Blog
The Anonymous ATM - have a nice day!
September 3, 2013 by Richard Buckle — Founder and CEO, Pyalla Technologies, LLC
This week I needed to deposit a check, so I swung by my favorite bank and headed to the ATM. Unfortunately, in all the excitement of coming across a parking place close to the branch office I picked up the wrong envelope, and so after inserting my ATM card and entering my PIN, there was nothing I could do except cancel the transaction.
No worries, I thought. The car was nearby, so back I went for correct envelope. Unfortunately, in the few minutes I was away from the ATM, another bank customer stepped up to the machine and began a series of transactions incomprehensible to me.
For the next 17 minutes — yes, I timed it — she pulled different amounts from different accounts of what seemed to be dozens of patrons. She kept pulling cards from a wallet that, from where I stood, seemed bottomless.
I could have gone through the doors and to a teller to complete my deposit but after a few minutes, I became fascinated; just how much banking can one person do at an ATM?
All I wanted to do was deposit a check and grab a receipt a reproduction of the check — nothing major! And yet here was someone acting as a kind of anonymous proxy, carrying out a variety of transactions for multiple accountholders.
By happenstance, this week I was obliged to watch an episode of Breaking Bad. Following a weekend retreat held in our home for a nonprofit association, their CEO just had to watch this specific episode (the series finale).
A character in this show had buried millions of dollars in the deserts of New Mexico, as best as I could tell, with the intent of providing for his family and enabling them to "live, off the grid" — something I think many of us consider doing from time to time.
The more monitored and regulated our society becomes, the more fearful we become about just how much is known about us. As for me, I am getting a little more concerned about just how much of what I do is being analyzed with the prospect of selling me something.
Even my Starbucks loyalty card, which doesn't include a provision to pay a tip and so necessitates my carrying cash each time I enter their store, is beginning to bother me.
Does it matter to anyone how many lattes I sip? Perhaps having a proxy make my deposits (and buy my lattes) could be a good thing, that is, if the level of trust I have in my proxy is absolute — always a difficult proposition, and one with more downside than I care to imagine.
Looking at modern ATMs, customizable almost beyond belief, has me wondering whether it could ever lead to "Anonymous ATMs." We support anonymous use today in so many of the interactions we have with technology, why not an ATM that doesn't share knowledge of us with anyone? For select transactions, of course!
I am not talking about an ATM connected to a Swiss or Cayman Island bank account, but an honest to goodness ATM that simply dispenses cash without looking at me or asking too many questions. Just sign an X on the touch screen, that's all that's needed to complete the transaction! You have been here before, and we know you are good for the cash. Have a nice day!
Not likely to ever happen, I suspect, as this raises even more questions about fraud. On the other hand, is it already being done and we simply don't know about it?
Should we push ahead with peer-to-peer electronic systems — Bitcoin, anyone? — could adventurous banks begin promoting Anonymous ATMs in support of such systems?
I could easily imagine ATMs in emerging markets becoming The Place to go for all P2P transactions — after all, that's where the money is!
The upside here is that I suspect very few people would want to spend a lot of time standing in front of one, as that kind of defeats the purpose.
Sending an anonymous proxy may be just as risky. The downside? Well I'm sure I will generate a wealth of opinions from promoting any such deployment.
The challenge that befalls manufacturers of ATMs will be the difficult task of making even more trade-offs as they balance the needs of many interested parties.
Financial institutions want to protect themselves against fraud. The issuers of the plastic are looking at ways to shorten the time needed to complete a financial transaction and, for the most part, we as consumers, aren't all that keen on giving away too many insights as to how we live our lives. This will become something worth watching
Depending on others to do our transactions is even less appealing; even the most faithful partner we have, our family pet, could be problematic — "my dog ate my money" — and the ATM equivalent of cash buried in the desert, accessed on a needs basis, isn't a likely answer either.
Future ATMs are going to have a lot more to worry about than just accepting deposits and dispensing cash as they continue to be an integral component, vital to the day-to-day workings of society.
What each of us elects to do will be solely up to us. But one thing I know for sure will not change is our need for cash. We may all end up simply shrugging our shoulders and thinking it's just becoming all too hard.
Everyone will know what we do and where our preferences lie — well, yes, have a nice day! Now, where did I put my cash as I have worked up a thirst and need that Starbucks latte after all!
About Richard Buckle
Richard Buckle is the founder and CEO of Pyalla Technologies, LLC. He has enjoyed a long association with the Information Technology (IT) industry as a user, vendor, and more recently, as an industry commentator, thought leader, columnist and blogger. Richard participates in the HPE VIP Community where he is part of their influencer team.
