How AI can save your FI on ATM cash management

| by Suzanne Cluckey
How AI can save your FI on ATM cash management

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After years of maintaining a "wait-and-see" posture, the Federal Reserve finally ended the suspense last year and began ratcheting up the federal discount rate from historic, bargain basement lows.

In fact, the Fed hiked the rate three times in 2017. So far in 2018, we've had one additional rate hike, and the Fed has forecast two more before year-end, followed by another two in 2019, resulting in the highest discount rates in more than a decade.

At all times, it's important to maximize the profitability of your ATM fleet through skillful cash management. But with more rate hikes on the horizon, and with the costs of CIT carriers and security services escalating year after year, and with increasing consumer resistance to ATM fee hikes (and impatience with ATM outages), cash optimization isn't just important, these days. It's crucial.

In a free webinar on May 29, How AI can save you real money on ATM cash managementFiserv Inc. will explain how recent advances in artificial intelligence can help financial institutions more precisely manage the cash in their ATMs in order to reduce risk, increase opportunities for cash investment, and provide consistent, cost-effective cash access for customers.

Traditionally, managing cash in an individual machine or across an entire ATM fleet has been part art, part science and part guesswork. And, unfortunately, the results have traditionally reflected the inexact nature of the management tools available.

Today, though, FIs can harness the learning capacity of artificial intelligence to develop more accurate forecasts of their cash needs. AI assimilates real-time data to determine how customers use a given ATM on a daily, weekly or monthly basis. The system also learns and adjusts for seasonal use patterns.

Importantly, AI is able to process more data points and larger amounts of data overall than other forecasting solutions. And as the AI solution continues to learn from available data over time and becomes progressively smarter, it can distinguish normal and abnormal behavior, drawing conclusions from the data that most people could not identify. 

During the one-hour session, Khurram Iqbal, a senior product manager within the financial and risk management solutions business unit at Fiserv, will share the details of these and other benefits artificial intelligence brings to ATM cash forecasting. Webinar participants will gain insights into:

  • The four key drivers of effective ATM management.
  • The ways their financial institution can harness the power of artificial intelligence for forecasting.
  • How to implement artificial intelligence into their current cash management process.

Iqbal has spent more than 10 years working in the fintech industry and played a key leadership role in developing and deploying the AI forecast engine within the cash and logistics product line at Fiserv. He has global product responsibility for Integrated Currency Manager, the Fiserv cash forecasting product suite, and for the company's cash trading and cash management integrations.

Webinar participants will also receive a complimentary copy of Fiserv's companion white paper to the webinar, also titled, How AI can save you real money on ATM cash management.

Register now for the free, one-hour webinar.

Topics: ATM Management, Vault Cash / Cash Management

Companies: Fiserv

Suzanne Cluckey
Suzanne’s editorial career has spanned three decades and encompassed all B2B and B2C communications formats. Her award-winning work has appeared in trade and consumer media in the United States and internationally. She is now the editor of and wwwView Suzanne Cluckey's profile on LinkedIn

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