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Our Director for Financial Services, George Porter, explains how IoT is transforming the cash sector.

That’s ‘At The Moment’ for those not well versed in modern acronyms. It also stands – and is more commonly known – for Automated Teller Machine. Celebrating its 52nd birthday this month (June), the universal hole-in-the-wall has paved the way for cutting-edge evolutions that range from the simple cash dispenser to data-rich financial services machines, capable of handling everything from cheques and cash deposits to loan applications and lottery tickets. 

Needless to say, this sophistication would not have been possible without the right levels of connectivity. However, the increased level of sophistication is just one of the many benefits digitisation has brought to the cash sector. 

Through IoT integration, IMS Evolve offers an industry-leading solution that provides real-time insights and operational improvements. These are both invaluable for their owners and integral to providing a seamless experience for the end user.

In fact, one of the most fundamental requirements for device owners, such as banks, retailers and Independent ATM Deployers (IADs), is ensuring assets are working, accessible and equipped with optimum levels of cash.

With an estimated 70,000 ATM’s in the UK, and even more variations such as Cash Depository (CDMs) and Smart Safes to add to that figure, an ATM that has run out of cash or a Cash Depository that is full, is as good as broken. The IMS Evolve solution implements an innovative cash threshold system that monitors levels in real-time and automatically alerts owners to impending threshold breaches to prompt intervention from banking and Cash in Transit (CIT) teams. This ensures unbroken access to devices for the end user and provides a reliable platform for owners.

Furthermore, without IoT integration, faults often go undetected until spotted by potential users. The time between a machine going down and a failure being identified could see potential customers lost and brand reputation damaged. This current reporting process, along with the broader engineer call-out system, is rife with manual inefficiencies that delay the fault-to-fix process, such as calling out an engineer who has incorrect parts, tools or skillset.

By applying an IoT solution with advanced integration capability, that combines real-time performance and operational data with work order and third-party systems, a clear opportunity to transform processes is identified.

The increased connectivity and insights provided by the IMS software enables early fault identification and an informed, automated engineer dispatch system. This enables a solution that spans the full process that has seen reduced fault-to-fix times by an average of five hours and machine uptime of 99.9%. 

As a cashless society becomes more of a reality, the financial services sector is clearly evolving to remain useful and profitable. With this in mind – and with a different ATM now on every street corner – it is imperative that devices remain consistently available and meet consumer demand, whilst costing the owners as little as possible and delivering good return on investment. 

The IMS Evolve IoT solution drives down business costs through automation, consolidation and maximised resource allocation, whilst concurrently improving availability and performance. As devices increasingly look to become smarter, for their owners, it’s all about IoT ATM.