Banking is becoming more convenient thanks to the Internet, and the future of the banking industry is growing increasingly digital.
Whether discussing the future of retail banking or the future of mobile banking, technology is playing a larger role in our everyday transactions. The Internet of Things (IoT) is part of this rapid evolution toward the bank of the future, and both consumers and financial institutions need to adapt to these retail and mobile banking trends.
Below, we’ve detailed the past, present, and future of the banking industry as it relates to the IoT, and how these emerging technologies will transform the way we conduct our financial business.
Retail banks have actually been using an early prototype of an IoT device for decades: the automated teller machine (ATM). Since their widespread adoption, ATMs have been one of the top IoT devices that make banks far more efficient by removing the need for long wait times to see a teller at a brick-and-mortar bank.
There were 2.7 million ATMs installed around the world in 2015, up from 2 million in 2010, according to estimates from BI Intelligence, Business Insider’s premium research service, based on World Bank Data…
Perhaps no technology will disrupt our financial transactions in the future more than mobile tech. The introduction of SMS into the public gave banks an avenue for mobile banking, but the explosion of smartphones in the last decade has truly caused mobile banking to go mainstream.
Today, mobile banking apps are not an extra benefit in consumers’ minds. They are a necessary part of the bank-customer relationship, and their absence could convince customers to switch to another financial institution.