Enhancing IOT Ecosystem in Banking Sector

IOT can bring in new security paradigm to banking word by making ones personnel identity unique and make this a very robust system.

With this extra security measure of identifying an individual, bank can rely on some automated systems where in one can access the banking services without banks intervention. Banks can feel more secure when a customer with ID@H is standing in front of a teller than a customer without ID@H, who can be treated with some extra precaution. One without ID@H can have restricted access to branch and ATM rooms. ATM machines rooms installed with Retina/Fingerprint scanners can be more secure than current ATM rooms with ATM card access.

Customer Service:

“Banks by using the power of IOT and its current data can enable itself to know their customer better and offer some meaningful advices.”

Currently banks only send static information or real-time alerts based on customer’s financial transactions. By using IOT, bank can use analytics on the real-time data available in the IOT environment and send dynamic alerts and advices to customers.

Every bank will offer you similar products, will give you similar infrastructure, like ATM and branches, but how a bank services and how good it is in advising its customers makes a lot of difference.

Customer with ID@H can help the financial world to identify and offer Privilege services to an individual. Simply by using ID@H banks can sense a particular person’s visit to a branch and offer a VIP lodge access or offer some specific products on his mobile application during his presence in the branch.

ID@H can also help in banks response time improvement. The system, after identifying a person, can automatically fill customer details on the teller screen and a welcome massage can be displayed on the digital customer wall. This will help the bank to save tellers time in filling the customer details ending up a quick and personalized service to a customer.

Identifying customer visit trend is a tricky task for a bank, which if tracked can help bank to enhance it client service. A door sensor installed on a bank’s branch can be integrated with the banking systems to analyze the customer branch visit trend during a time interval and bank can arrange the staff shifts accordingly. Even based on this data, person sitting in the Bank’s Data Center can get alert to request an increase in the branch’s bandwidth.

R Systems specializes in offering a rich array of Banking and Finance services and solutions to meet the distinct and diverse needs of the sector. “In our Banking and Finance COE located in India and US, we walk an extra mile to help global Banking and Finance institutions to enhance their efficiency and serviceability,” says EVP and CTO, R Systems. “For ISVs catering to Banking and Finance domain, we offer Outsourced Product Development Services using our time-tested and proven model of iPLM. This ensures transparency, quality and cost effectiveness.”