4 Ways The IoT Is Helping Financial Services Support Their Customers

#Discussion(IoTStack) [ via IoTGroup ]

Given the breadth and scope of the Internet of Things (IoT) it’s no wonder that this emerging technology is disrupting various industries.One particular sector it’s affecting is banking financial services and insurance (BFSI).

We’ve already covered how the IoT is transforming personal finance.Below are a few ways how the IoT is helping financial services support their customers.In our aforementioned article on the IoT in personal finance we discussed how the amount of data collected by the IoT helps individuals make better financial decisions.

The same thing can be said for financial service providers.With IoT applications these companies can collect real-time information not just on their customers but also on their own operations.For example businesses can analyze how customers use their services to determine points of improvement.With the IoT businesses might even decide to further adopt it and streamline their workflows.For example ATMs equipped with IoT sensors can help with predictive maintenance and prevent downtime.

Banks can use the IoT to connect with wearable devices and enable contactless payment methods.Financial companies can even benefit from the IoT infrastructure used by eCommerce platforms like Shopify.Today it’s gone further by partnering with IoT company Apptricity to help businesses — like those that sell collectibles as investment assets — automate inventory management.Financial companies need not stop at using the IoT to improve their services.BusinessWire reports that 72% of customers want more personalized financial services and the IoT can help you get there.This capability of the IoT is made even more crucial with the MSSP Alert reporting that 6 in 10 institutions within the global financial sector are hit with increasingly-sophisticated cyberattacks.The IoT can discern deviations in a customer’s typical user behavior alert them immediately and allow them to disable contactless payments via any IoT-enabled device.Dedicated

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