The use of IoT in the Banking sector has not picked up the pace yet but it’s trending for sure.
Its use is very limited in the current scenario, right now it’s a very slow poddle towards gaining the full momentum. Quickly things will be quite different as this line of communication deepens its roots in B2B and B2C communications realm. Though other industries like retails and manufacturing are leveraging its benefits. The scope of using IoT in the Banking Sector is trending quickly as some of the banks have already started to use it. It’s gaining huge traction and various sectors are exploring the ways to harness its immense potential for increased revenues.
A Short description of IoT: What It Is? How Is It Beneficial?
IoT is an abbreviation used for the Internet of things. The use of many-a-types of physical objects with a net connectivity to connect with other Internet-enabled devices and systems not the typical ones like laptops and desktops.
The possibility to connect with various physical devices that are having an IP address to the internet just like the way traditional ones i.e. desktops, laptops, mobiles, Tablets, etc. are connected, gives it an edge and open the door for many possibilities of newer and more personalized ways of engaging the customers at any given point of the time. This can leverage any sort of B2B and B2C marketing communications in a way that will make it more simplified and consumer-centric.
It Extends Connectivity
Many physical devices with an IP address can connect to a network just like the traditional ones did. On an average, there are more than 12 billion different types of devices currently being used for this purpose and the estimated count will grow up to 26 times by 2020. This is huge. A diverse range of everyday things has the potential of being used as IoT. In the era of super connectivity, this is certain to get harnessed soon.
It’s Utility In Banking Communications
Either its B2B or B2C IoT can be used in a very impressive way.
A better customer service is the most important area where the banking sector can use the potential of IoT. Main areas in banking where IoT can be useful are-
- Planning of product and its management- Data collection can be done and then utilized in the planning and the management of the products.
- Customized Marketing- Customers are more inclined towards personalized banking experiences. This will be a milestone to achieve by the help of the IoT devices. It will lead to the betterment of customer services which is a crucial thing.
- Proactive Service- Handling complaints and concerns related to the products or services can be easily done with the help of IoT devices in lesser time and thus averting huge losses.
- Wearables in Banking- Basic banking uses like checking the balance and the transaction history are the must-have features in the wearables and remote assistant device. Wearables and remote assistant devices like Amazon Alexa can be used for this purpose.
The Scope of IoT in the Banking sector is immense and this sector is focusing on the ways to utilize it more and more. Indeed better scope and the huge potential of the betterment of services.