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How AI Can Help You Save On ATM Management

 

May 29, 2020 (Investorideas.com Newswire) AI has been regarded as a general-purpose technology that's bringing a revolution in every industry, especially in banking. AI is based on human-intelligence and specific algorithms that are trained to mimic the latter. It's then employed on technology to help catalyze the procedures that were not possible before AI.



In the banking sector, proper ATM management is crucial to help not only lower cash distribution costs but to enhance user experience. One way that ATM network owners are doing this is with the help of AI. Software systems, like the solutions by Perativ, are designed to help ATM networks eradicate silos, optimise cash distribution, and modernize operations.

Other ways different AI systems can help you save on ATM management includes:

Prevents Fraud

According to a study, 86% of the users were trapped in data fraud through an ATM, which caused them to lose money. Since AI is based on gathering data, employing algorithms, and getting positive results, customer behaviour is analyzed. Thus, AI will help the industry to pursue new strategies to help their consumers.

AI can help with:

  • Fraud detection
  • User interface
  • ATM failure
  • ATM location
  • Replenishment strategy
  • Customer behaviour
  • Crash Prediction

These features will help banks locate ATM's or detect crashes on a timely basis. Moreover, the ATM interface will include analytics that'll help the users make smart decisions without consulting someone from the bank.

Enhances Customer Interactions

As previously mentioned, the data gathered through AI will give insights as to what the customer prioritizes in their experience. It'll then help banks customize and personalize their journeys without friction. The real-time data gathered by AI will provide recommendations for their customers, helping improve their experience.

As AI helps in smarter and personalized user experience, such changes will also help users who are not tech-savvy. It will help them process their banking transactions online without problems. Moreover, to help users manage their savings, the data collected will help banks send relevant notifications on budgeting and saving.

Moreover, since it relies on customer's preferences and unique behaviour, it'll make the operation more efficient for the user. Such individualized service will increase customer satisfaction and create mutual value for both the customer and the bank.

Solve Personal Financial Problems

Usually, human-based assistance is required to resolve fundamental ATM-related issues. In the case of their unavailability, AI can help resolve their questions. AI-driven virtual chatbots or assistants respond to the customer's simple questions.

AI can help provide customers detect any unusual activity or personalized financial management advice or insights. Moreover, with more queries being handled through AI-based assistance, the banks will receive fewer calls, reducing the wait-time at the end of customers. It'll improve customer service since their issues will now be resolved immediately by AI-based solutions.

It'll enhance the banker's productivity, hence improve the customer's interaction. It's more efficient than training a group of humans to resolve underlying issues, such as solving loan requests.

Predictive Maintenance

Maintenance of ATMs is crucial. There's much predictive software that gathers data from the sensors in the ATM. AI-based predictive software will help schedule maintenance, reducing the chances of unattended ATM.

As the chances of ATM downtime is reduced, it'll also help maintenance and support activities. Moreover, there are other ways of how AI can help the banking industry:

  • With fewer chances of ATM crashing, AI can help banks expand globally and provide their ATM services all over the world.
  • The predictive analytics acquired from the ATM will help banks to plan, which will improve their customer service.
  • Effective scheduling will reduce ATM downtime, reducing the stalling of activities.

Cybersecurity

Previously, there has been incidence where hackers stole around $40 million from ATM worldwide in just 10 hours. Such a massive amount of money can be quickly taken from the bank but can be stopped through AI.

After this incident, safety precautions have been taken by companies, like MasterCard, through their Safety Net. As hackers created fake cards to withdraw money, the new Safety Net based on machine learning algorithms can help prevent it in the future.

Through their new technology, MasterCard can analyze up to 1.3 million transactions all over the world. This technology has been made possible through AI, as MasterCard and other companies can comb through transactions and predict the baseline customer behaviour. According to one source, Safety Net has helped prevent three major cybersecurity attacks.

Smart Vision ATM Cameras

Another form of AI-based solutions is machine vision cameras that are installed in ATMs. These cameras provide video analytics that helps enable ATM surveillance cameras and detect suspicious activities. For example, in the case of the stolen card, these smart cameras can help identify the unusual behaviour of the user and trigger alert.

These cameras can provide real-time monitoring and analytics. Moreover, these cameras can also be used for facial recognition to improve security and customer experience. Since facial recognition has revolutionized the security systems in our devices, it can also revolutionize the banking industry.

Bottom Line

AI-based solutions are evolving and improving each day. With technologies, like smart vision camera, predictive maintenance software, or AI-based chatbots, it can enhance user experience and make banking procedures efficient. These solutions can also help banks prevent cyber-theft or frauds that frequently occur.

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