Smart ATMs give consumers more flexibility


Consumers want more from their bank ATMs -- and less.

Banks are unleashing automated teller machines that do more than dispense the traditional $20 bills: These new ATMs can dispense single U.S. dollars as well. Some banks have overhauled their ATMs to allow customers do all of their banking at these sites: From depositing money to opening new accounts.

According to media reports:

That's right, if you need $589, you can withdraw five $100 bills, four $20s and nine George Washington's.  Or if you prefer, you can take 10 $50 bills, 17 $5 bills and four singles.  Get the picture?

The machine allows customers to withdraw custom denominations in increments of $1, $5, $20, $50 and $100 bills, depending on the location. Plus, at these new smart ATMs you can also load a pre-paid card and pay some bills.

These new smart ATMs are perfect for the starving student, customers who want to avoid waiting in lines to see a teller or any ATM regular.

The new ATMs, which feature screens that resemble "giant iPads," have been deployed in Virginia so far. "We have 400 of these great machines across the country and we'll be looking at doubling that here within the next 12 months, so before the end of the year," said Ryan Siegmund, a Chase district manager in Arlington.

Okay, CIOs and CTOs, here's your next mission. How can you update your ATM? Your CEO will want to know.

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