Banking, financial services and insurance
Internet of Things Enabled Banking
There are varieties of benefits in espousing IoT into the Banking Industry. But we expose here top two most value-added benefits in the Banking Sector.
Optimizing the Strategy
With the advent of IoT technology, new horizons open up to banks to boost up their overall strategy. By consistently collecting and analyzing usage data enables banking sectors to optimize their customer segmentation and to take strategic positioning among their competitors on the market. Based on the revenue from the different segments of customers the offerings can be provided accordingly which provides valuable implications for strategic positioning in the market.While IoT in banking is still more in a planning stage, we can be sure that there is ample scope for innovations. Starting from an increase in revenues to better customer services, banks are always on the hot seat to bring out new and better innovations.
Customizable Banking Products
By tracking customer behavior, banks can initiate one-to-one services to develop a strong bond with the clients. Banks can make use of the information to know exactly what their customers want and can provide apt services to meet their demands. Banking sectors can create products and service to meet their customer’s needs without stuffing them with unwanted services what they no longer need. The Banks can email to the customers with the trading engagement with the product recommendations which they seek more often with their behavior tracking. Tailor the needed information to the appropriate customers to engage them in using our product is the most encouraging sign of the IoT inclusion in this sector.
Some of the salient features
Technology Adoption of Internet of Things
With IoT migration, Banking activities are designed and modified to its core business objectives to achieve the technology’s full anticipated value.
Data Impact Management and Analysis
We provide the real value infrastructure which can properly analyse and interpret the data and throw what is the specific impact of the data in the business.
Data Privacy and Security Access
We provide a framework which has the ability to securely share the sensitive data using appropriate authentication. New business intelligence is achieved.
In our framework we keep the concept of maintaining a data location which consists of information related to IP processes, machine downtime and up time. We overcome the following challenges in our application.
Third-party data breaching
The Benefits of IoT
Banks can analyze the use of ATM kiosks in the specific locations and thereby can extend / diminish their installation of ATMs depending on usage volumes. Also based on the IoT data banks can bring in on-demand services which are very much closer to customers and thereby increase their accessibility to this application.
This application has well defined modules (triggers) and one or more trigger that can be related to each other.We at KOSOFT developed this framework that has the following capabilities that adhere to the above requirements.