The Internet Of Things Will Transform Self-Service Banking

Back to Blog  •  Posted on May 31, 2016 by admin


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The times, they are a-changin’. For instance, were you aware that, according to Forbes, “ATMs are considered some of the first IoT objects, and went online as far back as 1974”? The Internet of Things is a huge topic in the worlds of tech and business because the IoT is here and it will change everything. This is because the IoT is far bigger than you, and many people, realize.

Well, what exactly is the Internet of Things, you may be wondering. According to Wired, “The Internet of Things revolves around increased machine-to-machine communication; it’s built on cloud computing and networks of data-gathering sensors; it’s mobile, virtual, and instantaneous connection; and they say it’s going to make everything in our lives from streetlights to seaports ‘smart.’”

The Internet of Things will modernize businesses, services, and much more by creating a network of smart, connected products. This will allow you to utilize your data in exciting new ways. You will be able to engage with their customers virtually anywhere and at any time. You’ll be able to uncover actionable intelligence. Which is exactly what your customers will demand because as modern technology continues to evolve, people will become more demanding. You will need to reach your customers who will be constantly on the move.

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Enter machine to machine technology, which continues to become increasingly more attractive for businesses to employ if they are looking to create more efficiency by optimizing a particular product or service for their customer’s benefit. For example, businesses in the banking industry are utilizing M2M technology in their deployment of the newest wireless, mobile, and portable ATMs.

They are doing this in order to serve and satisfy consumers who are demanding to be able to bank wherever and whenever they want – and through different channels. People are changing the way they consume in the same way that banks are trying to change the way they operate. For ATMs, this means a whole lot of new technology will completely transform how people bank. Pretty soon, ATMs will be called upon to do more: offer cash in a variety of denominations, allow specific withdrawal amounts and higher withdrawal limits, cash customers’ checks and enable bill paying, among other tasks.

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But, it’s not just evolving consumer behavior that is driving the demand for more and more smart objects. Smart products within the network of the Internet of Things will create a broad spectrum of opportunities for businesses to transform the way they create products and deliver services. However, this could potentially create a major security risk for banking customers. As more and more customers, or consumers, continue to funnel their money into the apps which power smart products, criminals are finding new and innovative ways to divert the flow of cash to line their own pockets.

The network of connected items will only continue to grow. Just think of all of the amazing opportunities your business will have to tap into, particularly in the space of mobile banking. We are already seeing what is possible with portable ATMs and much more. It’s easy to see that we’ve already come a long way since the first ATM went online over 40 years ago and the future looks even brighter.

Kika Enterprises has been specializing in machine to machine solutions, including ATM solutions, for the past 7 years. Contact Kika Enterprises toll-free on 1-888-805-5685 if you are in need of cost-effective ATM solutions. We look forward to working with you!