Hope for your financial life and beyond

AI Improving Banks and ATM Technology

AI, or artificial intelligence, is slowly gaining momentum in its adoption into different industries across the world. For some time the financial industry lagged behind. But no longer. Financial institutions are understanding the value of AI and how it can impact their business.

By embracing digital technology, Companies are learning how to offer clients greater and better solutions to solve and manage their real financial problems. One segment of financial services that is taking advantage of AI is the banking industry. 

AI and the Banking Industry

Here are a few ways AI continues to improve banks and specifically, ATM technology.

Cash Costs

Banks are often at the forefront of meeting their customer needs in the best way possible. For example, ATM software solution providers such as Perativ are encouraging its bank partners to rethink the cost of cash. In many cases, banks ignore their rising costs of holding, transferring, and distributing cash because they do not know about the solutions available. Cash optimization experts in the industry are out to change that.

These strategists offer critical insights in real-time to help their clients make strategic decisions for their ATMs, bank vaults, and more. In this data-centric world, new SaaS companies are leveraging colossal amounts of data to allow their clients to accomplish goals such as saving costs, gaining more revenue, and more. 

Related Content: Emergency Fund Basics: The Step on Which all Other Success is Built

Security

Security is a must for any bank. To that end, banks and ATMs are embracing AI in their surveillance systems. This development assures that clients have a safe and better experience while depositing or withdrawing their cash.

AI-powered surveillance tech can offer things like remote monitoring. It can send any pre-determined patterns that might indicate a high-risk scenario like suspicious ATM tampering.

Additionally, AI cameras within the banks boost protection to tellers as well as incoming clients through facial recognition. It’s a chance to ensure that customers get the best service or identify any blacklisted patron.

Finally in regards to security, the installation of motion detection in restricted areas and bank vaults is a chance to note any suspicious entries during or even after bank operating hours. Thus, banks ensure that their client’s valuables are always safe at all times.

Personalized Service

AI technology in banks and ATMs is a great way to offer a digital transforming service into a customized and personalized service. AI can analyze a clients unique behavior patterns, requirements as well as preferences and then tailor and experience for that particular client.

Through personalized service, banks get a competitive edge. It’s also an opportunity to boost compliance while increasing customer engagement. Through service optimization, there’s overall operational efficiency.

A Conversational Banking Technology Experience

AI in banks is an excellent opportunity to offer a more tailored experience to every client. Artificial intelligence technology provides a fascinating way to deal with different clients appropriately. The AI doesn’t only perform a vast array of tasks at once but also reads into a person’s emotions and enables them to solve the problem before it escalates. AI provides valuable insights to phone agents and bankers, thus maintaining consistency with all matters concerning transactions.  

The fascinating beauty of state-of-the-art AI is that it has enhanced customer experience. With AI technology in place, one can think of cash optimization-based solutions across the banking networks. Thus, one can handle all matters concerning their cash distribution network and beyond.

Leave a Comment Below or Answer a Question: What is your most frustrating thing about going to the bank? What services does your bank provide that you really appreciate? How can banks better serve you? 

The Best Definition of Teamwork You’ll Ever Read

Like all other sports enthusiasts, I am starved for athletic competition right now. In recent months, the spread of COVID-19 has disrupted sports around the world. I’ve always enjoyed playing and watching sports, mostly because it consistently reminds me of what it means to work as a team. That reminder points me back to perhaps the best definition of teamwork I’ve ever heard.

definition of teamworkIronically, the quote is not from someone related to sports. Rather he was a successful businessman turned philanthropist after he generated an incredible fortune in the steel industry. He believed that great wealth was a sacred trust and that the possessor of such wealth was bound to use it for the good of the community.

If you’ve guessed Andrew Carnegie, you’d be correct.

Being a successful businessman, Carnegie must have known something about leading teams. So it’s no surprise he came up with this definition of teamwork:

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Tips for Finding a Wealth Management Firm

If you have been investing for a long time, you may be ready to turn over the responsibility of supervising your portfolio to someone else. For individuals who have amassed a good deal of money, a wealth management firm may be the way to go. Having someone take the burden of investing off of you so that you can devote your time and energy to other endeavors sounds really appealing.

However, you can’t just jump into this quickly. It is important to find a reliable firm before you hire someone. All firms are different. So it’s imperative that you find one that understands the goals and objectives you have for your money and will work to achieve those for you.

With that in mind, here are two very important things you want to look for when vetting your firm.

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Here Are the Top 9 Bible Verses for Teens to Know

It’s challenging being a teen in today’s world. Teens today face so many personal struggles and difficult life situations that they often feel a sense of hopelessness and confusion. Not to mention the daily bombardment of temptations that lure them in the wrong direction. It’s no wonder teens today are dealing with anxiety and depression like never before and are throwing up their hands in despair and saying, “Why even try?” But are there Bible verses for teens to know that could help them with this?

bible verses for teensThe good news I share on a regular basis with my own kids and with the students that I teach is that God doesn’t want teens to feel this way. God wants them to feel strong. They can be filled with hope and be optimistic about the future. All the anxiety and fear can be swept away. And the only way that can happen is to embrace the Word of God and find what they need for life within the pages of the Bible.

The challenge though is knowing where to start. The Bible is a big book. Does God have specific Bible verses for teens to help with something they are facing?

I believe He does.

There are many verses that could be applicable for teens. I’ve boiled it down to 9 to keep it short and simple and to touch on issues I know teens are going through. The great thing is these Bible verses for teens are short and easy to memorize. That will help them have an arsenal of verses to focus on as they go through the challenges of life.

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How to Enjoy a Life of Guilt Free Spending

guilt freeI would love to enjoy a guilt free life, especially when it comes to spending money. Have you ever heard the same voice rattling around in your head that I’ve heard in mine? It usually says something like, “Why did you spend that money? That was stupid! You know you shouldn’t have done that.”

If you’ve had that thought, then you know you spend the rest of the day kicking yourself and feeling like you’ve done something wrong. Additionally, some time during that same day might be spent seeking forgiveness from your spouse, which can always be a tense situation. And to top it all off, you will spend the rest of the month struggling to figure out how to make the budget cover your spending decision.

Guilt is powerful. But have you ever stopped to consider why?

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6 Shocking Things Your Broke Friends Need to Hear You Say

If you’ve ever gotten into conversations with broke friends about money, you know how hard it is to determine if they actually want your help. There are several ways to figure that out and perhaps lead your discussion to a deeper level. If that happens, you’ll learn more about your friend’s financial struggles and perhaps be able to offer some counsel.

However, the counsel part is when it gets really tough. If you’ve had success with money, the answers seem obvious. You know what must be done.

broke friendsChange your habits.

Spend less and save more by following a budget.

Get out of debt.

Invest, invest, and invest some more.

The sad thing is your broke friends might not want to hear any of that. They are in financial trouble for a whole host of diverse reasons. And those reasons have a grip on their life that will make it hard to break free.

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How to Be a Successful Landlord: 5 Best Practices

I love owning rental real estate! When I purchased my first property eleven years ago, I mistakenly payed a bit too much for it. Initially, didn’t know how to be a successful landlord and I let my excitement cloud my judgment when buying that first property. But I simply wanted to get started – that was all I cared about.

how to be a successful landlordI’ve learned many things since then and survived my share of dark moments as a landlord, including living through my first eviction. Ending up in front of the county judge to settle that dispute was frustrating but valuable all at the same time.

Nobody should become a landlord without doing some serious reading on the subject. That will help eliminate some mistakes you could easily make.

Related Content: 5 Common Rental Real Estate Mistakes You will Make

But head knowledge can only take you so far. Some things are only learned through experience. So based on what I’ve been through, here are my best practices for how to be a successful landlord. If you follow these, your experience will be much more enjoyable and profitable.

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Why Godliness With Contentment Is Great Gain (I Timothy 6:6)

“For godliness with contentment is great gain.” – I Timothy 6:6

Godliness with contentmentContentment is a virtue that challenges our do-more, get-more, be-more society. This is especially true as it relates to money and possessions. By and large, we are constantly striving to get more money and secure better possessions to enhance our lifestyle.

In our minds, we think that there is always a greener pasture than the one we are in right now.

This issue isn’t new to 21st century earth. Since the beginning of time, mankind has been dealing with issues of contentment. After all, it was Adam and Eve who were not content with what God had given them in the Garden of Eden. They coveted the only thing God said they couldn’t have.

Their disobedience of eating the forbidden fruit cost them their perfect world.

Interestingly enough, the church hasn’t found itself immune to the issue either. That’s why in the New Testament of the Bible, Paul had to counsel the young pastor Timothy about the issue of contentment. Let’s take a look at the issue Timothy was dealing with and what we can learn from it.

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Teaching Kids About Money to Get the Best Results

teaching kids about moneyA major role of parenting (and one that is often neglected) should be teaching kids about money. For many reasons, parents drop the ball in this area and raise children who carry an improper understanding of money into college and adulthood. Unfortunately, these children then face challenges when they go to seek employment, earn an income and determine how to manage their financial lives.

But what is a parent to do? How do you go about helping kids develop a proper understanding of how to relate to and handle money? It seems like such an overwhelming process, especially for those parents who don’t handle money well themselves.

The good news is that it’s not as difficult as you might think. For starters, what children should learn about money varies depending on their age. A five year old needs to hear different messages from the parents than does a teenager. However, there are three fundamental money lessons that every child needs to learn no matter what the age:

1) to save money for future needs,

2) to spend money wisely and

3) to give generously.

These three principles serve as the foundation upon which other money lessons build. Stick with these and you will see the best results when they are consistently applied over time. Let’s see what that practically looks like.

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Life Insurance: The Most Important Things You Need to Know

The topic of life insurance is one that many do not like to discuss. The reason is simple – it involves death, most notably our own. And since death routinely shows up on lists of common fears, its obviously something we choose not to think about.

life insurance

Next to purchasing quality health insurance, I believe this is the second most important insurance a person should buy.This is because there is nothing you can do about it once you are gone. You can’t buy a life insurance policy after you are dead. You can’t provide any financial comfort to those left behind once you are in the ground.

See what I mean about life insurance? Even writing those sentences brought a tinge of emotion I’d rather not feel. That’s what makes it so easy to avoid dealing with this.

But we have to. Life insurance is a big piece of the puzzle to our financial lives – even if we, as the deceased, will never see any of the money.

What is Life Insurance?

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A Soldier’s Pledge – on Freedom, Courage and Sacrifice

“America is depressing…mixed up…adrift…an afterthought.” Have you sensed these messages creeping into American culture and thought in the past few years? Our soldier’s pledge to keep our nation great remains strong, but a lack of pride in who we are among the general public seems to have blossomed. There exists less and less passion for greatness. And few believe America’s best days lie ahead.

a soldiers pledgeEveryday the news points out our flaws. Our economy isn’t right. We can’t resolve our racial issues. Our foreign relationships often teeter on shaky ground. American individual liberties are under assault.

Everything rises and falls with leadership – including a nation as big and powerful as America. So perhaps our attitudes can be contributed to the uninspiring and ineffectual leadership we see in our government, in our communities, in our churches and even in our homes.

For many it’s a bleak picture that seems to be spiraling out of control. But we don’t have to settle for this course. We can choose a different path. Nothing predetermines that we must feel indifferent or uninspired about America.

How do I know this?

Because of freedom. Freedom is the one constant that can again ignite our passion and love for this country.

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