‘The vogue is to have more interconnected smart services’.
Mobile technology sparked the digital revolution to trigger a network of interconnected gadgets and equipment surrounding our lives in the past few years. Internet of things has stressed on the manifold usage of smart gadgets that have made the top mobile application development companies to rethink their strategies. The smart approach to carry day-to-day activity can be a setback for mobile applications whose market is already saturated. Internet of things is, therefore, the ultimate thing, which is here to stay, gradually expanding its influence in other sectors. Even, the statistical figures point towards a promising future:
According to a report by statista.com:
Coming down to the sectors, internet of things have displayed positive results when applied extensively. Healthcare sector, for instance, stands to benefit from interconnected services. So, why not apply to banking service.
Finance is such a field where even a minute error can cause unrecoverable damage. It is one such sector where services are interrelated. If a bank dissolves or a sudden crash in the stock market can have a damaging impact on the country’s economy. There is no need to explain the adverse effect such an incident can have on any 9-to-6 job employee. And when the consumers are already adopting technology at a rapid pace, there is no reason whatsoever to refrain from exploring the unending possibilities or give a touch of technical excellence to banking services.
More so, referring to a report by Gartner, the fact that IoT is going to rule big in our lives confirmed:
Going back to the topic, there are two possible questions that require answers:
Responding to one question will automatically answer the other. Therefore, we figure out ‘How can IoT help in modernizing banking services?’ or ‘how banking services stand to benefit from IoT?’
There are few such points which prove that proper incorporation of IoT technology into banking services can best serve not only the banking officials but general customers as well. Let’s study the points:
Also Read: IoT in law enforcement
Moving to the conclusion part, let us take a few steps backward to the time when IoT was first introduced into the financial world. Confused!! Then, for all those who are unaware of this fact, allow me to help with the knowledge that retail banks have already been using an early prototype of IoT device and that too for decades. Guess what is that?? Well, it is automated teller machines or ATMs. And now, the sector has realized the implication of modern technology and are on a fast road to adopting IoT to enhance user experience and reduce cost at the same time. Few other examples of modern technology in the banking industry can be mentioned here such as:
Now, in the words of Rohan Shravan, Founder & CEO, Notion Ink, “2018 is when IoT will see a boom and e-commerce will see a halt.”
The mentioned points are clear enough to convince anybody that internet of things contribute towards making banking sector the most secured and efficient one, something which financial services require.
Top-rated mobile app development companies involved with offering banking app development services must update them by incorporating latest technical know-how to stay up with the changing situations. And since users already got a taste of modernity, they are bound to turn their heads away from obsolete assistance.