The financial services sector is already seeing the benefits of the Internet of Things (IoT) – and we’re only seeing the very beginning of the technology’s potential. From its impact on the customer experience to improving security, here are some of the ways the future of tech is changing the finance industry.

Staying secure from fraud

Security is always a high priority for financial institutions and IoT can improve security measures in various ways. One area it excels at is fraud detection. When implemented into payment portals, teller machines and other devices, IoT can gather data from machines and identify unusual activity. Alerts are then sent in real-time to the financial institution, the user, or both, so they can take any necessary action.

Improving the customer experience

IoT devices improve the customer experience by facilitating convenience and enhanced service. There’s no more worrying over leaving wallets at home; we can now make payments through our smartphones or smartwatches. Citibank customers, for example, can access ATM lobbies with their phones for 24-hour access at select branches. When IoT is used to collect customer data, it can help banks better identify and address customer needs by allowing analysis of their financial habits.

Smart ATMs

IoT-enabled ATMs offer many benefits to both companies and customers. For example, IoT will be able to identify when an ATM is in need of maintenance so repairs can be scheduled before the machine breaks down. Using IoT to track usage can let banks know where their most popular ATMs are located, which is useful to know when making installation decisions. Of course, IoT also makes ATMs more secure with sensors and cameras able to constantly monitor machines. Illegal activity, such as the use of skimming devices, are instantly recorded and banks will be notified so they can take action.

Benefit from IoT

As IoT evolves, it will continue to serve the finance industry in new and more effective ways. To find out more about what IoT solutions Daisy Communications can offer your business, please fill out this form, and an IoT specialist will contact you soon.