JPMorgan Chase is planning to soon unveil the new generation of Automated Bank Machines or ATMs -- machines that will only allow withdrawals when they are requested through a smartphone app.
These bank machines don't need to be used with plastic cards; apps will be used to access bills of $1, $5, $20 and $100 up to a limit of $3,000. The machines have so far been tested in a few states including Washington, but thousands more machines are set to be introduced later in the year.
There has lately been a lot of innovation in the world of payment apps, with the likes of Square and Venmo only a couple of offerings. That being the case, it only makes sense that JPMorgan Chase introduce a high-tech bank machine that works through smartphone apps so that they don't get left behind.
App-Controlled Bank Machines
The New JPMorgan Chase Bank Machines Will Require App Withdrawals
Trend Themes
1. App-controlled Bank Machines - Banks and financial institutions are expected to adopt app-controlled bank machines in the future to meet customer demands and reduce financial fraud risk.
2. Cashless Transactions - Cashless transactions will continue to redefine the banking industry with the help of payment apps and app-controlled bank machines.
3. Mobile Banking - Mobile banking will continue to be a significant trend in the banking sector, as app-controlled bank machines enable app-only withdrawals and self-service banking options.
Industry Implications
1. Banking - The banking industry will likely adopt app-controlled bank machines and mobile banking services to improve customer experience, efficiency, and data analytics.
2. Fintech - Fintech companies are expected to expand their range of payment apps and digital wallets to cater to the increasing demand for cashless transactions and app-controlled banking services.
3. Security - With app-controlled bank machines and cashless transactions, security and fraud prevention industries must develop advanced technologies and protocols to tackle new security challenges.