TAIPEI (Taiwan News) — Taiwan will continue to promote cashless payments while working to upgrade the country’s ATMs in the era of digital banking, said its financial regulator on Tuesday (Nov. 19).

ATMs remain an important part of people’s lives, and they will not disappear but rather morph over time, said Chairman Wellington Koo (顧立雄) of the Financial Supervisory Commission (FSC). He made the comment in response to criticism by former Premier and Appacus Foundation Chairman Sean Chen (陳沖), who believes the high-density of such devices could hurt Taiwan’s bid to go cashless.

The question lies in making ATMs “smarter” rather than eliminating them, Koo reckoned. He envisions that a future ATM will be able to perform functions that would otherwise be conducted by bank staff, reported CNA.

With the advancement of digital banking technologies, Goo noted that finding ways to better manage related services will be a priority for the financial regulator. Information security, money laundering control, and identity verification are among the issues to be spotlighted.

The video teller machine (VTM), for example, allows for a new form of banking services in which a staff member gives instructions on how to utilize the device, noted Goo. However, the innovative measure will not be implemented until sound regulations are put in place, he added.

The trend to pursue online banking should also take into account the needs of the physically challenged, he argued, adding that a universal design must be incorporated into banking services to increase accessibility.