Abstract
The main economic function of a banking system is financial intermediation between savers and borrowers. Most of the South African population utilises the automated teller machines (ATMs) for cash withdrawals daily. This results in machines not having enough cash, card jamming, and long service turnaround time. To reduce or eliminate this challenge the author proposes the use of Internet of Things (IoT) technology to monitor and predict the ATMs downtime. This technology can perform predictive maintenance in real time and share the data with the cash in transit (CIT) companies to replenish while the CIT vehicle is in motion or completing its routes. The system also caters for analysis and ATM performance monitoring. A needs analysis study was conducted to determine the formal process that could be utilised to improve the ATM efficiency by applying the Internet of Things. The emerging IoT platforms can be utilised to provide scalable banking applications and services for urban users. The Internet of Things can assist banks to cut costs by saving power, curbing pilferage, managing incidents such as stuck debit cards, Card reader malfunctions, stuck receipts, low cash reserves, high degree of power wastage and remotely control the ATM to shut it whenever the security alarm goes off.