Chicago-based BMO Harris Bank N.A. has announced the introduction of “mobile cash,” a new technology that allows customers to use their smartphones to withdraw cash from its ATMs.
The system is now available at 750 ATMs throughout the U.S. and will be featured on an additional 150 ATMs in June 2015. This launch means BMO Harris has the largest network of card-less enabled ATMs in the U.S., according to the firm, which is owned by Toronto-based BMO Financial Group (TSX:BMO).
This technology is a response to consumers who are increasingly using smartphones as the singular device to manage their lives, according to Connie Stefankiewicz, head of North American channel strategy and solutions for BMO Financial Group.
“Expectations are increasing among consumers in terms of the digital tools and services industries are offering,” says Stefankiewicz. “With personal finances, we know our customers want the ability to take care of multiple financial needs from their smartphone.”
Mobile Cash uses QR code-based technology to allow customers to withdraw money from their accounts without using their debit card. The customer’s card information is not stored on the phone, which acts as a security feature.
BMO Financial Group is looking to pilot this technology in Canada, but a timeline has not been set, according to Paul Gammal, spokesperson for the firm.
BMO Harris’ announcement is being made in conjunction with the release of a survey that states that the use of digital personal finance tools and services is having a positive effect on the financial standing of Americans.
Nearly nine in 10 Americans state they know exactly what is going on with their finances at all times thanks to their mobile devices while 82% say they are managing their finances more effectively. Bills are paid on time more often by three-quarters of American consumers and 70% say they are overdrawn on their account less often.
Pollara Strategic Insights conducted the survey between Dec. 11 and 17, 2014. Results were compiled from a random sample of 1,520 adult Americans who own either a smartphone or tablet device.