New ABA White Paper Helps Bankers Understand the Internet of Things
June 4, 2019
As part of its efforts to help bankers understand and leverage the benefits of fintech, ABA has published a free white paper on the Internet of Things, or IoT. A supplement to ABA's Fintech Playbook, the paper describes IoT’s potential to revolutionize how banks operate.
According to the white paper, increased connectivity, driven by the adoption of 5G and satellite internet, will lead to significant adoption of internet-connected devices which create a network known as IoT. This network is expected to have a significant effect on banking, with payments becoming seamless as digital wallets are embedded across multiple devices. In addition, highly granular data collection will enable greater customization and smarter loan decisioning. The paper also discusses the many challenges IoT will bring to the industry, noting that it will require smart strategies around data management, security and privacy.
In addition to the paper on IoT, ABA has also published supplements on artificial intelligence, digital lending and more. Bankers can access the papers as well as other fintech resources by visiting aba.com/fintech. Download the white paper.