Wireless 5G, IoT, and Financial Services

- Overview

The Internet of Things (IoT) is a network or ecosystem of Internet-enabled objects capable of sharing and exchanging information between them in real-time. It is nothing but machine-to-machine communication between machines connected to the Internet. 

Bringing the IoT into focus is the proliferation of smartphones, wearable tech devices, cars and smart homes with built-in sensors, as well as the growing ability of financial institutions to use big data predictive analytics and artificial intelligence to predict customer needs. Although still in its infancy, the Internet of Things is already full of energy and shows no signs of slowing down anytime soon. 

The IoT is a set of technologies and applications that use embedded sensors in physical items to generate customer, operational and other data that can be aggregated and analyzed to gain valuable insights that could have huge implications for the financial services industry impact, resulting in a range of future opportunities for better data on customers and their physical assets. 

The IoT could transform financial services. Many financial services organizations are using sensor data to improve operational performance, customer experience and product pricing. Banks can use sensors and analytics to gather more information about customers and provide more personalized services. Insurance companies and commercial banks can also use sensors attached to assets to track shipments. For example, banks may be able to use connected devices to make better loans and monitor collateral. 

Small business inventory or livestock can be monitored in real time. This will allow banks to continuously monitor customers' balance sheets, giving them the tools to make better lending decisions or adjust credit lines in real time.

[More to come ...]