bankingciooutlook

How does IoT help to Grow the Finance Sector

By Banking CIO Outlook | Thursday, November 22, 2018

As Adoption of online transaction is growing rapidly the financial sector has to transform itself to be enabled to personalize engagement of the customers with the help of IoT technologies. The IoT (Internet Of Things) technology is empowering the financial sector in a remarkable way. IoT provides the sector with a better commercial result. According to PWC, financial service is one of the booming sectors that has been investing in potential IoT innovation.

Management and product launching: IoT helps in debit or credit card holders with more rewarding experience. IoT enables financial organizations to have the collections of information and assesses the data from ATMs at different locations and highlights those areas which receive the foot traffic and taking the decisions about ATM installation.

Cyber security: Data security is one of the important aspects of the financial industry. With so many people going online to manage their accounts financial sector is rising with the huge amount of data every day. Hackers are lured to the sector because it is surging of personal information of the customers. The financial sector should take help of IoT because it is able to detect breaches and resolve it quickly.

Proactive services: Service faults and product changes are handled using IoT by the organizations. IoT helps in detecting issues or faults and solving it quickly. Also, service representatives are provided by better solutions for the customers by making them able to access customers’ previous activities.  

Tailored marketing: Nowadays customers prefer personalized solutions for their needs in every sector and financial sector is no exception. A bank can tailor solutions for the customers if they have the necessary information about customers’ buying behavior, the value of their assets, spending habit, and periodic income. IoT enables banks and financial sectors to manage the track of the activities of customer and comes up with solutions which grow customers’ engagement and loyalty for the organizations. 

Wearables: These devices have the potential to render the passwords irrelevant. Wearable technology, which is able to proximate to the body, utilizes biometrics to authenticate the customer anytime.

Capacity management: Financial sector expands their network of offices constantly and also it needs to grow with efficiency. IoT is capable to monitor the number of customers come every day to the offices by keeping track of the average number of customer come, using these records data, organizations can make decisions about setting up new branches and also provide employees an estimation work and time by the records.

The finance industry, with IoT, has been driven by a major disruptive impact. IoT has gained a lot of traction inside the industry. While the use of IoT in the financial industry is still in the planning stage, some of the technologies as biometric and positional sensors are helpful to track the quality control in a better way. 

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