Wi-Fi, sensors, mobile, and other digital technologies are changing how we interact with the world around us. They have introduced a new era of connectivity that’s dubbed as the Internet of Things (IoT). This enhanced connectivity opens up a chance to tap into and make use of any data collected thereby providing boundless opportunities to various industries. Due to its potential, IoT has gained a lot of traction in the business world, and different industries such as healthcare, retail, and banking are all trying to figure out how to leverage this potential to generate greater revenues from their activities.
As far as the banking industry is concerned, IoT is still in the planning stage, but it is expected to help the bank considerably in 2018 and beyond. Some of the top innovations that are to be expected are:
These days, customers across all industries have begun to demand personalized solutions for their different needs, and this is also applicable to the banking industry. However, a bank can only tailor solutions for a client if they have the necessary information about their buying behavior, current economic condition and their individual needs. But, with IoT, it has become possible for banks to …