Internet of Things industry is developing rapidly and it provides people with a range of digital devices and sensors all around the world. As IoT is surrounding us in all fields of activity, banking area is also striving to make use of IoT and get some benefits.

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2. 2
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6.5
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20
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Internet of Things industry is developing rapidly and it provides people with a range of
digital devices and sensors all around the world. As IoT is surrounding us in all fields of
activity, banking area is also striving to make use of IoT and get some benefits.
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3. Increased Transparency
With IoT solutions, banks and financial organizations gain real-time data on their own
and their clients’ assets
For example, when individuals want to insure car or house, using the IoT, they can
always get access to the up-to-date information regarding patterns of using the insured
product. If they insured the car, they can see all regulations and rules concerning all
insurance cases gathering sensor data from any point - whether it be their home or car.

4. Smart sensors help companies reduce
building management system deployment
and operating expenses by 30%

5. Secured Payment
Smart gadget manufacturers offer multiple tools to secure payment transactions.
These include tokens (Visa Token Service), biometrics-based authentication programs
(Precise BioMatch Embedded) and the Magnetic Secure Transmission technology
paired with mPOS terminals.
For example, If you want to withdraw some cash, you should simply schedule a session
via a mobile app, walk up to the nearest ATM and choose one of the available
verification options (QR code recognition or iris scanner).

6. Enhanced Customer Service
. Today customers can always stay in touch with bank through smart devices. IoT will
gather more data about customers, their behavior, and preferences. The IoT
connections facilitate a widescale data collection about users.
This data helps banks understand their customer better and offer them more
interesting and personalized experience
For example, imagine network of sensors and beacons with appropriate software are
being used to authenticate the customer
with biometerics the like facial recognition at the time of entering

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