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IoT in Banking
IoT in Banking-Banking is becoming more convenient thanks to the Internet, and the future of the banking industry is growing increasingly digital.
Whether discussing the future of retail banking or the future of mobile banking, technology is playing a larger role in our everyday transactions. The Internet of Things (IoT) is part of this rapid evolution toward the bank of the future, and both consumers and financial institutions need to adapt to these retail and mobile banking trends.
Below, we’ve detailed the past, present, and future of the banking industry as it relates to the IoT, and how these emerging technologies will transform the way we conduct our financial business.
IoT in Retail Banking
Retail banks have actually been using an early prototype of an IoT device for decades: the automated teller machine (ATM). Since their widespread adoption, ATMs have been one of the top IoT devices that make banks far more efficient by removing the need for long wait times to see a teller at a brick-and-mortar bank.
These “smart ATMs” should help drive down costs for banks by reducing the number of employees needed inside traditional branches. Furthermore, a recent Chase survey showed that younger generations are more likely to use ATMs than older people.
As we move forward, banks are turning toward new IoT technologies to enhance the user experience and reduce costs. Some banks have started using beacons, for example, to send customized offers right to customers’ smartphones as soon as they enter the branch. And some ATMs now have live stream video support that allows customers to speak to tellers if they need additional assistance.
