IoT: Reshaping the Finance Industry
The network of effectively interconnected devices also known as the Internet of Things or IoT collects data through micro-sensors and shares it with the cloud with the help the internet. All the applications of the IoT have made our lives comfortable and simple. With millions of devices getting connected to each other, trillions of data are shared in milliseconds and these results in the rapid development of businesses around the world.
IoT can also prove beneficial for the finance industry by helping bankers to overcome the challenge of designing services like ATM installation, investments, fixed deposits, and loan processing. Strategic planning with the help of the IoT results in higher productivity along with improved asset management. Sensors collect the data from the customer’s smartphone and stores it in the cloud’s database in an adequately arranged manner which can assist bankers to identify the customer’s choices and interests in finance. The bank can then design the services which will be useful for the target sectors like retail, hospitality, and agriculture.
Banks can also strengthen their loyalty to its customers by setting up ATMs in different areas which lack cash. The IoT data of the customers will provide the banks with a detailed analysis of the usage of ATMs in various areas to increase or decrease the installations accordingly. The IoT data can also help the finance industry to customize the value-added services on the basis of age, interests, regional financial behavior, and credit requirements. It can also be useful for loans repayment, timely recovery of mortgages and payment services. The IoT sensors can also be added to the retail borrower’s warehouse which will help the non-banking financial institutions to track the stocks and inventory.