Would you Employ Artificial Intelligence to Manage the Cash at Your Bank?
Twitter: @Fobiss_BV
Usually, when people hear someone saying “artificial intelligence”, they probably think of the robots, the machines that have the shape of a human, which can speak, walk and do the things for us.
Aren’t we afraid of the future, which we see in science fiction movies, and somehow presume that one day this will be a reality, and all of these machines will destroy us? Artificial Intelligence sceptics would agree with this notion.
Step by step the robotics science is penetrating business management processes, to replace monotonous human work, in the same way as robots were introduced into manufacturing industries a few decades ago.
When innovative companies approach retail banks and say that they have great solutions that would change the way they make management decisions, top managers listen carefully.
Bankers seek for innovations and improvement, they are striving for increased profitability and improved performance, but at some point the enthusiasm for such projects becomes fear, and the resistance of organizational changes.
Cash provision is a very costly service and even though banks have almost no possibility to gain revenues out of it, most of them are still stuck with the manual or partly automatic techniques, which do not provide the cost saving capabilities they could.
The cash management area is the perfect place for artificial intelligence technologies to thrive. Operational processes and repeatable decision-making can be automated to reduce time and mistakes. People obtain more possibilities to explore more creative fields, instead of focusing on mechanical tasks.
Artificial intelligence comes in forms of forecasting and optimization algorithms, which are programmed to process huge amounts of historical and real-time data, to accurately predict the cash demand in every ATM and branch, to prepare cost efficient cash replenishment plans and to proactively control the whole process.
Todays’ modern technologies allow us to get answers with a single click of a button. So why not use them?
Editors Notes: This entry has been submitted to the FINTECH Book, the world’s 1st globally crowd-sourced book on FINTECH. Readers that enjoyed this initial abstract are invited to share and like it so that it may be featured in a longer version.
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