Note from the Publisher: In our meanderings across the web searching for the best news in the world of fintech, we seldom see IoT and fintech in the same sentence or headline. And yet, the Internet of Things is massively immersed in the financial sector – particularly in banking, but certainly more and more in wealth management as well. We found this a thought-provoking read.
“The Internet of Things (IoT) is often linked with industries such as retail, health and wellness, energy, and transportation, but the financial sector’s use of IoT seldom comes up. However, with the abilities for IoT to gather, transfer, and analyze data, it should come as no surprise that many financial institutions, retail banks in particular, are already investing in such technologies. In fact, IDC Financial Insights predicts total IT spending by financial institutions globally will exceed $310 billion by 2019, and suggests, “The most important concept to consider when discussing digital transformation at the branch level is recognizing the need to correspond with the customers’ (and employees’) digital lifestyle. This could mean opt-in tracking of consumers’ handheld devices as a way of offering a differentiated concierge service when they walk into the branch, or possibly enabling financial advisors to visit wealth management customers at their homes, carrying the near-full capability of the branch with them.”