While it may sound like something that can only be seen straight from an episode of "The Jetsons," there may soon be an ATM that can recognize you just by scanning your eyes. Diebold, a company that designs and markets ATMs, is partnering with Citigroup to test a new high-tech, mobile-friendly machine that would allow customers to eliminate the current trend of carrying around a plastic card.
The "Irving model" will be introduced by Diebold to the public this week at Money20/20, a financial services trade show in Las Vegas. The machine is being tested by Citigroup in New York. Richard Harris, Diebold's vice president of new technology, incubation, and design, told CBS News that this is part of the increasing awareness of biometrics and biotechnology in daily life. Citi is observing from a consumer's perspective to know how customers will accept this kind of technology. They are hoping to see what customer acceptance is around biometrics, to see where acceptance of biometrics is in the U.S. population and around the globe.
The real question is how does it work? This design is mobile-based, so consumers can transact without the hassle of the touchpad and boxy screens that they are used to seeing at banks. All they have to do is sign into the machine from their tablets or smartphone using a mobile app, check their balance and determine how much they want to withdraw. Then, they just approach the machine, which would scan their iris, and once they have been identified and verified, the ATM will dispense the right amount of cash.
The company claims that the whole transaction takes just 10 seconds. No bulky screens and card readers. Machines will be smaller, much faster, and taking up less space than typical terminals. Harris emphasized that the current design is constantly being fine-tuned and that they are working with several technology companies to develop the optimal camera to conduct the iris scans.
There are still no plans to roll out the space-age ATMs. If the bank decides to adopt them after testing, it could take a few more years for new machines to be outfitted universally at Citigroup locations.
