Smartphone Technology May Speed Up Bank Transactions

Smartphone Technology May Speed Up Bank Transactions

September 28, 2015         Written By Lynn Oldshue

Bank of America and Wells Fargo are just two banks that have started researching a technology intended to shorten your wait at the teller line or ATM machine. An individual would use this “pre-staging” process to begin a banking transaction on your mobile phone, and then finish it at the bank or ATM.

The process for completing the transaction will likely differ depending on the specific bank.

In one scenario, your mobile phone would generate a code that would be given to the teller. In another case, you would be given a bar code on your mobile phone that you would then scan at an ATM. Both processes would eliminate steps, such as showing a teller your driver’s license, to expedite the withdrawal process.

The pre-staging process could also make transactions more secure because users wouldn’t need to swipe debit cards. Those committing fraud often steal debit card data from skimming devices at ATMs.

Miranda Hill, Wells Fargo’s Seattle-based digital innovations manager, told the Charlotte Observer that Wells Fargo employees have tested the program, but the bank is still reviewing the feedback.

Banking analyst, Ed O’Brien, says there is still “quite a bit of testing” to be done on pre-staging, but dozens of banks in the United States are working to make it available to customers.

The information contained within this article was accurate as of September 28, 2015. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and may be compensated if you take action with any of our affiliate partners.


About Lynn Oldshue

Lynn Oldshue has written personal finance stories for for twelve years. She majored in public relations at Mississippi State University.
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