CHANGING THE CUSTOMER EXPERIENCE
• Real-time data gathering
• 24 / 7 connection to the service provider via a device
• Personalisation and customisation of service
LEADERSHIP
26
CHANGING THE CUSTOMER EXPERIENCE
It was , perhaps , the early innovations observed in insurtech and proptech that awakened the broader fintech sector to the possibilities of IoT . Michael Tae , Head of Strategy , Broadridge Financial Solutions , says , “ While financial services firms have been deriving insights from customer data for quite a while , the nature of IoT is that it ’ s always on and allows for the collection of data from users ’ daily lives .” Jim Eckenrode , Managing Director of Deloitte ’ s Center for Financial Services , adds : “ Using sensor data to adjust insurance premiums , control building temperature , and facilitate contactless payments are all examples of the possibilities .” Indeed , because of the exploratory and – to date – relatively unconstrained regulatory frameworks that the tech sector operates in , progress has been able to be made swiftly .
IoT ’ s capacity to elevate the customer experience can be broadly summarised into three key aspects :
• Real-time data gathering
• 24 / 7 connection to the service provider via a device
• Personalisation and customisation of service
Richard Poole , Principal Consultant at Infinity Works , relates a personal account of his own experience to outline the difference that IoT / connected devices have had on payments : “ Some
“ Part of the firm ’ s US Financial Services industry team , DCFS is a source of up-to-the-minute insights on the most important issues facing senior-level decision-makers in the industry ”
— Jim Eckenrode , Managing Director of the Centre for Financial Services ( DCFS ), Deloitte
DECEMBER 2020