The concept of IoT has impacted both our life and work style. It’s a gigantic network of connected things and human, which collects and share data about the way it used and about the surrounding around them.
IoT connects devices and helps to communicate, share information, anticipate needs, solve problems and improves efficiency. It is basically inter-networking of physical devices, vehicles, buildings, and other objects, embedded with electronics, software, sensors, actuators, and network connectivity that enables these “smart objects” to collect and exchange data.
In every sector including Banking and Finance IOT improves efficiency, accuracy and economic benefits.
IoT has the potential to completely change the way banking and financial services sector works. Since the banking industry deals with massive data transfer, gathering and analyzing of data, the IoT has a huge impact on it which benefits both the banking services and customer. IoT is the second biggest technological transformation in Digital revolution.
The IoT technology in the financial services is to help a consumer to save time, work smarter and to live a more active lifestyle. The IoT in banking and finance sector is still on a planning stage but there is an immense scope of innovation in it. IoT helps banking sector in every aspect, starting from an increase in revenue to better customer services.
The Internet of Things connects everything: people, devices, clothes, (almost) anything you can think of.
Financial institutions must prepare to capture more wallet share as this network of things will create new transactions, data sources and revenue streams.
Leveraging the IOT in BFSI and FinTech:
- Differentiated Offerings like Enhanced branch experience and Wearable payments, identity authentication
- Contextualized finance like Loan approval push message up on entering retail location and over spending alerts up on entering shopping mall
- Risk assessment and Profiling like Vehicle risk profiling based on driving behavior (Auto Insurance) and Personal health monitoring using fitness data and risk profiling (Health Insurance)
- Product Monitoring like Inventory monitoring for invoice financing and Equipment health monitoring and proactive alerts
Areas where IOT improve process in Banking and Finance Industry:
Management and Product Planning, Personalized Marketing, Cyber security, CRM, Proactive services, Data Analysis, Digital sensors and More.
SoftPath Technologies enables companies embrace Digital Revolution. We offer expertise in the area Mobile and Cloud (MWaas, PaaS, DBaaS) Business Process Management, Technology Integrations, SOA and Enterprise Content Management. We help our clients optimize cost, increase revenue, improve customer retention and increase customer satisfaction. For more information on our products and services please visit http://www.softpathtech.com.
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