recommended reading

This Is What the ATM of the Future Looks Like

CX Matiash/AP

Your ATM might be about to become an EBK.

JPMorgan Chase’s consumer division, Chase Bank, is in the midst of introducing EBKs, or electronic banking kiosks. Essentially, they’re spiffier, tablet-based versions of the ubiquitous cash-belching machines. Right now, their features are pretty familiar to any ATM user, though the machines can cough up cash in a variety of denominations. (For example in one interaction, you can withdraw a mix of and $10 and $20 bills, if you like.) The machine can also cash a check and give you exact change.

Source:JPMorgan Chase

More features, such as biometric scanning (identifying customers by their palm prints), may be in the offing. The kiosks could one day sync to an app on your mobile phone that allows you to withdraw money remotely and have it waiting.

Currently the company has rolled out about 1,000 EBKs in the US with an eye toward adding another 600 by the end of year, a bank official said. EBKs would still represent at fraction of the bank’s more than 20,000 ATMs.

Of course, there’s a solid business case behind boosting the capabilities of ATMs; they’re cheaper than humans. The bank plans to axe 8,000 jobs this year, with a large chunk of those redundancies coming from its mortgage and retail banking business. JPMorgan Chase cut 16,500 in those areas last year.

You can get a glimpse of an EBK in action in this Chase corporate video:

Reprinted with permission from Quartz. The original story can be found here

Threatwatch Alert

Thousands of cyber attacks occur each day

See the latest threats

JOIN THE DISCUSSION

Close [ x ] More from Nextgov
 
 

Thank you for subscribing to newsletters from Nextgov.com.
We think these reports might interest you:

  • Modernizing IT for Mission Success

    Surveying Federal and Defense Leaders on Priorities and Challenges at the Tactical Edge

    Download
  • Communicating Innovation in Federal Government

    Federal Government spending on ‘obsolete technology’ continues to increase. Supporting the twin pillars of improved digital service delivery for citizens on the one hand, and the increasingly optimized and flexible working practices for federal employees on the other, are neither easy nor inexpensive tasks. This whitepaper explores how federal agencies can leverage the value of existing agency technology assets while offering IT leaders the ability to implement the kind of employee productivity, citizen service improvements and security demanded by federal oversight.

    Download
  • Effective Ransomware Response

    This whitepaper provides an overview and understanding of ransomware and how to successfully combat it.

    Download
  • Forecasting Cloud's Future

    Conversations with Federal, State, and Local Technology Leaders on Cloud-Driven Digital Transformation

    Download
  • IT Transformation Trends: Flash Storage as a Strategic IT Asset

    MIT Technology Review: Flash Storage As a Strategic IT Asset For the first time in decades, IT leaders now consider all-flash storage as a strategic IT asset. IT has become a new operating model that enables self-service with high performance, density and resiliency. It also offers the self-service agility of the public cloud combined with the security, performance, and cost-effectiveness of a private cloud. Download this MIT Technology Review paper to learn more about how all-flash storage is transforming the data center.

    Download

When you download a report, your information may be shared with the underwriters of that document.