The rapid digitization of the Banking and Finance sectors has caused a surge in the number of users who maintain a Smartphone whether to manage their Bank Accounts, purchase and manage Credit or Debit Cards, shopping, food ordering, E-commerce and so on. The common factor in every industry is the payment aspect. In today’s modern world, activities such as checking the Account Balance, purchase a New Credit Card, Send and Receive Money which usually needed us to visit a nearby Bank or ATM Machine are now available at our Fingertips due to the digitization of the entire finance industry. In this blog, let’s look at how IoT-connected devices and sensors play a key role in enhancing the Digital Finance & Banking sectors.
To tap on to the benefits of IoT, data collection at source plays a key role. Once the data is collected, it can be analyzed, transformed, and can be used to derive patterns, take crucial decisions using statistical analysis or AI / ML Algorithms.