IoT in BFSI
IoT has made an impact on everyone. We are now connected to each other, and the internet, through several electronic devices. These interconnected intelligent devices have become ubiquitous and seamlessly fit into our day-to-day activities.
But, IoT is not restricted to retail and manufacturing. It is slowly, yet surely, also changing the BFSI industry.
IOT in Banking
Customers today demand convenient and personalized services whenever possible. A huge number of people are opting for online banking, mobile banking apps and, most recently, contactless payment technologies.
IoT can track and analyze the behaviors and demands of their customers. With this information, they can focus on providing customers with a more personalized experience, context-aware offers, and insights. Banks can also achieve a new level of understanding of the needs of both consumer and business clients, thus, attaining a new level of customer intimacy. IoT can help banks to innovate and come up with better ways to improve risk management and overall operational efficiency.
Implementing IoT in the banking sector will provide business clients and consumers with a holistic view of their finances. Also, banks can present their customers with more customized products and solutions.
IOT in INSURANCE
Today, insurance companies are leveraging connected devices for several different initiatives. Some insurance companies are adopting the use of automotive sensors. These sensors help insurers in gaining better information about product design defects, so that they can price coverage and premium more accurately in case of an automobile casualty.
One of the interesting implications of IoT in insurance companies is providing users with usage-based insurance. In a personal life and injury insurance, all kinds of risks are covered under a single policy. But, by using real-time and fine-grained data about personal behaviors, firms could fine-tune coverage to potentially add or eliminate certain risks. This would certainly make the pricing task a complex procedure but would yield improved customer satisfaction.
Within the BFSI & Fintech industry, another IoT opportunity lies in the insurance vertical, specifically within risk management. With the introduction of Usage based insurance drawing advantages of telematics (in-vehicle telecommunication devices) Insurer can get the data back from device and decide premium based on driver’s behavior. So that they can assess drivers risk and premium accordingly. So, this not only benefits the insurers but also the drivers as their reduced premiums are better representations of their safe driving behavior.
IOT in INVESTMENT AND WEALTH MANAGEMENT
Especially in Investment and Wealth Management IoT can helps consumers and businesses undertake tailored investment decisions and asset allocation based on behaviors, personal choices, and geographic considerations. For example, IoT can provide a better understanding of a client’s interests and purchasing patterns. This could enhance their wealth management. Investment companies could also offer tailored solutions based on these data. This kind of analytical approach can potentially provide a more accurate model of investor risk tolerance.
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