IoT and the financial sector

If there is an industry that heavily invests in technology, this is the financial industry. In recent years, services and tools for security check, fingerprint reading, bankphone, and others, have opened up possibilities for new renvenue and made the relationship with clients more digital.

With the advance of the IoT (Internet of things) in all segments, financial institutions has already done the homework. According to a global survey, conducted by the technology giant Cisco, in the next 10 years the financial market may move 1.3 billion dollars with IoT.

With so many opportunities, some experts have coined the term “Bank of Things” with the certainty that technology, specifically the IoT, will transform the banking industry through innovation.

It couldn’t be different. The financial segment has an obligation to innovate to stay competitive and profitable. Digital and technological transformation is an ongoing process that anticipates the needs and demands of customers.

In this scenario, according to Cisco, the connected devices surpass the world population – 1.5 to 1- the IoT is already protagonist with its various possibilities and potentialities. It is up to financial institutions make the best use of these devices in favor of their businesses and their customers.

But how IoT can boost the financial sector?

In the USA it’s already a reality – at least for a few people – making payments through the “connected car”, that allows drivers to manage their necessities without taking their hands off the wheel. Another reality are connected devices, such as ATMs, check-in terminals and self-service machines that already offer new computational and communication features that interact with smartphones and wearable technologies.

Talking about wearable technologies, it is likely that in a short period of time the payment cards will be replaced by smartphones. It’s also possible that wearable technology may take over this space, and a clock, or even a snicker, may be used to buy and/or access your bank accounts. In this scenario, the access to financial services will not necessarily be accessed through a device with a screen.

For more cinematographic that all this may seem, it is true that the development of the IoT will transform the financial services. The more the objects connect to the IoT, the more the financial services will transform and get next to the reality that is about to come.

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