Taking the Mystery Out of AI in Cash Management

Artificial Intelligence (AI) needs explanation if it is to be more than a buzz word. A recent article in the Asian Cash Management Association (ACMA) journal by Joep Van den Brink from PlanFocus Software threw some light on it in the context of cash management.

AI software uses historic data of seasonal cash activity, monthly payday patterns and identified events in regional and cashpoint group calendars to predict cash demand and the need for cash pick ups and drop offs.

As the data set increases, and changes, the software is able to adapt and learn based on updating its statistical modelling. This is the ‘self-learning’ which is so often mentioned.

The data updates are both from long term data and data that is imported multiple times a day for each cash point, down to the denominational level. If this data is unavailable, or has gaps, then manual input is necessary for event activities.