20

Nov | 2020

IOT and Its Applications in Financial Services

IOT and Its Applications in Financial Industry

In the present scenario, the FinTech industry has been facing ubiquitous growth and popularity in every nook and corners of the world. The finance industry tries employing diverse technologies regularly to enhance its safety and security. The Internet of things(IOT) is yet another boon to every possible sector, including finance and banking sectors. IoT is a vast network that connects the web and devices to collect and share information. It has a wide application now in this field, including fraud prevention, optimized capacity management, monitoring supply chain and on-site security, thereby enhancing customer service. IoT has made an exciting impact in the fintech industry with highlighted security and payment processing. Now Iot has been acting as a mobile sale system and cybersecurity tool providing safer and encrypted payment processing.

Applications of IoT in the Finance Sector

  • Cashless Payments
  • No cash payment is the current trend which is due to the fintech solutions and IoT app developers and their products like P2P pages and wearable devices.

  • Immediate support and personalization
  • Banking services have been personalized by implementing IoT technology. AI with IoT is used by various Fintech institutions for enhanced customer support, with frequent updation, notifying authority about customer requirements.

  • Optimized Voice technology
  • Fintech software development companies have implemented innovative ways in optimizing voice technology enabling users to process their confidential data.

  • Improved visibility
  • There are many Fintech Mobile Applications that update you about expenditures and savings in realtime.

  • Security and Authentication
  • Biometric technology with IoT implemented devices has taken the security to a higher level allowing users to log in or make payments through mobile apps quite easily.

  • Fraud detection
  • With the IoT application, mobile apps and devices experience intense security and string immunity towards cyber threats and attacks. It detects unauthorized access and activities alerting the respective individual or firm about the same.

  • Mobile ATM in retail banking
  • Vehicles have been customized using a secure deposit box, and an ATM for the people can use instead of ATM visit and save time.

Future of IoT application in Financial services

IoT technology is undergoing constant research and development to explore more and more robust applications and systems. From now, the future and scope of IoT in Fintech is outrageously infinite. Just with the updated fintech industry, the world has experienced what changes has IoT brought into. From the data collection to every IoT solution and upcoming devices to promote and promise high standards of life and security. The future of IoT is going to set the trend with the distributed stream computing platforms as they offer realtime analytics. With promising performance and enhanced safety, the field of Fintech is going to benefit the most out of IoT and AI applications in the upcoming years for sure.

Here we have some of the famous real-world examples of IoT that changed the banking and Fintech sector:

  1. Kontakt.io
  2. They create low energy Bluetooth beacons which can be used for making faster mobile payments. It is an excellent application of IoT as a finance alternative beating all traditional expensive point of sale technology which in turn streamlines the business. It also increases the data generated in the industry.

  3. Armis
  4. Armis is an IoT integrated security provider for banking and business industries monitoring every device on the network. It helps in automatic identification and disconnecting of unauthorized devices, easier integration with companies existing infrastructure, faster deployment, etc. One of the highlighted features of Armis is agentless device security with effective tracking and control over a device, discovering before they join the network.

  5. Dynamics Inc.
  6. They produce battery-powered interactive payment card integrated with IoT, which offers two-way communication between banks and clients in realtime. These cards contain a display screen which helps to connect the users for queries with quick response. Apart from this, a Wallet feature updates the bank about the clients' complete transaction details.

  7. Metromile
  8. Metromile provides per mile insurance plans with integrated IoT connected trackers. It is comparatively cost-effective and is based on mileage and the behaviour of drivers. The users or drivers could easily claim the process through their mobile phones.

  9. Mastercard
  10. They have been revolutionizing industries by forming partnerships creating different IoT integrated applications and products that ease everyday life and activities. Recent innovations of Mastercard includes smart refrigerators collaborating with Samsung, Key fobs with General motors and contactless payments with Coin.

Conclusion

Today every industry is thinking about the automation of their services or manufacturing new products with IoT technology. If you are interested in developing something like an autonomous payment system or Fintech applications, have words with experts before integration. Research and learn about each phase and features to highlight if you need to stay unique. IPIX Tech Services Pvt Ltd. is one of the best Fintech app development company with 13+ years of proven experience to rely on for the finest fintech software solutions. Think of security, data management and privacy before you make the right choice.

Follow Us
0495-2431044, 2434044

Perfection beyond imagination - since 2007

Dubai

15th Floor, Lake Central
Business Bay, Al Abraj Street
P.O.Box 55535, Dubai, UAE

+97142762233
+971 52 935 6547
enquiry@ipixtechnologies.com

Bangalore

President Chamber, 102, Level 1
Hayes Road, Off Richmond Road
Bangalore, Karnataka,
Pin: 560 025

enquiry@ipixtechnologies.com

Kerala/Calicut

IPIX Tech Services Pvt Ltd.,
KSITIL Special Economic Zone,
Unit No 14, 1st Floor,
Sahya Building,
Govt Cyber Park, Nellikode (PO),
Calicut - 673016, Kerala, India

0495-2431044, 2434044
+91 9847 927 375
enquiry@ipixtechnologies.com
hr@ipixtechnologies.com

Abu Dhabi

705, Abu Dhabi Plaza Tower
- Bldg # 17, Najda Street at Hamdan Street Crossing,
P.O. Box : 31616, Abu Dhabi

+971 52 935 6547
enquiry@ipixtechnologies.com

Kerala/Kinfra

205, Neo Space,
Kinfra Techno Industrial Park,
Kakkanchery, Malappuram,
Kerala 673634

+91 9544 800 204
enquiry@ipixtechnologies.com