{"id":9213,"date":"2020-08-05T06:36:44","date_gmt":"2020-08-05T06:36:44","guid":{"rendered":"https:\/\/www.experfy.com\/blog\/?p=9213"},"modified":"2023-11-22T12:19:51","modified_gmt":"2023-11-22T12:19:51","slug":"5-ways-iot-transforms-the-financial-tech-world","status":"publish","type":"post","link":"https:\/\/www.experfy.com\/blog\/fintech\/5-ways-iot-transforms-the-financial-tech-world\/","title":{"rendered":"5 Ways IoT Transforms The Financial Tech World"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"9213\" class=\"elementor elementor-9213\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"has_eae_slider elementor-section elementor-top-section elementor-element elementor-element-cb47550 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"cb47550\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"has_eae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5f5dbaa5\" data-id=\"5f5dbaa5\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6a800efd elementor-widget elementor-widget-text-editor\" data-id=\"6a800efd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\n<p>The Internet of Things, or IoTs, are known to give users instant data collecting and processing. With IoTs giving users (and even financial tech companies, now) access to valuable data like insights on users\u2019 behavior and preferences. With this valuable data, fintech companies and service providers can now do the following:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Provide more effective customer service to their clients<\/li>\n<li>Efficiently manage risks<\/li>\n<li>Make better business decisions<\/li>\n<li>Ensure improved security for themselves and their customers<\/li>\n<li>More mobility and convenience, especially when clients use smart wearable devices<\/li>\n<\/ul>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a44edb5 elementor-widget elementor-widget-text-editor\" data-id=\"a44edb5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\n<p>So, with all these benefits at first glance, how can IoTs transform our banks and financial institutions as we know it?<\/p>\n\n\n\n<p>Since the future of IoTs and such apps are being talked about now, here are the five major ways that they\u2019re changing the way we bank.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d2d097f elementor-widget elementor-widget-heading\" data-id=\"d2d097f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><h3>1. <strong>Upgrades On ATMs<\/strong><\/h3><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0e374af elementor-widget elementor-widget-text-editor\" data-id=\"0e374af\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\n<p>\u201cFor years, ATMs have played an important role in improving customer transactions at their bank,\u201d says Finn Gosman, a business writer at <a href=\"https:\/\/studydemic.com\/\" rel=\"noopener\">Study demic<\/a> and <a href=\"https:\/\/academadvisor.com\/best-essay-writing-services\/\" rel=\"noopener\">Academ advisor<\/a>. \u201cBut with IoT devices becoming more a part of our lives, now banks are considering ATMs to go IoT.\u201d<\/p>\n\n\n\n<p>Smart ATMs are already in talks of transforming customer transactions with more flexibility and convenience. So, how does it work?<\/p>\n\n\n\n<p>\u201cSmart ATMs will be able to integrate with mobile devices, so that the bank can offer a number of services to its users,\u201d adds Gosman. \u201cWith smart ATMs, you\u2019ll be able to do just about any type of banking task straight from your device, from transferring funds between accounts to doing cash deposits.\u201d<\/p>\n\n\n<p>On the other hand, banks will be able to save the time it takes for employees to manually do such tasks for customers, and grow their revenue by up to 30%, thanks to the enabling of smart ATMs.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-56e0cb1 elementor-widget elementor-widget-heading\" data-id=\"56e0cb1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><h3>2. <strong>Improved Experience With Credit Cards<\/strong><\/h3><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e253177 elementor-widget elementor-widget-text-editor\" data-id=\"e253177\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\n<p>With IoTs, banks can improve how they issue credit cards to people, as well as monitor card activities without making any detrimental and costly changes to how they go through point-of-sales. Using convenience as the driving force, banks can interact with clients in real-time with IoT-connected interactive wallet cards, which provide two-way communication between the two. This allows cardholders to ask the bank questions at any time, using the card-embedded display, which connects them to the services to, say, make a quick account change, or get more information on a certain card issue.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8b56267 elementor-widget elementor-widget-heading\" data-id=\"8b56267\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><h3>3. <strong>Automated Processes<\/strong><\/h3>\n<!-- \/wp:heading --><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c1ce315 elementor-widget elementor-widget-text-editor\" data-id=\"c1ce315\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<!-- wp:paragraph -->\n<p>IoT devices (a strong network of them) will let banks and financial institutions automatically commence important business processes remotely such as financial requests handling, transferring ownership of a specific asset, delaying any payments at a customer\u2019s request, etc.<\/p>\n<!-- \/wp:paragraph -->\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7227347 elementor-widget elementor-widget-heading\" data-id=\"7227347\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><h3>4. <strong>Better Security At Banks<\/strong><\/h3><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e545baa elementor-widget elementor-widget-text-editor\" data-id=\"e545baa\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<!-- wp:paragraph -->\n<p>Security is one of the top priorities of banks and financial institutions. And the good news is, smart IoT devices will help these companies by providing better security to their branches. IoT-driven devices such as cameras and motion sensors can connect to the Internet. As they connect to the Internet, banks and financial companies will be able to prevent money losses caused by theft or malware.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Here\u2019s how IoTs can enhance security systems in banks and institutions:<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:list -->\n<ul>\n<li>Monitor activities done in facilities, ATMs, etc.<\/li>\n<li>Sense gas and smoke around branches<\/li>\n<li>Instantly react to thief intrusion and any other suspicious activity, alerting police and blocking criminals in a bank or ATM<\/li>\n<\/ul>\n<!-- \/wp:list -->\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3652074 elementor-widget elementor-widget-heading\" data-id=\"3652074\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><h3>5. <strong>Customized Customer Service<\/strong><\/h3>\n<!-- \/wp:heading --><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-82bceaa elementor-widget elementor-widget-text-editor\" data-id=\"82bceaa\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<!-- wp:paragraph -->\n<p>\u201cCompanies can learn more about their clients and predict customer needs and requirements with the use of IoT applications,\u201d says Keira Caird, a tech writer at <a href=\"https:\/\/revieweal.com\/top-uk-writing-services\/\" rel=\"noopener\">Revieweal<\/a> and <a href=\"https:\/\/bestbritishessays.com\/ukwritings-com-review\/\" rel=\"noopener\">Ukwritings<\/a>. \u201cWith IoT apps, companies can gather real-time insights about the customers\u2019 needs and interests, and then offer the right products and services to their users, creating a customized experience for the consumer.\u201d<\/p>\n<!-- \/wp:paragraph -->\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-73ebfb8 elementor-widget elementor-widget-heading\" data-id=\"73ebfb8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><h3><strong>Conclusion<\/strong><\/h3><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2e9824d elementor-widget elementor-widget-text-editor\" data-id=\"2e9824d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<!-- wp:paragraph -->\n<p>Along financial institutions have been slow to change the way that they do things, they still believe that there\u2019s room for improvement, especially when they have customers rely on them, when it comes to banking. And with more and more using IoT devices, there\u2019s no better time than now for banks to take advantage of this digital trend.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Although there\u2019s still a lot to learn about IoTs, banks will soon look to such devices to not only do business with customers, but also improve the banking infrastructure to where services are safe and secure. As you can see from the benefits that we\u2019ve listed in this article, it\u2019s a win-win for banks and clients.<\/p>\n<!-- \/wp:paragraph -->\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>There\u2019s still a lot to learn about IoTs, \ud83c\udfe6banks will soon look to such devices to not only do business with customers, but also improve the banking infrastructure to where services are safe and secure.<\/p>\n","protected":false},"author":876,"featured_media":9218,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[192],"tags":[99,93],"ppma_author":[3914],"class_list":["post-9213","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fintech","tag-fintech","tag-internet-of-things"],"authors":[{"term_id":3914,"user_id":876,"is_guest":0,"slug":"kristin-herman","display_name":"Kristin Herman","avatar_url":"https:\/\/www.experfy.com\/blog\/wp-content\/uploads\/2020\/08\/kristin.j.herman.jpg","user_url":"https:\/\/oxessays.com\/services\/dissertation-writing","last_name":"Herman","first_name":"Kristin","job_title":"","description":"Kristin Herman is a project manager at OX Essays online writing service and a tech enthusiast."}],"_links":{"self":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts\/9213","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/users\/876"}],"replies":[{"embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/comments?post=9213"}],"version-history":[{"count":4,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts\/9213\/revisions"}],"predecessor-version":[{"id":34273,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts\/9213\/revisions\/34273"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/media\/9218"}],"wp:attachment":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/media?parent=9213"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/categories?post=9213"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/tags?post=9213"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/ppma_author?post=9213"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}