Home Technology How Internet of Things (IoT) is helping financial services?

How Internet of Things (IoT) is helping financial services?

Internet of Things

While the internet of things (IoT) has been in the market for some time now, it has yet to have a full impact on the world of banking as it has for the sectors such as manufacturing and healthcare. However, this is destined to change soon. The majority of the financial sectors have already implemented the big data and IoT to increase the personalized services to the banking customers. For example, the Chatbots which deal with the minor issues of the customers The IoT based Chatbot can solve the customer’s concern and you don’t have to worry about billing actual resources. It also helps to connect the usage of the mobile device and translating it to the best services for the end-user.

Well, the IoT is not just limited to banking, when talking about the financial sector we can talk about Cybersecurity. IoT in fintech is helping the businesses from dangerous cyber-attacks. Companies now used the IoT based Wi-Fi humidity sensor to give personalized customer service to some of the industries. Because of the seamless integration, it helps in producing a real-time data analysis which helps for making better decisions in the future.

The other advantage of using an IoT platform is decision making. The Wifi vibration sensors used in the financial sectors help in the data collection and rectifying the faulty parameters. The financial institution can also leverage the use of the Wifi light sensor and Wifi vibration sensor for disbursing loans. With IoT based sensors, financial companies can watch the customer’s activities. The banking tools can be connected to smart wearable for user activities. The number of IoT based installed devices are increasing day by day and are transforming every industry.

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Some benefits of IoT in financial services are mentioned below:

Business Process automation

The interconnection network of IoT devices is helping the banks to streamline the business processed. The financial request handling, ownership of assets and processes are effectively managed with the IoT based smart devices. For example, the asset companies can lock the system enabled by the Wifi vibration sensor remotely, or the bank can remotely block the credit card when it is necessary.

Upgradation of ATMs

ATMs are an important part of the financial sectors. With the role of IoT based devices, customer experience can vary largely improved. The banks can save a considerable amount of time and revenue with smart ATMs. When ATMs is integrated with mobile devices the user can easily switch between accounts and cash deposit.

Capacity management

One of the powers of the Internet of things is the power of capacity management in financial institutions. The data gathering, processing and sharing help the customer data in real-time and the stakeholders can track it to achieve peak efficiency. Like the bank, managers can track how much cash to dispense in the particular depositing machines.

Transparency

The financial sectors like banks grant loans by checking the credibility of customers. IoT helps the banks to accumulate credit card history and can know if they are eligible for the credit. Also, the platform can get the exact details of the customers and assets. The car insurance company can access using the sensors to get the details of the drivers running behind those wheels. With IoT based sensors, the companies can obtain real-time thousands of different kinds of data. This data are then in turn used to make effective decision making regarding the loans, insurances and so on. Using the IoT in these financial sectors has saved millions of dollars till now. Similarly, the financial sectors can rely on agricultural sectors to get more profits. They can use the sensors and IoT based platform to get better yield and thus greater profitability.

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Improved Customer Experience and Satisfaction

Better customer experience means to gain more credibility for the business. There are lots of ways to enhance customer satisfaction with IoT financial services. Many banks are installing beacon to engage their customers who visited their office. The strategy includes product offers, personal greeting based on customer’s previous activities. The IoT financial services are providing a new approach to loan collateral tracking, risk-free investment decisions, and smart contracts. Hence, it helps the banking sector to reduce the costs of personal and business loans.

Some amazing benefits of connecting sensors to your bank account:

Connect Home Sensors

In recent times, many people are connecting home sensors to the financial institution to get innovative services. Connecting utilities smart meters help to pay the utility bills automatically. Customers can switch automatically switch between the suppliers to get the best deals. You can also connect a set of smart home sensors to an insurance company. This will improve the protection of insured house against theft, fire, leak, and flood, so reducing the risk of insurance claims. It also provides more personalized insurance pricing.

You will also get a view of your house statistics. The insurance company contacts a policyholder in case any threat is detected and sends an emergency response team. They will also propose improvements to the house to reduce the insurance premium.

Use Wifi humidity Sensor, Wifi vibration sensors, dampness detector, or other sensors to determine the condition of the house as loan collateral. This permits the financial institution to automatically issue a home improvement loan to cover repair costs when an incident occurs. It also permits the bank to automatically issue a work order to affiliated repairmen.

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Supply chain sensors

Supply chain sensors like Wifi light sensor, Wifi humidity sensors, temperature sensors, etc. are used to monitor the condition of inventory. These sensors are installed by the supply chain companies to increase their efficiency and profitability. The data of these sensors can be used by the banks to offer various products to SMEs and corporate clients.

UbiBot is a world-known brand manufacturing superior quality sensors for different purposes. All the devices available have the latest features and functionalities to simplify the monitoring process. These affordable devices are being used in companies, industries, homes, and many other places to monitor environmental metrics. The sensors are helping both individuals as well as companies to accurately measure and monitor the environmental conditions.

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