelphia, Boston and New York will be launching next.”