IoT in Banking

Banks have been investing heavily in IoT technologies. Financial institutions have an average IoT banking budget of $117.4 million, about 0.4% of the revenue. Banks have always been quick in adapting new technologies. They have realized the potential of IoT banking in providing unimaginable levels of data and customer insights. IoT banking helps provide tailor-made services to your customers, extend suggestions and latest offers on a regular basis, based on their transaction trends. Allerin helps you develop applications with IoT banking to estimate month-end balances for your customers, analyze spending patterns and provide savings, investment and financial planning suggestions.

Features

Improved Operational Performance

People now have the opportunity to perform a lot of banking functions with the help of ATM machines and online / mobile banking applications. This has reduced the pressure on bank employees as they have to deal with fewer customers and can focus on other equally important processes. Allerin’s IoT solutions take this performance graph further up in terms of efficiency and speed of operation.

Enhanced Customer Experience

Allerin’s banking solutions help your customers have a hassle-free environment where they can take care of their banking needs. Most of the banking operations can be completed by customers with the help of smartphones. ATMs can also be used to collect withdrawal and banking data for all areas and better decisions for enhancement of services can be made more judiciously.

Tweaking Product Pricing

Allerin’s IoT solutions help you track customer data across a plethora of devices. This data can be used to identify their spending habits and specifics about withdrawals and deposits. This information can be used by banks to tweak the pricing and reward programs of credit / debit cards and other services so that they are able to optimize their profits while making the customer feel more comfortable with their policies.