Predictive maintenance is enabling the banks to reduce the incidents of ATM outages drastically.
FREMONT, CA: When it comes to banking, financial institutions are striving to gain their customers' attention by focusing on services to enhance customer experience. The digital era has set even higher standards when it comes to customer experience. ATM is one aspect of banking where customers interact with a facet of banking services. Thus, it is essential for the banks to ensure that the customers have a positive experience before they leave the ATM outlet. However, the above scenario does not always actualize in practice. One negative customer experience not only results in a business loss but may also motivate the customers to switch to a different service provider.
Financial institutions are aware of the above challenges and are increasingly leveraging predictive maintenance to optimize their ATM services. Predictive maintenance enables the banks to prevent ATM service outages resulting in more customers to experience successful transactions. Current technological advancements, powered by the internet of things (IoT) and cognitive analytics, use historical data combined with relevant data to make predictions over ATM performances and outages. Banks can monitor and analyze every ATM’s functions and identify patterns that help in predicting possible outages. Based on the above insights, financial institutions can proceed with predictive maintenance even before the outage strikes a particular ATM’s network.
There is a lot of factors that can impact the functioning of an ATM. For instance, an ATM may process a specific number of transactions under usual conditions. However, if it's subjected to increased levels of humidity, it may malfunction. Sensors installed near the ATM systems to measure such metrics can notify the concerned authority in case of an unfavorable atmosphere near the ATM system. Such granular levels of data enable the banks to anticipate ATM service outages and act accordingly.
Increasingly banks are leveraging predictive capabilities for the ATMs through a combination of technologies such as sensors and analytics capabilities. The above trend depicts the rise in the focus of the banks pertaining to ATMs.
