Importance Of IoT İn Banking Systems


There once was a time when only computers and phones could benefit from connecting to the internet. They literally only could connect to it, too. But, nowadays there are about 8 billion machines all around the world which are connected to the internet and thus communicate with other devices, which slowly creates the concept of Internet Of Things or IoT.

IoT is predicted to change our everyday lives in years to come. The progress of IoT is growing rapidly, together with many other technologies worldwide. For instance, cars are using it greatly, for their “intelligent parking”, or other similar features like detecting leaks, and even rubbish collection (is the bin empty or full?).

However, IoT is slowly entering the finance market, but how? Many banking experts already discuss mortgage processes which could be greatly improved by the IoT and advanced data analytics as well. For example, it is easily possible to use monitoring branch activity in banks. Sensors could detect that branch could be quiet and thus connect it up with location-based services. Furthermore, if you would be recognised in this very area, as a customer who can possibly be interested in a mortgage, could open possibilities. They could contact you and offer mortgage or a mortgage advisor at the moment.

Believe it or not, this is just a beginning, since the mortgage is most people’s biggest transaction and it is very complicated – but how can IoT help?

For eample, sensors can provide details about the customer, as the state of the house or local activity. They are also able to detect physical dimensions of buildings, as well as their conditions, pollution levels, and local traffic. Further, they can provide some features as room size, erosion, etc. Things like this will enable easier profiling for mortgage providers.

İn total, access to individual homes will enable IoT features to provide us with personalized mortgages, which will factor both the person and the property. Actually, the financial sector can progress in a whole variety of technologies, and transaction times can surely be decreased. But, this specific sector demands huge security and trust – so this will take a little more time to create. Financial services firms must manage and analyse a huge amount of data that will be generated from IoT, and at the same time exploit the flexibility of on-demand services – without compromising security.

No matter how big these issues might be, IoT presents amazing opportunities for the financial sector. Of course, its success depends on many factors, first on their firms which should put the right mechanisms in the right places, starting with consolidated cloud network, in order to dig into the enormous data resource in a scalable and secure way.

They could create a specific solution for a cloud, which combines public and private services in order to create a hybrid cloud, which will further be managed from firms centrally. This way these services will provide a highly secure ecosystem which will connect thousands of services and applications all around the world. This helps them to build security into this huge cloud environment, allowing employees and cumstomers to access securely from everywhere and at the same time enabling financial services firms to use all benefits that IoT will offer.

Some of the similar ideas are being realized in this very moment, while others are only theoretic. But, one thing is sure: IoT’s potential is huge – it is real, and it is only going to grow.


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