How Banks can undergo Transformation with IoT in use

May 14, 2019

The evolution of technology is impacting every industry including banking. Of all the advancements, the Internet of Things or IoT has made its implications being felt in the banking sector.

The technology is producing an incredible value for the banks and the whole banking system by creating a network that is secure, improving protocols, enhancing data mining, and contributing to service quality.

Banks are embracing IoT with all enthusiasm as they know it will make their work processes easy, much more transparent and secure in the long run. Let’s see the benefits they are getting with the adoption of IoT.

Regular alerts to avoid unnecessary spending

The banks can give financial advice or suggestions to their customers whenever they passed through a store or attempt to make payment for the item. The banks-trusted infomediaries of the customers can send alerts to the customers to avoid eating outside as they have exceeded their limit for it in that weekend.

Better control over mortgage assets

IoT is a big help to regularly examine the value of mortgage assets. By leveraging IoT, the financing request and the transfer of ownership in mortgage-based loans can be processed automatically in a matter of seconds. The value of these assets can be calculated in real time and in any fraud can be easily found.

Smart homes, Smart bank accounts

The merger of bank solutions in smart home devices, accounts and spending can be managed automatically. The appliances and utilities that are already connected with smart home devices can be connected with the banks for payment and budgeting. The IoT app can also track the items in the refrigerator that are low in stock, and then look for the best deals and order the items by making the payment on its own. It can give a detailed analysis of the household expenses, spending on shopping and then provide statements for the bills.

Connecting the connected cars with banks

With the development of IoT, the banks can allow cars to pay for the fuel and toll tax. The cars can too have an account that will give them a complete picture of the car servicing and insurance and works as personal finance management for driverless cars at the same time.

IoT can help serve customers in a more personalized way and alongside create a compelling experience to respect their privacy.

 

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