Jorge Fernandez is a Service Specialist, whilst Javier Hernandez is a Project Delivery Manager, both working for Santander Global Technology and Operations. In this episode, they unpack what the future holds for banking, specifically regarding the Internet of Things (IoT).
Banking has come a long way since its inception. With the rise of the internet, customers no longer need to visit a physical branch to access their accounts. However, the digitalisation of banking services has led to concerns about the future of brick-and-mortar branches. Javier and Jorge propose a solution: the Banking of Things, or BoT.
BoT involves using IoT technologies to connect all banking products from credit cards to ATMs, all to improve customer experience. BoT allows banks to analyse customer data and tailor their services to the customer’s needs and habits. Jorge and Javier list several use cases for BoT, including real-time branch updates, user identification through biometric patterns, and deeper insights into customer behaviours for employee efficiency.
With BoT, physical branches can be revitalised by introducing secondary services to create a “connected” branch. Santander’s Work Cafés are leading the way in this aspect, offering meeting rooms, fibre-optic broadband, and communal spaces within the bank itself.
BoT is the next step in the evolution of banking services, and its implementation will lead to more effective, efficient, and easier banking experiences for customers. The future branch will not be an obsolete physical space, but rather a welcoming, connected space that customers will want to visit.
This article summarises podcast episode 75 “IoT and the Future of Banking” recorded by CX Insider. For more information, listen to the episode, or contact Jorge and Javier on their LinkedIn profiles.
Written by Marcell Debreceni