With more than 20,000 clients in over 130 countries, one of the world's leading financial software, services, consulting and outsourcing solutions company powers billions of transactions every year. In 2017, the company was approached by banking authorities to address the pressing challenge of ATMs in India drying up on cash. India has an ATM density of 180 per million of the country’s population, which is significantly lower than many other countries like China (630 ATMs per million of its population), Brazil (810 ATMs per million of its population) and Japan (1,070 ATMs per million of its population). The scenario is further aggravated by the fact that India still continues to be predominantly a cash economy.
The Fortune 500 company partnered with MECBot - the #1 Augmented Data Management Platform for Real-Time Analytics at Scale - and decided to tackle the crisis head-on. They had access to varied and disparate forms of data, which were pre-processed, cleaned, unified and analyzed by MECBot using the patented datafolding technique. For example, ATM switch data was made available to MECBot once every day, using which MECBot could predict how much cash would be left in an ATM. If the cash in an ATM fell below the threshold amount, MECBot automatically alerted the respective user(s) in real-time to refill the cash. Further, the platform also deployed predictive analytics to recommend the most suitable currency denominations and their quantities based on historical usage patterns, which was also sent as an alert to the user(s). With these inputs, they generate Indentation and then hand it over to the cash transport companies.
MECBot can also adjust these predictions with actual scenarios on a real-time basis at the scale of the economy. For example, when transport companies request banks for cash refill, banks may or may not be able to supply the requested amount. If that happens, the denominations and amounts predicted by MECBot are overridden and the actual values are updated.
By joining hands with MECBot, this global frontrunner in financial services and technology consulting has been able to minimize cash shortage in ATMs, optimize currency denominations as per usage patterns of the population, and drastically reduce the no. of roundtrips required between banks and ATMs to ensure round-the-clock cash availability. For example, MECBot also knows which ATMs are closed and which are open, thus reducing the distance and time taken for delivery. This way, they have been able to do away with the penalty for dry ATMs and minimize the service fee to be paid to cash transport companies.
MECBot for Cash Management in ATMs - Key Highlights:
- Daily cash forecasting at ATMs
- Recommending the right mix of currency denominations
- Sending real-time alerts for cash falling below the threshold at ATMs
- Updating predictions with actual cash supply from banks on a real-time basis
- Minimizing the no. of roundtrips required between banks & ATMs
- Minimizing the service fees to transport companies and the penalty due to cash dry-up
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