SAN FRANCISCO—Wells Fargo is experimenting with a concept that bridges the gap between mobile banking and branches—allowing customers to “pre-stage” a transaction on their smartphone and then complete it with a teller or at an ATM.
“It’s one of the next innovations from a banking perspective,” Miranda Hill, manager for Wells Fargo’s digital innovation lab, told the Charlotte Observer. Earlier this year, the bank tested the technology in Charlotte and Phoenix.
Bank of America is also reported to be considering the option.
Pre-staging technologies, generally, work like this:
Customers use their smartphone to start a transaction, such as a withdrawal, before going to branch or ATM. For example, logging onto a mobile banking app from home, beginning the withdrawal process, and later completing the transaction at a branch or ATM, explained John Oldshue, founder of SaveOnPhone.com.
The process to finish the transaction might vary from bank to bank.
The smartphone, too, might generate a code to give to a teller, who would use it to complete the transaction. Or, a barcode might be used to scan at an ATM to take out cash.
The thinking is that pre-staging could shorten transaction times at branches and ATMs because the technology is expected to eliminate customer steps, like showing a driver’s license.
“I would say for the most part we think of this as a choice, another choice, for customers to be able to engage with us, but it’s also very convenient,” Hill told the Charlotte Observer.
Hill said Wells Fargo tested the program with its employees, and is still reviewing their feedback. The lender has not made a final decision about whether to offer the technology, the Observer reported.