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Innovation Sighting: The Cashless ATM Machine

Who would use a cashless ATM? It seems like a ridiculous idea, because that’s the whole point of using an ATM – getting cash.
That will all change with the RTM (Retail-Teller-Machine). It works just like an ATM. Instead of dispensing cash, the RTM prints a secure ticket that is exchanged for cash. RTMs are located inside any store and provide a full range of Banking services.
Aravinda Korala, KAL’s CEO said: “RTMs are low-cost authorization-machines that are ideal for in-branch use. The customer can take his time to browse the bank’s services, read any available targeted messages, speak to a video teller and make a final transaction selection without pressure, and then commit his choice to a secure voucher. This voucher can then be fulfilled in a few seconds, either automatically at a Teller Cash Recycler/ATM or manually at a teller.”
It’s a perfect example of the Subtraction Technique, one of five in the innovation method, Systematic Inventive Thinking (SIT). It’s also a great example of the Closed World Principle. Here’s how it works:

To get the most out of the Subtraction Technique, you follow five steps:

List the product’s or service’s internal components.
Select an essential component and imagine removing it. There are two ways: a. Full Subtraction. The entire component is removed. b. Partial Subtraction. Take one of the features or functions of the component away or diminish it in some way.
Visualize the resulting concept (no matter how strange it seems).
What are the potential benefits, markets, and values? Who would want this new product or service, and why would they find it valuable? If you are trying to solve a specific problem, how can it help address that particular challenge? After you’ve considered the concept “as is” (without that essential component), try replacing the function with something from the Closed World (but not with the original component). You can replace the component with either an internal or external component. What are the potential benefits, markets, and values of the revised concept?
If you decide that this new product or service is valuable, then ask: Is it feasible? Can you actually create these new products? Perform these new services? Why or why not? Is there any way to refine or adapt the idea to make it more viable?

Learn how all five techniques can help you innovate – on demand.

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May 29, 2025 at 7:21 am

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