IoT is the next big thing in the Information and Technology industry. According to the statistics presented in a report by Gartner “25 billion IoT devices will be operating by the year 2020. It will enable the human kind to stay connected at all times through their devices. But coming to the point, is it going to make a difference to the businesses and industries? Yes, the IoT is going to have a huge impact on the FinTech industry as we see it is already changing the way banking services are being undertaken.
Internet of Things connects the infrastructure and influences the way the service sector interacts with the industry infrastructure. Such industries generally engage with massive data, collect information and conduct analysis. This is where IoT will play a huge and important role. It will benefit the customers and the services sector too. Web development experts, IT professionals and Mobile Development Specialist around the globe are enabling such solutions through effective cloud, telematics integrated with IoT devices which are going to change the entire perspective of IT development.
Credit Card Company
With the use of Beacons, loyal point systems, sensors and other such devices, sending push notifications by tracking users is something that the credit card companies are using. With the help of IoT, the credit card companies will be largely benefited as they can send the notifications focusing on the target audiences depending on various factors like age group, location or income. On a secondary level, it leads to brand building as the users or customers feel really privileged because it offers personalized and customized notifications and messages. In the coming times, IoT will be enhancing customer engagement and interaction in order to meet the customer’s needs.
See Also : All About IoT – Internet Of Things
Customer Relationship Management
There are so many opportunities in the entire process of communication with your clients or customers that can lead to better and healthier customer relationships. For the record, it is very important to understand many aspects of communication. For this reason, many companies use CRM software i.e Customer Relationship Management. It is a very useful tool to keep track of your customers and organize your documents in the cloud. With the help of IoT, CRM system will become more efficient and effective for companies.
Insurance Industry
This industry comprises of a huge chunk of the service sector. IoT has indeed caused note-worthy difference to this industry by connecting devices. With the help of IoT and telematics data, insurance companies can get data for vehicle insurance, health insurance. This will be very useful data for insurer or those who are insurance agents. They will be able to capture customer data and improve communication, create new strategies and also save on costs. IoT will be adding to the revenue opportunity by evaluating client’s risk.
Data Privacy & Security
With so many devices existing in the market, there is a sharing of data and information on a massive level. During the transfer of such data, privacy is something that one needs to be careful about as confidential data may be at stake. There is high chance of manipulation which can lead to risking the customer’s data or sharing of highly personal data. The Internet of Things can help in lessening the worries of such consequences. It will protect the customer’s data from breaches and also secure the payment process and information management.
If you are in any of the industry, you must consider IoT as the part your business plan. For more information on IoT development, get insights from our software application development specialists. They shall guide with the best of solution blend along with guidance on selection of technology.
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