Intrigued
by the growing power and proficiency of the Wells Fargo ATMs I frequent (they
are using machine learning and predictive analytics to offer me the options I’m
most likely to want, given my interactive ATM history), I reached out to the
bank’s Corporate Communications office with a list of ten questions about the
AI in their ATMs. I got a prompt
response from corporate spokesperson Hilary O’Bryne, who e-mailed me, saying:
“Thank you
for reaching out! While we can’t comment on your questions below, there
are actually a couple of different cardless ATM features we’re planning to roll
out in the next year or so that you’ll likely be interested in. First, later
this spring, Wells Fargo customers will be able to use NFC [Near Field
Communication] technology to conduct ATM transactions without using a debit or
ATM card, instead using a mobile wallet. A customer initiates an ATM
transaction by authenticating through a thumbprint or passcode on their
smartphone, and holding the phone near an NFC-enabled ATM terminal. Once
authenticated, the ATM will proceed to the main menu, allowing the customer to
input his/her PIN and proceed to complete a transaction. Right now the
wallet that we support is Android Pay, and we’ll continue to evaluate
additional wallets.
”Additionally,
in late 2016, Wells Fargo will pilot a feature that allows customers to
withdraw cash from an ATM using a mobile app instead of an ATM card. First,
customers log into the Wells Fargo mobile app, select an account and request an
access code. When the customer arrives at the ATM, he or she simply types in
the 8-digit code and their ATM pin, and proceeds to the main menu to perform a
transaction.
“These new
functionalities give customers another option to access their accounts in ways
that are most convenient to them, and they exemplify Wells Fargo’s commitment
to innovation that helps our customers succeed financially. Wells Fargo
customers use all of our channels – everything from mobile to phone to stores
to ATMs – to manage their finances. But mobile continues to be critically
important, and it’s become the primary way in which millions of our customers
interact with us daily and 20 or more times per month. We’re excited to provide
our customers with another way to conveniently and securely make ATM
transactions how and where they are – and for many that’s on a mobile device.”
Here are
the unanswered questions I posed to the bank:
1.
Does
the software in the ATM network that learns about a user’s habits and offers
options based on their interactive history with it have a name?
2.
How
long has it been in operation?
3.
Was
it developed in-house by Wells Fargo or was it developed by an outside vendor?
4.
What
unique deep learning and predictive analytics algorithms does it employ to
reach its conclusions about what a user may want next when they access an ATM?
5.
How
much time and money does the ATM’s AI save for Wells Fargo and its customers?
6.
Does
Wells Fargo contemplate licensing the underlying software capabilities of its
ATM systems to third parties for further modification, extension and use in
other venues?
7.
Are
the predictive algorithms being used to present useful options to ATM users
closely related to other algorithms used by Wells Fargo to predict if a given
transaction may be fraudulent?
8.
How
do Wells Fargo’s predictive algorithms for ATMs compare with the systems in use
by other banks?
9.
How
have these enhanced capabilities been received by Wells Fargo’s ATM
users?
10. Do you consider your ATM’s predictive
capabilities to be a factor in enhancing user loyalty and retention rates?
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