In this series of posts, we will explore how Automation is used, contributes to, and revolutionises various sectors.
Here, we will be exploring its impact on the Financial Services sector.
Uses of IoT and Automation in Financial Services
For many people, it might not be obvious off the bat that the Financial Services sector is heavily influenced and innovated by automation.
Their uses in the sector are countless, so let’s just focus on banking, where automation is quite literally at our fingertips.
According to Verdict, as of January 2021, 14 million people in the UK had a digital-only bank account.
That means 27% of all UK adults access their bank accounts solely through their mobile phone, laptop, desktop computer or tablet.
These devices send and receive data to and from your bank’s systems and servers via the internet to allow you to manage your money without having to step foot outside of your home.
In-branch at your bank, you will likely find machines which now work in place or alongside your bank’s clerks, allowing you to withdraw, deposit and manage your money digitally.