Banking functionality will soon be added to IoT-enabled devices. The Internet of Things encompasses devices that gather and share data, and includes mobile point of sale and wearable devices, cars, appliances, health monitors, body scanners and intelligent shopping carts.
Microsoft has called the IoT a game changer, and experts have visualized IoT devices reshaping how people live, shop and bank by transforming big data into actionable information, providing efficiency gains and powering retail activities.
“The Internet of Things has the potential to bring banking to every corner of people's lives,” Scott Hess, owner, licensed products, digital channels at the Brookfield, Wis.-based Fiserv, said.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
