NAB's Banking Machine Removes the Need for a Physical Bank Card
Laura McQuarrie — October 30, 2018 — Lifestyle
National Australia Bank (NAB) created a proof-of-concept banking machine that makes the most of facial recognition to help clients access their money.
With the ATM, customers are able to have their face scanned instead of using a bank card to make a withdrawal. To complete the process, a customer only needs to input their PIN. In just about two months, the cardless cash machine was created by NAB's in-house innovation team, NAB Labs. The biometric ATM features Microsoft’s cloud-based Azure Cognitive Services for the face recognition component.
As a growing number of retailers are opting to go completely cashless, it is becoming more feasible for consumers to leave their wallets at home and instead favor biometric and mobile payment systems.
With the ATM, customers are able to have their face scanned instead of using a bank card to make a withdrawal. To complete the process, a customer only needs to input their PIN. In just about two months, the cardless cash machine was created by NAB's in-house innovation team, NAB Labs. The biometric ATM features Microsoft’s cloud-based Azure Cognitive Services for the face recognition component.
As a growing number of retailers are opting to go completely cashless, it is becoming more feasible for consumers to leave their wallets at home and instead favor biometric and mobile payment systems.
Trend Themes
1. Biometric Payment Systems - The rise of cashless environments is driving the adoption of biometric and mobile payment systems, eliminating the need for physical bank cards.
2. Facial Recognition Technology - The use of facial recognition technology in ATMs presents disruptive opportunities for secure and convenient banking transactions.
3. Cloud-based Biometrics - The integration of cloud-based biometric services, such as Microsoft's Azure Cognitive Services, enables seamless and accurate facial recognition capabilities in banking machines.
Industry Implications
1. Banking - The banking industry can leverage facial recognition ATMs to improve customer experience, enhance security, and reduce reliance on physical bank cards.
2. Technology Solutions - Companies specializing in facial recognition technology and cloud-based biometrics can capitalize on the demand for innovative solutions in the banking and financial sector.
3. Retail - Cashless retail environments can explore integrating biometric payment systems to offer convenient and efficient payment options for customers.
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