How is IoT Transforming The Financial Industry
How is IoT Transforming The Financial Industry
IoT has emerged as the century's most pervasive and advanced technological innovation which allows devices to connect to the internet and to one another. According to a study, the market is anticipated to reach from USD 249.4 million in 2018 to USD 2,030 million by 2023. Based on the market that continues to grow and develop rapidly, the financial industry is one industry that clearly requires adopting IoT in its operations. Here are some improvements that have occurred in several financial sectors by adopting IoT and which you may have or could apply in your company.
Security improvement
According to Google, Gmail engineers have blocked over 18 million COVID-19 scam emails per day. It means more personal accounts will invite more and more threats to your defenseless customers. But worry not, IoT can help you to prevent some of these threats from occurring. As leaders of financial companies, you need to be aware of these issues and start investing remarkably in IoT technology. IoT also can help you to instantly react to any suspicious issues associated with fraud, then detect and block hacked accounts.
More personal customer service
Customer’s satisfaction should be your concern and top priority. By implementing IoT applications in your financial services and operations, companies can gather and then analyze data to predict customer interests and needs. This data can be executed in real-time, with a more efficient and responsive way. In terms of faster reactions and responsiveness, IoT also allows companies to give a seamless service, giving the customers full control of their financial health via mobile apps or online platforms.?
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Even in Indonesia, some of the fintech startups take the chance to build the user-friendly mobile apps and take the role as a financial advisor. They also take the role as a financial advisor for the customer to analyze their customer behavior expenses and give some recommendations to where their money will be invested.?
Forecasting investment for better wealth management
In order to keep improving the investment decision making process, the presence of IoT is trusted to be able to gather market trend data in real-time. Utilizing IoT can help the companies to have the capability to make accurate business decisions, including analyzing company behavior that will lead to accurate future revenue analysis and resulting better investments.
More in the future, financial technology leaders believe that IoT technologies will be developed and performed into automated systems and user-friendly interfaces via any mobile application to provide more personal and better wealth management.?
The Covid-19 pandemic is waking us up that technological advancements such as IoT development have become the heart of this ever-changing industry and impacted the overall industry, including the financial industry sector. With that awareness, Telkomsel IoT will continue to collaborate with you to give better solutions about gathering and distributing data, analyzing the market trends, and supporting your financial decisions.