How IoT solutions are helping the BFSI industry

The Internet of Things (IoT) refers to the connected devices that can communicate and transmit data over a network without requiring human intervention. In the banking, financial services, and insurance (BFSI) industry, IoT solutions are being used in a variety of ways to improve operations, reduce costs, and enhance the customer experience.

One way that IoT is being used in the BFSI industry is through the deployment of smart ATMs, which can alert technicians when they need maintenance and allow customers to perform a wider range of transactions without the need to visit a branch.

IoT is also being used to monitor and manage assets, such as in the case of insurance companies using connected devices to track the usage and maintenance of fleet vehicles.

How IoT solutions help in banking process improvement

One way that IoT is being used in the BFSI industry is through the deployment of smart ATMs, which can alert technicians when they need maintenance and allow customers to perform a wider range of transactions without the need to visit a branch.

• Managing physical queues in a bank by determining which customer has come in for what purpose and directing them with tokens towards a specific counter – no human intervention required.
• In a physical bank setup, IoT collects data from connected devices that capture footfall sensors, cameras and smart gadgets and sends them to a unified cloud platform that processes the data. The data helps in automating key digital processes, enhances security levels of physical branches and helps create excellent data-driven customer service channels. 
• IoT systems can handle requests from new customers independent of human intervention. They can disable credit cards based on over dues or late payments, transfer asset ownership, authorize address changes and more.
• Helps banks manage ATMs better by sighting foot traffic and adjusting HVAC systems accordingly. It also uses the footfall data to determine if the location of the ATM is optimum.

How IoT solutions help in providing a customer-facing solution

• It helps with fraud detection – by alerting users of suspicious activity and quickly disabling payment pass-through channels.
• To help develop good financial habits – customers can be given a connected wrist wearable linked to their credit card. On reaching an expenditure limit set by you, it transmits a shockwave as soon as you cross the mark.
• It enables one-touch payments by integrating with NFC-powered devices such as smartphones and watches. Thus eliminating the need to carry physical cards and being in constant fear of losing them to malicious entities.

Selecting an IoT solution provider

• Ensure that the solution provider has global experience

• Solution providers with good local networks and tie-ups

• Supports all kinds of networks, to avoid any scalability issues

• It is imperative that the solution provider ensure complete compatibility with country-wise local regulations

With IoT implementation, banks get a 360- degree view of not just customers, but also of all the processes that can be made efficient with or without human intervention. It can identify strategies that need automation to ensure a fast turnaround time to meet customer expectations like opening a new bank account and much more. Overall, the use of IoT in the BFSI industry is helping to reduce costs and enhance the customer experience through the use of connected devices and the data they generate.

It is important to choose the right IoT partner to implement IoT in day to day banking operations. Plintron is a 14+ year global company that has local network throughout 31 countries in the world and counting. Plintron’s eUICC support and IoT connectivity management suite is one of the best in the industry.