The banking industry is considered to be slow, conservative, and also open to various forms of bureaucracy. Owing to the multiple apprehensions and myths, the industry is often perceived as a slow adopter of technology innovations. Talking about Fintech organizations and modern banks, they have been the early adopters of opportunities offered by IoT technology.
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.