IoT in Retail Banking

Written by CFTE’s Experts

Internet of Things is a description of various devices connected to each other via the internet that share data. Retail banking services today use it, and it is changing and improving the way retail banking is done today, especially for the customers.

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How IoT is changing Retail Banking

While it may be hard to see the true scope of change in retail banking, some of the basic elements that can be easily recognized and understood is discussed below:

Retail Banking is Becoming Fast and Convenient

IoT has brought a lot of ease for retail banking customers. All the data and functionality are digitized, so the need to visit the bank for minuscule things is a thing of the past. Moreover, customers can get everything done, from cash transfers to a balance inquiry from the comfort of their homes. With a lower need to wait in lengthy lines and quick data retrieval, customers’ and employees’ time and energy is being saved.

Chances of Fraud is Decreasing Significantly

The Internet of Things is leading to more security in retail banking. As so many devices are interconnected, the verification and confirmation process has become more effective, and fraudsters are unable to scam or trick employees or customers. In other domains, while IoT has given newer opportunities to scam people, banks are better able to cope with that by using the technology to their advantage.

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There is a Need for Even Fewer Employees

While it’s arguable if this point is good or not, it stands true that the need for a lot of employees for banks is decreasing. Since everything is automated, the need for complex paperwork is no more, and lesser people are needed to manage and carry the banks’ functionalities.

Some Applications of IoT in Retail Banking:

Some interesting applications of IoT in retail banking are as follows:

ATMs are the most basic example of IoT.

– In South Africa, basic selfies may be used for ID verification in Banks.

– Tracking of customer’s inventory as it moves through the supply chain.

– Most banks are working towards providing wearables like, Apple watches and FitPay.

Companies using IoT in Retail Banking

Some are some companies using or producing IoT for retail banking:

Bank of America

Bank of America is a financial service company based in North Carolina. They are working on wearables for their customers.

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Standard Chartered

This is a UK-based bank that is implementing effective IoT solutions for their retail banking every now and then. They have made a big name all around the world, and many of their branches are present in different countries.

Itransition

It is a software company that is focused on creating IoT-based solutions for banks. They have provided various banking systems with very interesting solutions thus far.

Conclusion

With newer technologies and more creative ideas, the Internet of Things may change shape and form with time, even further. With Society changing, we may see a complete overhaul and paradigm shift in retail banking. People of today may not even recognize the banking of tomorrow, thanks to IoT.

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