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How is the Internet of things reshaping the banking industry?

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The Internet of Things (IoT) is evolving at a rate of knots. Bricks and mortar banks need to respond to the dynamism in the payments arena by providing online and mobile services that meet exigencies of the market. FinTech innovation has created an entirely new paradigm that can render old-school methodology defunct. 

If banks don’t keep up with the current changes with the Internet of Things, they could find themselves at the back of the line. Digital devices, novel technologies and widespread innovation are driving the banking industry in ways never seen. In the days of old, checkbooks, credit cards, and bank visits were necessary. Today, none of that is.

How is the Internet of things reshaping the banking industry?

For one thing, cloud computing technology is here. Throw in AI (artificial intelligence), big data and machine learning, and it’s a whole new ballgame. The interrelatedness of these types of technology ensures that constant upgrades, analysis, and technical expertise is needed in the banking industry. Banks have the wherewithal to meet these challenges head on. They are operating at the forefront, with vast resources at their disposal. Ironically, it’s the smaller FinTech companies that can navigate these volatile waters more easily than the …

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