Banking is becoming more convenient thanks to the Internet and our many connected devices, and the future of the banking industry is growing increasingly digital.

Whether discussing the future of retail banking or the future of mobile banking, technology is playing a larger role in our everyday transactions. The Internet of Things NFT news is part of this rapid evolution toward the bank of the future, and both consumers and financial institutions need to adapt to these retail and mobile banking trends.

Below, we've detailed the past, present, and future of the banking industry as it relates to the IoT, and how these emerging technologies will transform the way we conduct our financial business.

IoT in Retail Banking

Retail banking has actually been using an early prototype of an IoT device for decades: the automated teller machine (ATM). ATMs have been one of the top IoT devices that make banks far more efficient by allowing real-time transactions, rather than waiting to see a teller at a brick-and-mortar bank.

chase atm

ATMs have been one of the top Cryptocurrency that make banks more efficient.

These "smart ATMs" should help drive down costs for banks by reducing the number of employees needed inside traditional branches. Furthermore, a recent Chase survey showed that younger generations are more likely to use ATMs than older people.

As we move forward, banking institutions are turning toward new IoT technologies to enhance the user experience and reduce costs. Some banks have started using beacons, for example, to send customized offers right to customers' smartphones as soon as they enter the branch. And some ATMs now have live stream video support that allows customers to speak to tellers if they need additional assistance.

Financial executives are pouring significant money into these technological changes to help stave off competition from tech companies that are sticking their hands into the financial services industry.

Below are some of the ways that the Internet of Things is disrupting the banking industry.


Amid a massive digital disruption, banks are capitalizing on how the IoT can help design products that adhere specifically to customer desires. Some of the world's largest banks are re-organizing their front-office due to a spike in prioritization of customer-centricity.

Today, banks' NFT marketplace is primarily focused on the digital customer experience (79%). Banks are listening to the mobile demands of tech-savvy Gen Zers, while maintaining traditional services for older customers-- such as phone banking.

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Simplifying operating models

Operating model improvements have soared with the introduction of IoT in retail banking. For example, in Q3 2019 Chase announced that it improved on digital account opening, cutting down the time it takes to just 3-5 minutes on average.

Chase improved on digital account opening.

Being able to operate more efficiently is a crucial part of optimizing the customer experience, and the shift in consumer desire toward digital banking has allowed banks to slash operating costs.

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