A few of the largest financial institutions in the U.S. are introducing options for their clients to access cash without a card. These customized products are specific to individual financial institutions.
Since the ATM was first introduced nearly 50 years ago, the way people access cash has remained almost unchanged. While nearly every other aspect of financial services has been transformed over the years by digital innovations, the ATM has continued to operate on the same card-and-PIN fundamentals it did a half century ago. But today, consumers' expectations for accessing and managing money are changing.
The opportunity exists to offer cardless cash options that address the needs of a broader group of financial institutions and consumers. In particular, smaller financial institutions can offer cardless options that enable them to compete with larger institutions by implementing a solution that features these core components:
- Ease of implementation
- Nationwide access
- A solution designed to evolve
- Brand awareness
For consumers, cardless access to cash offers:
- Emergency cash
- Interim access to cash while awaiting a replacement card
- Added security