bankingciooutlook

Ways IoT Makes Banks Customer Friendly

Banking CIO Outlook | Tuesday, January 19, 2021

Amid the tremendous digital upheaval, banks are capitalizing on how the Internet of Things can help build solutions that are tailored particularly to the needs of their customers.

Fremont, CA: Banking will become more efficient due to the Internet and its many linked gadgets, and the banking industry's future is becoming digitalized.

Whether it's about the future of retail banking or mobile banking, technology is playing a bigger part in daily lives. IoT is a component of this rapid transition toward the future bank, and customers and financial institutions must adapt to all these retail plus mobile banking trends.

Let's check some key ways how IoT makes banks customer friendly. 

• Customer-centricity

Amid the tremendous digital upheaval, banks are capitalizing on how the Internet of Things can help build solutions that are tailored particularly to the needs of their customers. As customer-centricity becomes more important, several of the world's major banks are reorganizing their front offices.

Today, banks' IT investments mainly focus on improving the digital client experience (79 percent ). Banks are responding to the mobile expectations of tech-savvy Gen Zers while continuing to offer convenient services to older consumers, such as phone banking.

• Chatbots

Because of the Internet of Things, incumbents have developed a 24/7 customer support experience through the use of virtual assistants or chatbots. According to Insider Intelligence, conversational assistants may save global banks more than 8 billion dollars in operating costs by 2022.

Smart chatbots utilize natural language processing and machine learning to improve with each client encounter and provide a more personalized experience over time.

• Wearable and smart speaker technology

The Internet of Things has allowed wearable as well as smart speaker gadgets to penetrate nearly every business, including banking. Consumers are flocking toward smart devices, implying that the banking sector has a lot of room to develop. Customers who do their banking using smart speakers benefit from the ease of delivering voice commands rather than physically watching 

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