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IoT Use in Banking

Goals

Identify instances of internet of things (IoT) use in banking.

Early Findings

Security

Transparency

  • The data provided by the IoT will allow loan providers to have detailed information on customers, thereby improving the decision-making processes of financial institutions.
  • Financial institutions can use the IoT to track clients' safety habits, and provided tailored insurance rates based on this data.
  • IoT also allows increased transparency with collateral management. Banks can monitor the quality of collateral in real-time, and requests for financing or ownership transfers can be automatic and completely digital.

Efficiency

  • IoT solutions tend to reduce transaction fees because of their increased efficiency, which makes them popular with customers.
  • Capital One in the US allows customers to pay their bills through Amazon's Alexa device, thanks to the IoT.

Customer Service

  • Through the data accumulated from the IoT, banks gather more and better quality data about customers' needs and interests, allowing banks to tailor user experience and better engage with their audience.
  • IoT allows banks to be connected in real-time with customers' activity, allowing them to track expenses, or limit or block an account if necessary.

Proposed next steps:

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