IoT and How It’s Increasingly Being Used in the Banking Sector

Date : 6-19-2019

IoT in Banking

The banking sector, like many others in the modern day, is one that is seeing an increasing use of Internet of Things (IoT) technology.

It may be true that the uptake of IoT in banking is not universal, however industry statistics show that there are currently more than 40% of institutions in the sector exploring and experimenting its potential applications.

In this article, we focus on the potential uses for IoT in banking, all of which are being employed in the sector to some degree. By the end, you should have a good idea of why those in the industry who once eschewed the concept of IoT for more traditional practices, are now starting to sit up and take notice.

Efficiency of Operation

One of the main advantages of using IoT in any business setting is that it allows the user to gain an overall image of how efficiently they are working. In banking, this could relate to many things, but to provide an example, IoT sensors could collect and aggregate data to help a multi-branch banking institution to understand how many of their customers are using specific branches and when they’re doing so.

This insight could be used to run a more efficient operation where branches are only open when they need to be.

Fraud Prevention

Financial fraud is as widespread now as it has ever been, with criminals becoming ever more sophisticated in their approach. However, IoT can be used to constantly monitor and analyse a vast range of metrics that can then be used to predict where potential threats lie. There is a genuine interest in banking  for the use of IoT in the detection and prevention of fraud.

Improved Customer Service

The relationship people have with their bank is hugely influenced by how the services provided fit their needs and IoT is extremely useful for gathering big data relating to customer behaviours. Elements like transaction frequency and locations can be used to offer a tailored and personalised service that builds loyalty and longevity into the bank/customer relationship.

In Summary

At this moment there are countless ways already in existence that IoT is being used to make businesses and homes more efficient and with innovation in the sector moving at a pace, who knows what will be possible in another ten years’ time? IoT is seemingly pervading every walk of life, from manufacturing to the way our homes operate, so it’s likely that we’ll see a bigger and bigger influence from it in our daily lives with each passing year.

Of that, we believe, there is little doubt.

At Sure Universal our comprehensive platform for IoT and home automation offers user-friendly, secure and scalable solutions with maximum interoperability. We’re also leaders in our field as ours is the only platform in existence that is both standard compliant and OCF-endorsed.

If you’d like to find out more about us and the high-performance IoT ecosystems we provide, please head over to our website Alternatively, to book your free consultant with one of our friendly experts, fill out our contact form and we’ll get back to you as soon as we can.

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