Artificial intelligence (AI), that development in technology which enable computer systems to do human functions like translation and speech and visual recognition has important application in the banking industry. But how would this affect banking services such as bank ATM installation?
AI is also known by another name, machine intelligence.
Startup AI Software Manufacturing Company
Startup company Silent Eight recognizes the power of AI technology, and markets AI software tailored for the banking world.
Based in Singapore, the company is the creation of Martin Markiewicz, a trained Polish mathematician who moved to Southeast Asia a few years back.
How is AI Used in the Field of Banking
Silent Eight believes that artificial intelligence could aid companies engaged in financial concerns steer clear from trouble concerning dubious funds.
According to Silent Eight, the use of AI will enable a client-bank to recognize and stop potential illegal transactions.
Artificial intelligence, as Markiewicz maintained, is advantageous over banks’ manual checking of lists of companies and individuals with sanctions or facing criminal investigation. AI will make for efficient and fast review of such lists.
Software made by Silent Eight has the ability to recognize transactions, personalities and individuals who could potentially bring damage to a bank’s reputation and operations.
Aside from the above uses in the context of Silent Eight ventures, artificial intelligence is also useful in bank ATM installation.
AI Use in a Bank ATM Installation
Another use of AI to help banks out of trouble is in bank ATM installation.
It would be big inconvenience for ATM companies, banks and clients when an ATM station bogs down. Periodic maintenance waiting time should be kept to the shortest duration. But when an ATM issue is unexpected and would require longer time to troubleshoot and fix, ATM downtime would be longer. Predictive maintenance under the realm of AI would shorten ATM downtime.
Apart from predictive maintenance in ATM installation, AI could also cover the following functions: ATM cybersecurity, cash demand forecast, ATM cameras and facial recognition for improved banking experience.
Some of the Banking and Finance Companies Using AI in their Operations
Two banks with international presence have engaged with Silent Eight to integrate AI technologies into their operations. They are Standard Chartered (SCBFF), and Oversea-Chinese Banking Corporation.
Others examples of financial institutions who are into AI are JP Morgan Chase, Bank of America, Citibank, US Bank and Bank of New York Mellon Group.