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Cardless ATM withdrawals.
Now that RBS/NatWest stole the thunder and even such non-bank companies as Ukash
offer cardless ATM withdrawals, Barclays has to catch up. Banks have the luxury of being able to add new functions and services to their own ATMs without getting the LINK network involved. It shouldn't take Barclays long to integrate such a "cardless cash
withdrawal" function into their ATM architecture (perhaps they can even re-purpose NCR's
The "rails" are already in place: Barclays can create an internal "master cash" account, link it to PingIt and off you go - PingIt your friend £20 via "cash only" option; Barclays draws £20 from your Barclays account, adds that money to the "master cash"
account and sends your friend a code that allows to withdraw £20 from that "master cash" account via any Barclays ATM. That would place Barclays two steps ahead of its rivals - RBS/NatWest only provides cardless ATM service to its own customers, whilst PingIt
could offer it to anybody.
Barclays could also extend PingIt platform even further to compete with companies like Monitise - in fact, PingIt is already open to business
customers who need a cost-effective and fast way to receive funds from consumers.
[Disclosure: we, at TEDIPAY, are looking at using PingIt for that purpose.]
It seems that RBS/NW can "extend" its cardless ATM service to non-RBS customers, hence the "UK-first" opportunity is no longer there for Barclays. They'll need to look beyond that
for true innovation.
19 Mar 2009
This post is from a series of posts in the group:
A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.