The world of finance has been here for centuries, and the Internet of Things (IoT) sector can learn from it.
The financial service industry has been dramatically changed by technological advances just in the same way that other sectors have been revolutionized by technology. As a result, traditional financial methods have been little by little left aside by Financial Technology or “FinTech” for short. Fintech, which is a relatively new concept, tries to transform the financial services industry by including online solutions to several financial processes.
How Technology Is Changing Banking
The use of smartphones for mobile banking, investing services and cryptocurrency are all examples of different technologies that aim to facilitate financial tasks. PwC’s 2018 Digital Banking Consumer Survey clearly shows how consumer banking habits are continuously evolving hand in hand with technological advances. This is why, as the report indicates, smartphone baking is on the rise in comparison to the same survey in 2017 as a direct result of consumers’ preference to interact with their financial institutions digitally.
Online transactions, banking apps and internet baking are just some…