How IoT can revitalise banking and financial sector?

When IoT is adopted, the most important question is how the data can be used for transaction and building communication with the customers. IoT when used for banking will deliver an unparalleled level of insight to data and data-driven consumers. When this happens, the customers will enjoy personalised experience while doing any kind of transactions with the bank.

When we think about IoT and all the connected devices, focusing on tangible and visible elements are of prime importance. The connected devices will have an industrial design whose UI should be completely exceptional. Be it mobile apps or websites or the devices, everything should have ease of use and grant the users an unforgettable experience altogether. Handling the design aspects to create crisp UI will have an impact on the end product’s user experience delivered to the customers. You could create a stunning product with a beautiful interface, but it can still have a bad user experience.

Since multiple devices will have multiple interactions, handling their functionalities will come with a plethora of capabilities. Following are the key points:

#1 Breaking down cumbersome loan processes into simple, usable steps

For managing the production and other expenses, many businesses have a line of credits with financial organizations. The process of loan approval not only takes time to complete but too many heads work on the same set of documents, yet one cannot guarantee that it is foolproof.

On the contrary, by using IoT the bank can use smart technology like sensors to track the entire material purchases and end product sale. The sensors will also be linked with the bank account. As soon as the sales are made, the app on user’s wearable will flash allowing him to select the percentage of sales to be contributed to loan amount. With a single click, a long and cumbersome process is cut down to simpler, smarter and efficient steps.

#2 Improving inter-usability of connected devices

Have you ever thought, in all of these easier and simpler processes, what if the app or the device isn’t able to deliver what the consumer was looking for? This is where; user experience comes to play its part. Inter-usability of sensors, apps and how well it can be used by the consumer is important. With IoT, the major concern is to think about the user experience of the entire system of interconnected devices rather than focusing on a single device alone.

There are times, when even the simplest devices can have complex processes. User should be able to understand why the devices are interconnected and use them at ease. It should not happen that the consumer wants to pay just 10% of his sales to the loan amount and end up paying 80% of it because he couldn’t understand some basic process in the app. Thus, UX and IoT should go hand-in-hand.

#3 Creating delightful user experiences to improve customer experiences

The best part of IoT is that it can give limitless possibilities for improving the customer experiences, reduce operational risks and help in boosting the financial performance of a bank in the long run. A lot of data is being gathered now, but finding smarter ways for analyzing it is equally important. The banks who are early adopters of IoT, are working to improve user experience and eventually increase their revenue. However, for IoT to be implemented on a huge scale, handling the network infrastructure will be a bigger task.

Imagine a scenario where you can check in to a bank’s physical branch way before you arrive at the place. Using a smart phone, the user can just check-in to bank’s system and the staff can easily arrange all the documents right before the user enters the bank. To get this done, there are only two things needed- user’s smart phone and application for mobile banking. Although the apps are available, adding some additional functionalities and handling them systematically will be possible with IoT.

To sync the user’s check in time with the bank’s system, it is essential to make sure that both the systems are interconnected without any glitches. Offering good service along with clear solutions to the problems is the primary step for delivering good user experience in IoT.

Conclusion

UX and IoT should be unanimously driven. At each level, spanning user’s interaction with various devices, network properties and underlying technology is imperative. To get there, it has to be ensured that delivering a commendable UX is not designer’s responsibility alone but the entire team involved in connecting everything to the internet.