IoT Use Cases in Banking
The Internet of Things can be a competent growth driver for the financial industry to succeed. Most of the technology adoption cases in the industry might look far-fetched; still, the pace at which IoT is developing, the concept of connected banking is no more superficial.
Following are some prominent use-cases in which the IoT technology can revolutionize the banking industry
Personalization of Wealth Management
By using data processing algorithms, we can easily get wealth management insights. IoT technology in financial services will enhance further the accuracy and speed of collecting the information and also expand the present set of insights. IoT enables business leaders can get real-time financial data for facilitating and improving the decision-making process.
Better Security of Payments
IoT in the financial services will strengthen the newer forms and methods for payment, such as- smart cards and biometric tokens. ATM-based transactions will become obsolete as most devices have already started using smart card technology.
IoT is also boosting wearable payment methods. We will witness individuals making payments using the wristbands rather than carrying cards. Recently, a leading global Bank has introduced wearables for contactless payments.
An automated transaction IoT application in banking allows each of the payment transactions to be administered in real-time. Such technologies will enable the concept of “Internet of Value.” This concept is used for defining a secure and monitored trading environment where the entire payment procedure is controlled using a system of smart sensors and connected applications making IoT a critical regulator of safety.