FSS, a renowned company in payment tech, has brought a game-changing idea to India’s banks. Their state-of-the-art ATMs, powered by IoT, AI and ML technologies, have the potential to resolve up to 60% of ATM issues remotely. It is like a new way of doing things in the ATM world.
V Balasubramanian, the CEO of FSS CashTech, pointed out the lack of technological advancements and the challenges faced by ATM operators in maintaining profitability. He stated that their technological initiative aims to rejuvenate the ATM industry. FSS is now looking after 25,000 ATMs in India’s private and public banks. They have introduced high-tech ATMs with IoT, AI and ML. The introduction of IoT, AL and ML in ATMs is a big change in the banking world.
This new tech is going to change how banks work in India. The old ATMs had some problems. IoT, AI and ML aim to address these challenges with automation and remote resolution.
The integration of IoT empowers these ATMs with real-time connectivity. AI equips them with smart capabilities to automatically detect and address operational issues. ML enables the ATMs to learn from past data.
The traditional ATM industry in India has grappled with issues like thin profit margins and costly ATM site management. Fixing technical problems and adding more cash to ATMs has been a big hassle. But now, with IoT, AI, and ML, these new ATMs can handle these issues on their own.
V Balasubramanian, the CEO of FSS CashTech, underlines the need for substantial advancements in the ATM landscape. The old ways didn’t help the ATM industry grow much. But now, with IoT, AI and ML, they want to make the ATM business in India better and more profitable.