- bank •
- fintech •
Tailored customer experiences have been powered by digital transformation, and empowered through the intensive use of digital technologies such as mobile apps, chatbots, virtual assistants, AI analytics, and machine learning systems. Moreover, as almost every player in the banking industry is already using many of them, there is a window of opportunity for other technologies (such as stream processing or low-powered communication protocols) to start playing a more important role in tailoring the customer experience, and even powering all the analytics infrastructure already in place.
In this context, the Internet of Things (IoT), one of the major paradigms that computing is facing today, appears as a vision to allow humans to interact with the physical world as if it were the virtual world. Furthermore, we believe IoT can start paving the way for a new, more individualized and customized customer experience. In fact, the banking, financial services and insurance (BFSI) industry has been slow in adopting IoT, mainly because the systems and skills are still in the process to be ready for wide scale adoption.
In other words, the storage, processing, analysis, and extraction of meaningful information from huge amounts of information in (or near) real-time is still a challenge that most companies are addressing. However, everyday we’re seeing more and more success stories. Let’s review a few of them.