TRANSFORMATION ON THE HORIZON WITH IOT IN BANKING
Do you realize the power of Internet Of Things?
Analysts at Gartner predict there will be 25 billion smartphones, smartwatches, wearable, connected cars and other connected devices by 2020. An amazing forecast that strongly indicates the influence that machine-to-machine (M2M) connectivity is going to have on our society, culture and business.
With such Fintech innovations, look at how the banking industry can figure potential ways in which IoT can help take banking to the next level.
IoT Generated Data Creates Personalized Customer Experience:
Machine-to-machine connectivity that enables the mass collection and exchange of information from sensors and objects opens up multiple opportunities for banks, who will be able to better track and analyze the behaviors, wants and demands of their customers. This, in turn, will allow banks to provide customers with a far more personalized experience, with targeted advice, context-aware offers and insight.
Banks may use IoT technologies to generate more intelligent and personalized customer cross sell opportunities, for example. And IoT will help banks to innovate and devise better ways to improve risk management, reduce costs and improve overall operational efficiency.
Stay Ahead of the Curve with IoT:
Biometric and positional sensors, for example, are likely to help banks to track both the physical performance of individuals and to track the shipping of goods and manufacturing quality control better than ever before, which in turn will help to improve underwriting processes and reach new markets. One example here might be the potential benefits to banks from new types of sensor that monitor the activity and condition of retail industrial and agricultural businesses, such as connected field devices in manufacturing or agricultural sensors that monitor livestock.
In terms of consumer-facing retail banking branches, IoT could also be used to assist customers with new and improved video tellers and kiosks that will be equipped with sensing technology that will be able to biometrically recognize the customer from the moment they enter the branch.
Wearable, Smart Home Devices & Connected Cars:
More advanced IoT implementations include the ability to conduct basic banking using wearable (smart watches or fitness bands) and voice-first devices. The rapid expansion of the Internet of Things (IoT) offers payments companies an opportunity to expand beyond mobile phones, cards, and point-of-sale devices, to a broad and diverse ecosystem of internet-connected devices. This is enabling the beginning of “invisible” or “connected” payments.
Bankers expect consumers to commonly make transactions using appliances or smart home controllers in the next 2 years. These categories range from voice-first devices to Internet connected appliances. We expect people to pay for things through their cars, beyond just tolls, fuel and parking, car-based payments would also include drive through restaurants and other applications using the car’s infotainment systems.
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