With the help of BoT, commercial banks can actively offer services to customers by identifying scenarios and analyze their needs using the vast amount of data available, faster services with personalized advice before they realize their requirements.
Fremont, CA: The Internet of Things (IoT) reflects the integration of technologies in artificial intelligence (AI), mobility, 5G, big data, and more. It is a network where things are interconnected, making tracking, identification, and management more correlated.
Financial institutions usually do not readily engage in the trend where technologies are the initiatives because of governance and compliance complexities. However, many banks are looking for different technologies to transform their operating models as the digital economy is expanding its presence.
Bank of Things (BoT) is a business form in which 'things' (physical entities directly engaged in financial activities) become a part of the primary production materials of future banks and a feature of the next-gen financial infrastructure with pan financial services capabilities. With AI's help, 'things' become more intelligent, where they can make autonomous decisions and engage with humans through various social activities.
[vendor_logo_first]Thus, these 'intelligent things' are expected to sense with their capability of environment awareness, express, think, and memorize through information interaction, processing, and storage.
With the help of BoT, banks can engage with customers, identify their experience and requirements by embedding services into production and real-life scenarios. With improved services, customers can see their demands addressed efficiently.
As the dependence on humans reduces, BoT offers extensive services 24/7 regardless of location.
Services like renewing licenses or receiving funds can also be done anytime. Along with these services, BoT can identify real-time customer behavior in unique scenarios using different devices.
By implementing technologies like cloud computing, big data, mobile network, and IoT, BoT can run a risk management toolbox using objective data, which is the combination of subject's credit, transaction credit, and entity credit. It can quickly begin with the customers' necessary information and perform the process by carefully containing risks in each stage of data analysis. This new risk management model can enrich credit data sources, optimize data credibility, and allow more legitimate people to enjoy financial rights, supporting financial inclusion.