PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

IoT Is Reducing Bank Branch Foot Traffic

By David Nelyubin
February 21, 2020
in Analysts Coverage, Artificial Intelligence, Emerging Payments, IoT
0
1
SHARES
0
VIEWS
Share on LinkedIn
IoT Is Reducing Bank Branch Foot Traffic, blockchain IoT

IoT Is Reducing Bank Branch Foot Traffic

The Internet of Things (IoT) continues to evolve, further collecting and analyzing a vast amount of information.  An article published in Finextra talks about the improvements and side effects the IoT is already bringing to the financial sector. In particular:

“About 2.5 to three billion people will come into the financial services space between the years 2010 and 2030. 95% of those will never visit a bank branch. They’ll get access to their value storage on a mobile phone. In the next decade, the bank account will be considered an artifact that is either in the cloud or on your mobile phone, not a physical artifact you got from the bank.”

An interesting change in consumer banking as a result of the IoT is that traffic to bank branches has and will decrease significantly, shifting customer acquisition strategies and reinforcing the digital 24/7 connection between consumer and bank. A steady stream of data means visibility, analysis, automation, and new financial products designed to improve the consumer experience or satisfy needs.

The IoT is having a similar effect across many industries, a key element is automation producing IoT payments. To learn more about how the Internet of things is influencing payments and what an IoT payment is, read Mercator Advisory Group’s report IoT Payments: How the Internet of Things Is Influencing Payments.

Overview by David Nelyubin, Research Analyst at Mercator Advisory Group

1
SHARES
0
VIEWS
Share on LinkedIn
Tags: IoT

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    Gen Z banking

    For Gen Z, Banking Loyalty Begins with Payments

    July 20, 2026
    syria visa mastercard

    Visa’s Stablecoin Platform Marks the Next Phase of Digital Payments

    July 17, 2026
    cross-border payments

    Beyond Pix: The Cross-Border Layer Latin America Is Building Next

    July 16, 2026
    digital euro

    Can the Digital Euro Be the Difference Maker the EU Needs?

    July 15, 2026
    tap-to-pay

    Tap-to-Pay Gives Small Merchants a Big Advantage

    July 14, 2026
    cyber resilience

    Modern Cyber Risk Is Breaking Longstanding Security Assumptions

    July 13, 2026
    Merchants Real-Time Payments, swipe fees, BNPL

    How Software Turned Payments Into a Seamless Part of Commerce

    July 10, 2026
    credit union data, credit union technology

    Inside the Tech Shift Redefining How Credit Unions Operate

    July 9, 2026

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2026 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result