One drawback with most envelope-free automated teller machines is that checks and cash have to be deposited separately, but that could soon change for customers of Fifth Third Bank (FITB).
The $117 billion-asset company said Tuesday that it is piloting a next-generation ATM at its downtown Cincinnati headquarters that can accept up to 50 combined bills and checks in a single, envelope-free deposit. Barring any major glitches, Fifth Third intends to roll the new technology out at its ATMs across its 12-state market area by the end of this year.
Fifth Third developed the new ATMs in partnership with ATM vendor NCR Corporation (NCR) and the software firm Phoenix Interactive. Wells Fargo (WF) has similar “mixed-media” capabilities at its ATMs but Fifth Third said in a news release that it is the first super-regional bank to offer the technology to its customers.
“With the help of NCR and Phoenix, we can offer our customers the ability to make mixed-media deposits simpler and faster, thereby improving the overall customer experience,” Fifth Third President and Chief Executive Kevin Kabat said in a news release.