The IoT has taken off and disrupted many leading industries.
In simple terms, IoT relates to any device that is digital such as computing machines, objects, or people that are unique and have the ability to transfer data to networks. This usually involves no human interaction or human to computer interaction. It basically does all activity on its own.
“A thing, in the Internet of Things, can be a person with a heart monitor implant, a farm animal with a biochip transponder, an automobile that has built-in sensors to alert the driver when tire pressure is low — or any other natural or man-made object that can be assigned an IP address and provided with the ability to transfer data over a network.” TechTarget reports.
As technology advances, people are relying on IoT more than ever. Every industry we know and are familiar with is affected by IoT and uses it to further advance business operations.
The finance industry is no exception. As IoT has expanded, so has the finance industry’s technology. So, what exactly has emerged from IoT and finance joining forces?
Fin-Internet Of Things
This dynamic duo has created new trends that have taken over the finance sector. The fin-internet of things refers to all the reasons how IoT has created a change in this industry. This can refer to Fintech, which has emerged when banks started to take advantage of developing the technology.
Whether you are using online banking transactions, gaining finance advice from a robot-advisor, or simply checking your bank account balance through an app using your fingerprint for access, fintech is used.
“The statistics are there: the IoT will contribute to nearly $2 trillion in global economic benefit. One of the main impacts of this gigantic trend will be on Fintech.” Finleap reports.
The finance industry relies so heavily on IoT simply because of how much data that goes through the financial networks. Since IoT works to make simple tasks smarter, banks use this to their advantage when dealing with customer data. It works to make sure that data is always secured. In fact, these banks are not planning on halting these efforts anytime soon.
“IDC Financial Insights predicts that retail banks will spend over $16 billion on digital information technology initiatives, and this spending will continue to increase. In fact, according to PWC’s 6th annual digital IQ survey, financial services is one of the top 10 industries that has been investing in sensors for potential IoT innovations.” Fintech.Finance reports.
Why Banks Are Using Fin-Internet Of Things
The purpose of IoT is to make experiences smarter and innovative. Because of this reason alone, banks are relying on IoT to create an engaging customer experience for their consumers.
This could include anything from creating a seamless banking app that customers can use at any time. If it’s one thing that banks have caught onto, it is that customers love easy transactions while banking. IoT makes this happen.
IoT also creates personalized messages for consumers, like notifying them of benefits and discounts. Banks are adopting this strategy from the retail sector, which has mastered this tactic in order to engage customers and create long-lasting relationships.
“Recent research shows that consumers who receive personalized messages are nearly 20 times more likely to buy.” Fintech.Finance reports.
Fin-Internet is disruptive, leading finance enterprises into a whole new type of sector that dominates customer service and positive interactions using innovation and all advancements in technology.
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