IoT For All has a simple explanation: the Internet of Things “means taking all the things in the world and connecting them to the Internet.” A few examples of IoT devices include smartwatches, smart speakers, smart TVs, smart ovens, smart pressure cookers, smart alarm systems… everything that’s smart in people’s homes and offices.
What does this have to do with the Fintech industry?
How IoT Is Changing Fintech
By 2026, IoT is expected to reach $116.27 billion in the banking, financial services, and insurance industry. Microsoft, IBM, Cisco Systems, Intel, and other tech giants recognized the opportunities on this market, so they are already taking their share.
Let’s see: what is IoT? It encompasses devices that improve various aspects of our life. If we look at Fintech examples, we’ll see that all brands strive towards high-grade risk management, improved customer service, and enhanced security. If we combine these things, we get a glimpse into the Internet of Things finance blend.
We’ll list a few real examples of Fintech companies implementing IoT, so we’ll understand the concept better.
9 Internet of Things Finance Examples
- 1. Wallet of Things
A wallet is no longer that old-fashioned thing you carry in your pocket or purse. The concept is changing. Vault Wallet is a fast and secure mobile wallet for managing crypto assets. It creates expense patterns and delivers data that helps the users manage their budget in a more effective way.
- 2. IoT Security Systems
These systems are among the most common IoT in Fintech examples. Connected security systems enable identity maintenance and access control.
- 3. Systems for Determining Crop Value
IoT made its entrance in the farming industry through Amber. It’s a system that uses wireless sensors that protect and manage the grain store in silos. The farmers can control the moisture from their phones and determine the crop’s value according to their state. Through this technology, they can sell the grain before it rots.
- 4. Wireless Self-Checkout
Amazon Go is one of the most popular IoT in Fintech examples. Its self-checkout service is already expanding across other brands. Instead of waiting in line and dealing with a cashier, the customers get their cards scanned by IoT devices at the exit.
- 5. IoT-Driven Car Insurance Plans
Car insurance is getting more fair than ever. Metromile started offering per-mile plans, which are based on the mileage. The IoT devices count the mileage, and the users pay an adequate amount on a monthly basis.
- 6. Wireless Payments
You no longer need to have a credit card or even a smartphone when you want to shop. Wearable devices for contactless payment are transforming the Fintech industry.
- 7. Smart Refrigerators
They don’t just control the temperature and keep your supplies cool. They can re-order groceries for you, and you’ll get them delivered to your door. Isn’t this the future we’ve all desired? That feature works on Samsung smart fridges through an app developed by MasterCard.
- 8. Battery-Powered Payment Cards
Dynamics makes smart wallets, too. These are interactive payment cards powered by a battery. Each wallet has a display screen, which offers quick answers to the questions that bank clients ask.
- 9. Easier Navigation through Banks
It’s great that we don’t have to go to banks that often, since online services are getting more common. However, sometimes the visit is inevitable, so it’s important for banks to make it as convenient as possible for their clients. IoT technology at the entrance can help the client find their way in the bank or match them with an employee, who will directly help them with their issue.
The Examples of Fintech Companies prove: IoT Is More Than a Buzzword
When you first googled “what is IoT?” the term probably got you confused. But as we started seeing more examples around us, it became clear that this technology would change our lives for the better.
The FinTech industry is not immune to the IoT trend. In fact, financial services have already changed thanks to it.
Author-Bio James Dorian is a technical copywriter at Setapp. He is a tech geek who knows a lot about modern apps that will make your work more productive. James reads tons of online blogs on technology, business, and ways to become a real pro in our modern world of innovations.