National Bank of Australia (NAB) has collaborated with IT giant Microsoft to develop a proof of concept of cardless ATM. However, the difference is it will authenticate transactions through facial biometrics and a pin.
The concept, powered by cloud and also artificial intelligence technology, has been developed using Azure Cognitive Services.
NAB chief technology and operations officer Patrick Wright said: “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.”
Furthermore, the ATM will store only the biometric data, which is held on Microsoft’s cloud platform.
Data in the trial
The technology provider said the data will be removed after the experiment and also will be used only for authentication purposes.
In addition, it will not store images or any banking data of the participants in the trial.
According to Microsoft, the new ATM concept will lower the risk of card fraud and skimming.
Microsoft Australia managing director Steven Worrall 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.