With further developments to the iCash tool, the bank is planning to roll out the new service across other markets. ICash’s dashboard provides live visualistations of withdrawal patterns and is claimed to help the bank’s Treasury team to respond more precisely to demand and reduce lead times on cash replenishment from up to 36 hours down to 15 minutes.ĭeveloped entirely in-house by HSBC’s operations and technology teams, the bank claims to have already reduced 15% in refill trips, saving nearly $1m a year in third-party deliveries. Instead of using your credit card to purchase goods or services, you essentially use your credit card to. The installation of 1,000 ATMs is a significant milestone for iCash. A cash advance is a transaction that allows you to withdraw money from a credit card. It also reduces the risk of robbery by moving away from scheduled cash deliveries.” iCash visualizes withdrawal patterns to help the bank respond to cash needs In January 2009, iCash and First Data Corporation (a global leader in electronic commerce and payment processing, signed an agreement for First Data to provide ATM device driving, switching, telecommunication and helpdesk services for the iCash ATM network. “iCash is a game-changing digital solution that improves the customer experience, while unlocking both man-hour and vendor savings. HSBC wealth and personal banking (wpb) operations global head Chris Trill said: “iCash provides a more reliable cash service to customers by making sure we have the right amount of cash in the right place.” The new tool iCash uses live data from ATMs and predictive machine-learning algorithms which take into account seasonality, holidays, public events, location and recent withdrawal trends to calculate how much cash might be needed at particular ATMs. The historical processes also involved manual creation of forecasts for demand, where the ATMs could run out of cash, or in returning excess amounts which in turn caused unnecessary delivery costs. The data-driven tool uses AI to forecast cash withdrawals, enabling the bank to refill the ATMs with cash more accurately and efficiently.Īs per HSBC, the tool addresses a challenge to predict the need for cash at each ATM to meet the demand from customers. This feature is available in a large number of selected ATMs. UK-based banking giant HSBC has deployed iCash, a new artificial intelligence-based (AI) forecasting tool for cash supply across its network of 1,200 ATMs across Hong Kong. through the online cash deposit machines (ATM-BNA) with an instant update of your balance. The new tool iCash uses machine learning algorithms to calculate cash needs across a network of 1,200 ATMs in Hong KongĪn HSBC branch in Hong Kong.
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