Here’s are the benefits of IoT for Banking and Finance:
IoT allows you to connect CCTV cameras, smart alarm systems, vehicle telematics and other monitoring devices, and send alerts in case malicious activity occurs. Cybersecurity is another benefit of IoT: wearable devices allow authentication via fingerprint, retinal scan, or facial recognition for mobile payments.
By collecting and analyzing user account data, IoT and AI-powered analytics can identify fraud and hacker attacks. In the event that suspicious activity is detected, the user will be notified promptly, and their account will be temporarily disabled.
Through the integration of banking IoT solutions and wearables, users can make payments without directly using their credit or debit cards. Smartphones and smartwatches that support NFC enabled contactless payments.
In the coming years, the Internet of Things (IoT) will revolutionize the banking industry. IoT has the potential to completely overhaul traditional banking processes and systems by connecting devices and objects to the internet. Banks must offer their products and services on the channels their customers prefer as more and more customers switch to contactless, digital banking.
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