“Want to see just how profoundly the smartphone can change a trip to the bank ATM?
Head to 70 W. Madison St. in Chicago.
Responding to the growing use of smartphones, Rosemont-based Wintrust Financial is rolling out 190 "cardless cash" ATMs that will give consumers the option of withdrawing cash using only their smartphones.
Wintrust is riding a banking technology trend for 2015, according to Mercator Advisory Group. "We anticipate the increasing convergence of ATMs and mobile banking" in what's commonly called cardless cash access or mobile cash access, the Maynard, Mass.-based consulting firm said in its newly released report "2015 Outlook: Banking Channels."
To make the cardless-cash transactions possible on existing ATMs, the Wintrust machines are being outfitted with software from FIS, a technology provider to banks, retailers and payment processors. FIS said Wintrust is the first of its 1,600 mobile-banking clients to roll out cardless cash on a widespread basis.”
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