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Artificial intelligence (AI) is transforming how financial institutions serve their account holders. From chatbots to hyper-personalization and strategic planning, AI is powering the next generation of banking.

But even the smartest AI needs quality data to work its magic. This is where branch and ATM locators come in. By collecting and analyzing locator data, banks and credit unions can feed their AI the insights it craves to deliver superior service.

Here are four ways integrative branch and ATM locators can boost AI capabilities:

Locators Track Service Popularity

AI is only as smart as the data behind it. Locator platforms like Wave2 gather tangible usage statistics on branch and ATM traffic. This allows banks to see which locations and services account holders are using most.

For example, locators can reveal whether a new ITM or offsite ATM gets more search interest, click interest, and overall traction than expected. They also display overall patterns – documenting which sites are the most searched and when – key indicators into account holder preferences, behavioral data, and likely utilization and awareness.

With these granular insights, financial institutions can deploy AI chatbots, alerts, and recommendations that directly reflect customer behavior. If Saturday mornings see a surge of interest in drive-thru ATMs, AI could use chatbots and alerts to prompt account holders about the wait times or suggest using the mobile app instead. If new ITMs are added in a popular search region, AI generated content and conversation could direct account holders to those areas. 

Locators Provide Realtime Location Information for AI Usage

When it comes time for AI agents to interact with customers, accurate and timely information is critical to success. Locator APIs can provide very detailed and targeted information that is required to make that a reality.

Here are two examples from the Wave2 Locator: 
1) The Wave2 Locator APIs provide real-time location information and detailed data about your branches, ATMs, ITMs, surcharge-free network locations, shared branches, retail installations, and more. These are updated constantly with fresh data and will allow an AI interaction to be always up-to-date and correct.

2) The Wave2 Location Alerts APIs allow you and your network partners to provide timely and targeted information about emergency closures, extreme weather issues, and more mundane things like service and maintenance windows.

Wave2 Locator Tracking and Reporting Data Visualization

 Locators Show Access Preference Trends

Account holders today expect omnichannel access. Locators give AI the data to deliver it. 

By tracking search trends for branches, ATMs, ITMs, mobile, and online banking, locators spotlight changing access preferences. AI can then use this to personalize offerings based on channel affinity.

For instance, when a branch’s foot traffic has prompted the institution to close its doors local account holders may start searching for access to services nearby. However, locator data may reveal that most of the services desired could be covered by an ITM rather than a full branch.

AI could boost advertising and notifications for nearby ATM and ITM locations that can better meet the needs of account holders and consumers who may have interacted with the closed branch.

In essence, locators map the ideal mix of physical and digital touchpoints for each community– intelligence AI can be implemented when engaging current and potential account holders. 

Locators Pinpoint Opportunity Zones

Lastly, branch and ATM locators supply AI with geographic search data. By seeing which locations account holders are looking up most often, financial institutions gain a heat map of untapped markets.

For example, heavy traffic on a locator site coming from a growing suburb could prompt a pop-up branch or micro-ATM installation. The AI could then promote the new site and relevant usage offers to site visitors from that area.

Likewise, locators list where search traffic originates. Lots of searches coming from a tech hub without a nearby branch may indicate an opportunity for a digital-only expansion. AI bots can then provide online welcome offers to high-potential customers there.

In essence, branch and ATM locators feed AI a real-time map of growth opportunities–allowing smart targeting of services for future growth.

The Key Role of Locators in AI Banking

As banking evolves, the institutions investing in AI and making data-driven decisions and content will lead the pack. Comprehensive branch and ATM locators are one key to this next-gen AI capability.

By equipping AI with granular locational insights, and timely location data, banks and credit unions can hyper-personalize offerings and identify expansion opportunities. Ultimately, leveraging rich locator data is what takes financial AI from a fancy buzzword into a game-changing business tool.

Discover how the Wave 2 branch and ATM locator can provide your financial institution’s AI plans with real, actionable data. Contact Us Today!

Wave2 Contact:
Jason Green, Co-Founder
301.652.1245
jgreen@wave2.io
Schedule a Demonstration & Discussion

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