The growing use of IoT devices by banking customers has had a direct correlation to the increase in the use of the customer generated IoT data by financial institutions themselves. Banks are now using this IoT data to transform the experiences of their customers by offering customized services and tailored products to them. Banks and other financial institutions today are converting the data derived from IoT end point devices into actionable intelligence more readily than ever before. The article that follows takes a deep dive into all the ways in which these institutions are putting the IoT to work more effectively.
In financial services, the Internet of Things (IoT) is considered the next big thing. IoT is a network of devices connected through the internet which obtain and transmit data. Internet of Things is the independent communication occurring between objects that allow the optimization of operations, reduction of costs, boosting productivity, and improvement of lives. The connecting dots in the sphere of IoT and the subsequent devices transform the experience of customers in the banking environment. Over the past few decades, there has been an evolution of the internet from a set of documents or interlinked hypertext to a network of objects, people, applications as well as devices.
In just a few years, there was an enormous increase in devices from just millions to billions while also increasing the time that people spend on the devices. In 2016, it was estimated that 75 percent of the population in the world had access to the internet often connecting in excess of 6 million devices. With 4.5 billion people accessing the internet in 2019 and the number of gadgets connected via the internet increasing, then the Internet of Things becomes something of interest.
IoT developer teams are helping banking institutions to develop apps that help transform the experience of the customers utilizing IoT data.