Banking of Things: New Use Cases in IoT Banking

Internet of Things (IoT) in finance and usage of beacons for ATMs and in-branch engagement is expected to take off this year, with Citibank being the latest bank to deploy sensors inside their branches in New York. Beacons can help banks deliver more efficient branch and ATM services as well as help them serve personalised communications to clients at various other locations.

Beacons are well known to be tiny sensors sticked on walls however there is more to that. The low-energy Bluetooth sensors may as well serve in the form of a USB stick, a keychain or even a card.

These new form factors of connectivity offer many new and exciting use cases for banking. paving the way to a new era in Internet of Things (IoT).

1. Stationary Beacons

These are the most popular form of beacons used across many verticals. Sticked on walls, they have a tunable signal range up to 70 ms.

What to use them for:

–       Micro-moment targeted mobile communication to enhance the in-branch experience,
–       Merchants, Shops and Stores to promote banking offers,
–       Data Analyses on Space-use and visit behavior in branches and around ATMS.

2. USB Beacons

Beacons can be in form of a USB stick and be easily embedded into ATMs, POS machines, cash desks etc. USB Beacons require no batteries.

What to use them for:

–       Cash withdrawal and send through mobile apps,
–       Mobile payment on POS machines, cash desks,
–       Micro-moment targeted mobile communication,
–       Data Analyses on User Profiles and Segmenting.

3. Card Beacons

Easily placable in a wallet or used as a name tag, card beacons provide all features of a beacon with 2 years of battery life.

What to use them for:
– User recognition in branch and around ATMs,
– Locating and finding personnel and personal items.

4. Accessory Beacons

These beacons can be in the form of any accessory or act as a wearable device. Popular forms include tags, bracelets, pins, key-chains, etc.

What to use them for:
– Increase mobile app downloads and app interaction,
– Customer recognition in branch and around ATMs.