The Internet of Things (IoT) is a concept that describes a totally interconnected world. Some vehicles, kitchen appliances, and even heart monitors are now connected through the IoT. And as the Internet of Things continually grows, more devices will join that list. Ultimately IoT is able to help people in a number of ways by saving time and simplifying daily activities. One of the industries that will be benefiting from IoT the most is the banking industry.
Fintech is a big deal.
What makes it such a powerful tool is how it works to effectively position your Financial Institution as an advocate your account holders.
Let me share a recent example of what a danger legacy business practices are in a world that has moved on.
A decade ago, Geezeo launched as a SaaS company providing digital financial management solutions to US community banks, regional banks, and credit unions. Since the beginning, Geezeo built its technology infrastructure leveraging Amazon Web Services, which has allowed us to scale quickly and seamlessly.
There is plenty of talk about cybersecurity both internally and externally. And it’s no surprise that cybersecurity in the financial sector, in particular, is a huge industry. Cybercrime, in general, is a $600 billion industry, and at some point in all those breached accounts and all that compromised security, financial institutions will pay either directly or indirectly.