IoT for Banking reveals top suggestions to improve banking services
November 15, 2022
VANCOUVER, BC - IoT for Banking, an AI start-up offering data analytics and customer intelligence services, produces behavioral/pattern analysis which can help financial institutions accurately articulate and classify consumer behaviors and determine how to best market their products to different subgroups of consumers based on their unique profiles and behaviors.
Recently, IoT for Banking collaborated with Western University to conduct a research project which was supported by Mitacs through Mitacs Business Strategy Internship. Its objective is to get an in-depth understanding of the consumer banking experience. The result shows an increasing demand for digital banking solutions and uncovers opportunities for customer engagement to nurture a strong relationship.
Redefining banking services in the New Normal
It is evident that more consumers feel comfortable using technology to perform digital banking and they are willing to do more digital banking in future. Mobile is the most popular platform for banking services. As strong upward trend of digital banking is indicated, let us summarize what top recommendations are:
Multi-platform with seamless integration - IoT is a crucial component of providing end-to-end connectivity from user interfaces to the core banking system. As core banking system transformation may take several years to complete, Mobile-first strategies are a good starting point. Using IoT technology, financial institutions can reach new customers more effectively. More importantly, mobile devices can reduce the distance between financial institutions and their consumers. This helps achieves better customer engagement in the long run.
Secure storage is customers’ priority – data storage has been increasing as more banking services/products go paperless. It becomes necessary to store data in a secure place. In recent years, Cloud storage has become the go-to choice because it provides several secure layers of encryption for cyber security and offers access to data anywhere. On the other hand, financial institutions can avoid the high investment cost upfront, as they have the flexibility to review the infrastructure running cost progressively before reaching the target operating model.
Personalization & real-time decisions/predictions – consumers ask for more functionalities in the spending/budgeting tools. They expect that digital solutions not only complete their requests but also offer lifestyle recommendations by directing personalized information to them. AI driven personalized marketing can replace the old blanket product-pushing tactic. It will help financial institutions revolutionize how they interact with their consumers and nurture strong relationships with their consumers.
How IoT for Banking can help in your digital banking journey
At IoT for Banking, we work with financial institutions to customize different AI models that serve in discovering revenue opportunities, reducing costs, and making faster decisions to meet business needs. If you are looking for customer satisfaction improvements, please talk to our specialists. We can help you implement a robust solution for an excellent consumer experience.