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Implication of the Internet of Things on Consumer Banking

By Antonella Comes, CMO, Auriga

The banking software company Auriga has published its latest White Paper looking at the implications of the Internet of Things and Big Data in the world of banking.

The Internet of Things, or Internet of Everything as it is also known, will be worth an estimated $14.4 trillion by 2022 (according to a 2015 Cisco Report), and already pervades almost every aspect of our lives: health, insurance, transport. The banking visionary and CEO of Moven, Brett King, has said that the way banks create financial products or match customers to their accounts will be entirely transformed, perhaps as soon as the end of the decade.

Right now, however, the smartphone remains the device of choice but there will be a shift as the sector catches up to other industries, and no matter the outcome of the evolution the focus has to be on the customer experience.

How greater connectivity and more detailed data can be used to the customers’ benefit should be at the forefront of banks’ minds, such as by improving authentication systems in order to fight against fraud. Indeed, the first steps towards full connectivity have already been taken, with most of us not even realising. The bank card is actually the most connected part of our banking experience right now, providing detailed information on customers: the type and value of purchases, where and when they occur, the owner’s shopping habits, and so on.

Even this method is evolving – now we can pay through our phones, accessories and even clothes – but there is still room for improvement as banks are still only beginning to experience the potential of connected objects. 

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