IoT in the Finance Industry

Peter Goddard, Birmingham Partner Manager
9 June 2022

With today’s very volatile markets, the Finance Industry needs to find innovative ways to gather and transfer data, as well as improving the customer experience and detecting any fraudulent activities.

Internet of Things (IoT) and emerging technologies is one answer.

So, what is IoT? 

Technological devices or groups of devices that exchange data with each other and other systems, over the Internet or other communication mediums to increase optimisation.

What areas in the Financial Sector can be assisted by implementing IoT? – Virtual Assistants, Smart ATM’s, Contactless Payments, Improving Customer service, Improved Security and Fraud Detection.

How do I chose the correct solution? … Spitfire can help. 

The sheer diversity of IoT applications drives equal diversity in ecosystem design and therefore connectivity options.  While broadband and WiFi may suit a smart home device, this technology won’t stretch to deployments where the device is mobile, has power limitations or is deployed in extreme environmental scenarios.

What examples are there, where IoT has helped? 

IoT has helped detect and block hacked accounts. It can gather data and analyse activities, where it can then be sent over the cloud which can match against users typical activities. Unusual activities can then be alerted and the account temporarily disabled.  By implementing IoT applications in financial services, gathering and analysing data can be handled much faster and more efficiently, leading to better customer service.

How easy is IoT to implement?

At Spitfire we can design the overall network solution that meets the specific application requirements. Our methodology is called ‘Customer Applications Network Needs’ or CANN. It is particularly useful when considering IoT applications

Call us today to discuss how we can help implement IoT for you.


020 7501 3333 or 0800 319 6000