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Retail Business Review | Tuesday, August 23, 2022
Due to a growing ecosystem of devices, wearable devices have been one of the bank's easiest 'wins.'
FREMONT, CA: IoT has not infiltrated the retail banking space like it has caught up with other sectors, say, manufacturing. Instead, banks have largely been enamored or focused only on digitization to outpace competitors or upstarts. So it is fair to say IoT has not caught the imagination of banks.
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Still, the retail banking sphere might make do with innovation regarding faster payments, improved operability, and more responsive mobile services. Though there has been interesting in AI and RPA (Robotic Process Automation), sustained efforts have been half-hearted. Banks fail to realize that IoT offers banks the opportunity to accumulate information on customers, personalized experience, and improved efficiency.
Lately, IoT has initiated a range of wearable devices, payment methods, and contracts that could help retail banking go a level up, along with chatbots offering better customer experiences and capabilities for banking at home.
Being an easy and affordable method of automating customer service inquiries, chatbots have seen a significant rise in adoption numbers in the retail banking sphere. As a result of a growing ecosystem of devices, wearable devices have also been equally one of the easiest 'wins' for banks. In addition, Blockchain's potential to keep a secure record of authenticated transactions has been much discussed in financial services and beyond.
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