Sophisticated wired and wireless networks endow humans and machines with the connections to exchange data and thoughts. Dubbed “the internet of things” (IoT), its capabilities — gathering and analyzing data to make intelligent and actionable decisions — has already served to accelerate business transformative and economic changes in society.

Optimal safety, security, and simplicity

For banking and financial services organizations, the IoT can unlock new functions and business models to yield more agile, efficient solutions that improve the customer experience, strengthen brand loyalty, reduce costs, and deliver additional revenue streams. What’s more, the challenge of Covid-19 offers an ideal environment to explore the power and possibilities of the IoT. For example:

• Right-sized branch locations and staffing depending on patterns of customer use and transaction type
• Swift identification and intervention of system malfunctions, malicious acts, and ATM robberies
• Contactless authentication beyond fingerprints that produces a high level of accuracy and added security
• Integration of a bank’s mobile app with connected smart cars to enable Bluetooth payments at curbside restaurants and coffee shops from a safe distance