How is IoT being utilized within the banking industry?

By collecting user data and monitoring various digital habits, banks can understand how customers spend their time online. Such information is invaluable for providing personalized customer service that meets a specific need of each individual bank account holder. This will allow the bank to keep records of its clients' accounts so they have an idea what type of accounts they may need to meet all those needs appropriately.

What are the advantages of IoT in banking?

With new advancements such as 360-degree customer view, enhanced financial security, fraud detection, and advanced insurance strategies, banks can now offer their clients what they want while providing a better experience.

How much does it cost to develop IoT solutions for the BFSI industry?

The cost of developing a IoT solution for banking and finance mainly depends on your requirements. It’s better to consult with experts to know the estimated cost of IoT solution development. OrangeMantra offers competitive pricing for all kinds of IoT solutions.