bankingciooutlook

AI for ATMs: 4 Exciting Applications

By: Banking CIO Outlook | Tuesday, June 30, 2020

AI is storming banks by providing them an opportunity to offer improved customer service through intelligent ATMs.  

FREMONT, CA: With artificial intelligence (AI) being able to solve real world problems, the industrial world to looking to unleash its complete potential; the banking industry is the primary beneficiary. New applications of AI often seem to develop by adding value to an existing use-case, and this is true in the case of ATMs. Banks need to operate a huge network of remotely located ATMs. Banks can leverage AI and ML to enhance ATM management. Here is how.  

• Predictive Maintenance

There is AI-based maintenance software for optimizing ATM services, which can proactively identify concerns in ATMs and also automatically schedule the support services required. This solution can track historical data from ATMs and predict machine-level performance, giving banks the ability to schedule maintenance and activities in the most streamlined manner in terms of ATM downtime.

• ATM Cybersecurity

The AI-based transaction monitoring tool is out there to curb cyber hacking of banks and ATMs. This type of solution claims that they can comb through millions of records of customer transaction data to predict the standard customer behavior for each user. It also uses ML algorithms on customer transaction data to identify any suspicious activity. This can help identify anomalies in standard customer behavior, such as a large number of cash withdrawals via ATMs made in different geographical regions.

• ATM Cameras

There are AI-based surveillance video analytics solutions that can be used in ATMs. This can enable ATM surveillance cameras to recognize and understand the human body position, human faces, and objects in the setting. Banks might use the solution to automate security for ATMs in remote locations or to reduce the deployment of human security personnel that might be needed for managing the security of their ATMs.

• Forecasting Cash Demand

Banks today are using AI-powered automatic forecasting software with which they can optimize ATM operations by determining the likelihood of an ATM running out of cash and alerting bank employees to refill it with money. This will ultimately help banks in improving customer service.

See Also :- Top Banking Tech Solution Companies

 

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