Finance Breaking news HSBC develops AI-based tool to keep cash machines replenished last financial news
Breaking-Finance.Com - HSBC in Hong Kong is using an AI-based cash withdrawal forecasting tool to make sure that its network of 1200 ATMs don't run out of money.
Breaking-Finance.Com - HSBC in Hong Kong is using an AI-based cash withdrawal forecasting tool to make sure that its network of 1200 ATMs don't run out of money. The new tool uses live ATM data and predictive machine-learning algorithms that factor in seasonality, holidays, public events, location and recent withdrawal trends to calculate how much money is needed and where.Its dashboard visualises live withdrawal patterns, enabling the bank’s Treasury team to respond more precisely to demand and reduce lead times on cash replenishment deliveries from up to 36 hours down to just 15 minutes.“iCash is a game-changing digital solution that improves the customer experience, while unlocking both man-hour and vendor savings,” says Chris Trill, global head of wealth and personla banking operation.
.”The tool, which was developed entirely in-house by HSBC’s Operations and Technology teams, has achieved a 15 per cent reduction in refill trips, Trill says. saving US$1 million a year in third-party deliveries.A roll-out to other markets is currently in the works, he adds.
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