NAB and Microsoft have collaborated to design a proof of concept Automatic Teller Machine (ATM) using cloud and artificial intelligence (AI) technology.
Usually, card skimming is supported by a camera or other devices placed over the existing keypads to record PINs as they are entered. Technology can also be used to wirelessly transmit captured data to other devices or criminals waiting nearby. This is why it is. September 7, 2016. Does the Nab have a cardless cash option from the atm, as like commonwealth bank. My daughter had lost her card and wants to get money out of her account Saturday when no branches are open? 322 Comments 1 Share. Just this week, St George Bank announced they were the next financial institution to offer cardless cash, alongside Commonwealth Bank, NAB and Westpac. Essentially, banks are now making it easier.
The cloud-based application, developed using Azure Cognitive Services, has been designed to improve the customer experience by removing the need for physical cards or devices to access cash from ATMs. Instead, through the concept, a customer who opted into the service would be able to withdraw cash from an ATM using facial recognition technology and a PIN.
Both Microsoft and NAB have a strong presence at this year’s SIBOS conference being held in Sydney, where the proof of concept ATM is on display.
A key theme for SIBOS 2018, which brings together 8,000 of the world’s leading financial services innovators, is to explore how data, AI and robotics are driving service innovation and business model renewal for financial service firms worldwide.
The likely impact of data and AI resonates with NAB Chief Technology and Operations Officer Patrick Wright who met with thought leaders, including senior Microsoft executives, during a tour to the US earlier this year.
“It just reinforced to me the need for banks to be simpler and faster for our customers; we want to deliver great connected customer experiences.
“Cloud technology allows us to take advantage of features and capabilities that are world-leading and enable us to deliver at pace for our customers.
“Working with companies like Microsoft allows us to develop concepts like this. It’s a look into what the future might hold for the way our customers access banking products and services.”
Steven Worrall, Managing Director of Microsoft Australia, said: “Cloud computing and artificial intelligence present the opportunity for a new generation of secure, streamlined financial services to be developed and rapidly deployed at scale. NAB’s innovation focus is concentrated on meeting the changing needs of the customer; this concept ATM that NAB and Microsoft are working on together provides an important glimpse into the future.
“We believe AI will profoundly impact financial services and the sorts of solutions that banks will be able to deliver in the future.
“For a consumer facing application such as the AI-powered ATM we’ve developed with NAB, this sort of continuous AI innovation is important. With its cloud-led approach to information systems, NAB is also guaranteed access to every Microsoft cloud-based cognitive service advance as it becomes available.”
Cloud first, innovate fast
Cloud computing plays a key role in the bank’s enterprise-wide transformation initiative, with its cloud approach supporting NAB’s commitment to continuous improvement and innovation.
Two recent important cloud-based initiatives see:
- NAB become the first major Australian bank to begin to transition key workloads to Microsoft’s recently opened Azure Central region which has been designed specifically to handle national critical computing; and
- To ensure that it has the internal skills for cloud success, NAB has also extended its Cloud Guild development program and is working with Microsoft to boost the cloud computing skills of its people, having already trained more than 3,000 NAB employees since the program launched in April.
About the proof of concept
The concept has been designed purely to test the customer experience of using such technology. The ATM system, using Azure Cognitive Services, does not store images, only the biometric data, and the data is held securely on Microsoft’s trusted cloud platform; it will be erased following the experiment. The information will be used only for the purpose of authenticating the customer and for no other purpose. Participants in the concept will not have any of their banking information connected to the system. The concept was developed in approximately two months by a small agile team from NAB’s in-house innovation lab, NAB Labs, and technology division.
Nab Cardless Cash Flow
Yes, ANZ does offer a way to withdraw cash without a card. However, the bank does not call it Cardless Cash, but Digital Wallet. Two other big banks in Australia, Commonwealth Bank, and NAB, call their equivalent service as Cardless Cash.
Why ANZ does not call it cardless cash? That’s because they do require their customers to use a card but not in a physical form but in a digital wallet (app). That’s contrary to the rest two banks that allow their customers to use just an app without a digital card to withdraw cash.
This post will explain how to use ANZ Digital Wallet and share some tips.
Requirements
To use ANZ Digital Wallet, you should meet certain criteria.
ANZ Customer
The basic condition of using ANZ Digital Wallet is you have to be an ANZ customer. You should have a bank account and an eligible card to be used in the Digital Wallet. The eligible cards can differ depending on the smart device you are using.
Smart Device
You also need to have a smart device that supports contactless payment feature. To check the eligibility of your cards by smart device, check the ANZ Card Eligibility By Smart Device table below.
Apple Pay
If you have an Apple device that supports Apple Pay, you may be able to use the Digital Wallet. In addition to the usability at ATM, you can pay in iOS apps and websites on Safari using Apple Pay. As of today, Apple Pay supports the largest range of ANZ cards.
Google Pay
Do you use an Android device? If your device supports Google Pay, check the eligibility table below to see if your card can be used for the Digital Wallet. Google Pay also supports the largest range of cards.
Samsung Pay
If you have a Samsung smartphone or watch, check the eligibility table. Samsung Pay supports fewer ANZ cards for Digital Wallet.
Fitbit Pay
Fitbit is a smart device that tracks your workout, and you can use it for payment.
Garmin Pay
Garmin is also a wearable device that similar to Fitbit. You can use Garmin Pay for Digital Wallet.
ANZ Card Eligibility By Smart Device
Use this table to check your card’s eligibility for Digital Wallet. This table was created using the information from ANZ website in May 2020.
Interest Fees for Cash Withdrawal at ATM
This convenient feature is not free. According to the Digital Wallet disclaimer, it will incur interest and you may have to pay a Cash Advance Fee. The ANZ Credit Card Conditions of Use document explains the definition of cash advance.
A cash advance refers to cash withdrawal from an ATM selecting “credit” as the account type. This will always charge interest even though you are in the interest free periods on your credit card account. The interest will generally be charged from the cash advance date until you pay off that amount in full. During that period, interest will keep being charged.
You may prevent from being charged interest if your credit card account is in credit (by at least the amount of the cash advance) upon the cash advance.
How to Use Digital Wallet at ATM
Using the Digital Wallet at an ANZ ATM is straightforward.
- Open your digital wallet app and choose your ANZ card.
- Tap your smart device at the contactless symbol that looks like below.
- Enter your PIN.
With these steps, you can withdraw cash without a physical card from your wallet. You can use your Digital Wallet at any ANZ ATM across Australia.
Nab Cardless Cash Advance
Once you completed withdrawal from an ATM, you may receive notifications for your transaction if you have turned on notification for your Digital Wallet.
Conclusion
Although ANZ does not have “cardless cash”, the bank provides the digital wallet feature. While cardless cash is only for cash withdrawal at ATM, ANZ’s digital wallet can be used to pay at an online or offline store. Check the requirements and note that it can incur fees. With these in mind, you are now ready to use Digital Wallet.
Cardless Cash Withdrawal
If you want to learn more about cardless cash,