How banks are using internet of things

It is fair to say  that most of banks haven’t really got into the wave of the IoT trend. Banks have largely focused on other digital technologies that may help them free off competition from so-called competitive banks and start-ups.

For organizations in banking they should focus on; faster payments, improved operability and more responsive mobile services are the main points of focus for innovation,despite interest in technologies such as AI and robotic process automation to deliver what financial services industry. Below are good examples on how banks are utilising internet of things.

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 Banking on wearables

Wearable devices have arguably been the easiest way to ‘win’ for banks so far, thanks for rapid  growth in ecosystem of devices and the relative low cost associated with getting started. Many banks now provide applications for popular wearables like Apple Watch etc.

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Pumping up payments

On the face of it, an IoT-powered beers pumps sounds like nothing more than a PR stunts, but there is some logic here. In a trial in a London bar late last year.

 Blockchain-based smart contracts

Blockchain’s potential to keep a secure record of authenticated transactions, in financial services and beyond. Some banks are already trialling these  technology

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Chatbots offer better customer experience

Chatbots have seen some adoption in retail banking, and no surprise – this is an easy and relatively affordable way of automating customer service enquiries.

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