Internet of Things, popularly known by its abbreviated form IoT, has significantly contributed in creating a seamless work process across various industries. One might think that IoT services are specifically used for industries based on technology such as electric vehicles; however IoT is also used extensively in cement and agriculture industry for ease of business as well as streamlined work process. The financial industry handles a large amount of data on a regular basis and therefore, it uses modern technological solutions such as IoT, cloud computing, big data, machine learning, etc to increase consumer engagement and provide better online services.
Banking services and other financial sectors including insurance have been using IoT-powered smart solutions for quite a while. However, the services gained rapid popularity during the recent pandemic caused by Covid-19. Modern technical advancements and digital revolution have created a massive rippling effect across industries, including the financial industry.
Expansion of Financial Services with IoT Applications
IoT can be considered as a framework which brings multiple machines and sensors into a single platform. It provides a suitable medium for efficient processing of huge amount of data with the help of intelligent machines. Several BFSI institutions have drastically changed their traditional business models by adopting new policies as well as strategies in line with IoT services and bid data to gain competitive edge in the global market. The financial industry is expected to invest a huge sum of money for IoT applications.
- Market survey based on current trends has predicted that global IoT in BFSI sector will reach more than USD 116 billion within 2026, CAGR of more than 26% during the period.
- The growth will be stimulated by increased investments on IoT technologies of the BSFI sector for an efficient, streamlined and seamless workflow.
Recent surge of virtual assistants, e-wallets, self services and advanced cyber security measures will further promote IoT services within the financial industry. Further development will be made possible with the help of IoT-powered software and applications used for financial activities including collecting real-time data and information through IoT sensors as well as various survey feedbacks. In-depth analysis of collected data to generate meaningful information so that authorities can make appropriate decisions will promote further growth and development of the financial industry.
Cloud of Things (CoT) in IoT Platforms in the Financial Industry
Implementing CoT in the financial industry would implement an efficient way to monitor connected devices and manage them. Remote monitoring of connected IoT devices in banking and other financial services will help to improve:
- Efficient data management
- Business process automation
- Efficient request handling and loan processing
- Fraud detection and asset ownership analysis
CoT, also known as CloudIoT, is generally used for handling a large number of IoT-connected devices and IoT-generated data. CoT will deliver smooth data handling and monitoring and prevent data loss during processing.
IoT-powered solutions will provide competitive advantage along with streamlined workflow and improved decision making to the financial industry. With the rapid development and implementation in the field of IoT, there is a high demand of an efficient service provider that has in-depth knowledge about modern technologies and resources. Alpha-Numero is a AS 9100D and ISO 9001certified organization that offers services about IoT, Big Data, BI & Analytics, Cloud Computing, Custom Software Development and many more. The Alpha-Numero group is one of the leading organizations capable of delivering IoT-based solutions such as IoT product design & testing, solution architecture and IoT module manufacturing.
Do visit the official website www.alpha-numero.com for further information related to IoT services and email at sales@alpha-numero.com for service assistance.
