Exploring the Impact of IoT in Retail Banking

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The adoption of IoT in retail banking has not reached the levels seen in other industries, such as manufacturing. Many banks have primarily concentrated on digitization efforts to stay ahead of competitors and emerging challengers. The potential of IoT has yet to capture the interest and creativity of the banking sector. Despite its transformative capabilities, the retail banking industry remains hesitant in leveraging IoT technology to enhance customer experiences and improve operational efficiency.

The retail banking sphere might make do with some innovation in terms of faster payments, improved operability, and more responsive mobile services. Though there has been interest in AI and RPA (Robotic Process Automation), sustained efforts have been half-hearted to say the least. Banks fail to realize, IoT offers banks the opportunity to accumulate information on customers, personalized experience, and improved efficiency.

Lately, IoT has introduced a range of wearable devices, payment methods, contracts that could help retail banking go a level-up along with chatbots offering better customer experiences and capabilities for banking at home. Being an easy and affordable method of automating customer services enquiries, chatbots have seen significant rise in adoption numbers in the retail banking sphere. In result to a growing ecosystem of devices, wearable devices have also been an equally one of the easiest ‘win’ for banks so far. Additionally, Blockchain’s potential to keep a secure record of authenticated transactions has been much discussed, in financial services and beyond.

Check out: Encompass | APAC CIO Outlook