Banking of Things

The Internet of Things has arrived in a big way and banks are now designing new products and services to make their customers lives easier, safer and even healthier. See: US Bank video.

The video mentions three devices, described below, that are indicative of the amazing variety of directions banks could go with IoT.

The Withing Scale is a scale connected to your smart phone that allows you to track you weight, body mass index, etc and set personal goals like, lose 10 lbs. r body mass index, etc. USBank is exploring how to help their customers hold themselves to their commitments by unlocking a gift card reward once a goal has been met.

Withing scale

Automatic is a device that plugs into a port in your car and allows you to track your car on the internet. It helps diagnose engine problems, remembers where you parked, and calls for help in an accident. When connected to an app that is linked to your charge care, it can even order oil when it’s time for an oil change and ship it to your home.

automatic

 

ORBneXt is an always on, realtime desktop device that sends visual clues for important information you would like to track. If, for example, the weather is getting colder, ORBneXt turns blue. You can track just about anything. And, when your banking account is linked to ORBneXt, you can see when a deposit has been made and when a bill comes due so you can pay it in a timely manner.

The possibilities are endless. Imagine a scenario where a customer has devices that alert them when it’s time to replenish things in their kitchen, or when maintenance work is due on household appliances etc.  An IoT enabled Personal Finance Management system offered by the bank, could triage all upcoming expenses including recurring bills by financial impact and priority and offer customers options to best manage their money. It may determine if a short term personal loan or a home equity loan would be helpful in paying for unexpected expenses and provide the customer the best offers from which to choose.

IoT enables banks to be more present in their customer’s lives in ways that are more effective, relevant and engaging. As banks prepare for the future rife with Fintech disruption, they should strongly consider IoT as an enabler in their digital transformation efforts.

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