FOSTERING AN INNOVATIVE FINANCIAL EXPERIENCE WITH IOT

Ruchin has been working in the IT industry for more than 24 years. He is responsible of establishing channel and partner networks, fortifying ties with significant clients, fostering business expansion, and managing day-to-day operations in the South Asia region.

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Ruchin Kumar, Vice President - South Asia, Futurex

Ruchin is a master's-level computer scientist. He belongs to ISACA and is a practicing CISA and CISM professional.

IOT is changing the way people bank and use financial services. How is IOT transforming the way BFSI delivers superior customer service especially in the area of payments?

The internet of things (IoT) has the potential to transform the way the banking, financial services, and insurance (BFSI) sector delivers customer service, particularly in the area of payments. In India, the adoption of IoT in the BFSI sector holds great promise for improving the customer experience and tightening the security of financial transactions. Currently, IoT solutions underlie emerging trends like connected payment devices and better security through biometric authentication. They can also be used to inform organizations about the usage and consumption habits of customers.

Innovative applications of loT bodes well for the banking and fintech industry. How do you see IOT enabling delivery of innovative digital banking and finance solutions that increase efficiency and drive customer satisfaction in the future?