ATMs? Really? Are we still talking about ATMs? In the age of credit cards, QR codes, UPI, tap-and-pay and more, are ATMs even relevant?
Well, a consumer of digital payments would be surprised. But if you’re a banker, you’re probably not. You would know that even though we use digital payments extensively today, as if it’s second nature to us, a large population of our vast country still depends heavily on cash.
The value of currency in circulation has grown exponentially over the years, even after demonetization. According to RBI data, notes in circulation (NIC) was Rs 17.74 lakh crore in November 2016, before demonetization. This number has grown to Rs 32.42 lakh crore by December 2022. And that is just one indicator.
The truth is that Indians still love cash. And this fondness for cash only gets fonder as one moves away from Urban India. Which is why ATMs are relevant even today. Which is also why we have over 2.5 lakh ATMs across the country today and various banks are coming up with more of them.
That said, there is a need for ATMs to be more efficient for banks. As a banker, you would acknowledge that a reactive approach to ATM downtime by simply having manual intervention is not good enough. What we need is technological improvisation and we need it quick.
As a technology-first company, we, at FSS, have recognized how imperative it is to inculcate modern technology like the Internet of Things (IoT), Machine Learning (ML) and Artificial Intelligence (AI) into ATM systems and management. We have developed software systems using these technologies to make ATMs more cost-effective and efficient while enhancing their uptime.
We have done this using a three-pronged approach of being Preventive, Proactive and Predictive. Let's dive deeper.
Preventive: Identifying small problems before they become costlier
Let’s talk about FSS SwiftReach, our app-enabled ATM Hypercare service. With FSS SwiftReach, we provide dedicated manpower for rapid on-field response. We have 400+ Business Champions in our fleet with 1 Business Champion dedicated for every 30 ATMs.
Our Business Champions carry out much-needed routine inspections periodically and are trained to reach ATMs faster for root cause analysis at the ground level. In case of non-resolutions, FSS SwiftReach sends out automatic escalations to the next level.
All of this is done using our app-based technology to ensure due diligence in resolving incidents, addressing incidents faster by reducing dependency on vendor partners and getting truer insights and better field reach.
Prevention, we all know, is better than cure. And for ATMs, no one does it better than FSS SwiftReach.
Proactive: Timely action to identify the root cause of potential issues
While being preventive helps, being proactive helps a lot more. FSS is equipped with A Third Eye, our AI-based intelligence surveillance. A Third Eye’s tech-enabled automated workflow automatically creates ATM site hygiene and creates alerts. The system is built using ML that is trained on millions of ATM site images. It boasts of >95% accuracy in creating site cleanliness alerts for immediate resolutions.
At the same time, another one of our proactive approaches is on-demand, real-time EJ Pulling Services. This system comes with simple file transfer scheduling, all-in-one reader and industry-standard encryption. Our EJ Pulling Services proactively prevent frauds while being vendor-agnostic and adaptable with new ATM models.
Predictive: Using data to monitor equipment and predict failure
And finally, being predictive by augmenting ATM monitoring with IoT. Our IoT-enabled devices help monitor individual equipment and predict failure. This device monitors all types of equipment at an ATM site, from air conditioners to routers to UPS and even lobby lights.
This 24x7x365 monitoring auto-detects ATM issues in real time, enabling 6/10 issues to be resolved instantly without the need to deploy a field agent. The result: 60% improved efficiency in issue handling.
This is how technology helps FSS improve ATM efficiency by over 50% in day-to-day operations. This leads to faster instance resolution and higher uptime.
What gives FSS the edge in tech-enabled ATM services is in-house infrastructure, strong compliance & industry-level certifications, and a skilled & experienced resource pool. Our 3-decade long legacy in the payments space has made us one of the top 3 ATM Managed Services companies in India and the use of modern technology is going to further help us enable economies at scale.
Find out more here: https://www.fsstech.com/atm-services/managed-service
