A billboard on Interstate 95 in Wilmington predicted that cardless automatic teller machines are coming in the future.
The future turned out today when WSFS Bank rolled out its Mobile Cash app at its headquarters branch on Delaware Avenue in downtown Wilmington.
WSFS CEO Mark Turner noted that the 175-year-old bank plans to keep up and even led the way on technology thanks to innovations like Mobile Cash.
WSFS was one of the first banks in the nation to offer a debit card and recently announced it was partnering with ZenBank on a mobile banking application that could move money around in a number of currencies.
The ZenBank app will be available in the US this year. It was first rolled out in Canada. ZenBank was co-founded by Arkadi Kuhlmann, founder of Wilmington-based INGDirect USA, now Capital One.
“Security is a top priority for us as we evaluate new technology,” said Rick Wright, executive vice president and chief retail banking officer. “No personal information, including card number and or PIN number is stored in the WSFS Mobile Banking App or on the smartphone. If a phone is lost or stolen, WSFS Mobile Cash is protected by the same login authentication security used for mobile banking.”
WSFS owns Cash Connect, a provider of services for ATM machines nationwide. CashConnect took the lead on the project, with the WSFS being the fourth bank in the nation and the first in the region to offer the service. Cash Connect is headed by Tom Stevenson, who was on hand to discuss the app.
Mobile Cash allows withdrawals to be made via an app on one’s mobile device, without the hassle of punching in pin numbers or checking the overly curious person behind you.
The technology also avoids the use of skimming devices that are sometimes placed by crooks. The devices steal information off debit cards.
The demonstration also featured a person dressed up in a robot suit, who managed to receive cash, although the thick gloves led to one of the bills falling to the ground.
Another demonstration was held today in Media, PA. WSFS is expanding outside Delaware with a pending deal to buy a bank in suburban Philadelphia.
The event also featured a donation to Delaware Futures, a Wilmington-based nonprofit that prepares students for college.
