BMO Harris Bank has created what it claims is America's largest cardless ATM network, enabling customers to use their mobile phones to withdraw cash at 750 machines.
To make a withdrawal, users open the bank's app and enter how much they want to withdraw before scanning a QR code on the ATM screen. BMO Harris says that the technology slashes the time customers have to spend getting their cash and boosts security because no card information is stored on the phone.
Research commissioned by the bank suggests that digital tools are helping more than three quarters of Americans to better manage their finances. Nearly nine in 10 now say that they know what is going on with their money at all times and 77% think that they have better control over their spending.
Connie Stefankiewicz, head, North American channel strategy and solutions, BMO Financial Group, says: "Smartphones are quickly becoming the singular device that people use to help manage their life...With personal finances, we know our customers want the ability to take care of multiple financial needs from their smartphone."