What the internet of things means to me: Keith Moor

Santander's chief marketing officer talks about what is possible today thanks to internet-of-things thinking, and where it may take him and his brand.

For banks, and finance in general, how we connect has changed the way people interact with us. The internet of things, in its purest sense, has not had a massive impact yet – although it will – but connectivity has empowered the consumer.

It is a virtual exchange of cash, transferred safely between unique devices... Whether consumers are ready for it or not doesn’t matter; they will be soon.

Consumers now have greater control over their channel preferences and how they want to do business. Previously, banks had defined opening hours, where and when we would do business. Now we have to be open 24/7, where needed, but can’t afford to open branches in this way (and the supermarkets have shown 24-hour opening is not always useful). So, first online banking, and now, more importantly, mobile banking, is growing exponentially.

Use of mobile banking peaks at the start and end of the month, connected with payroll cycles; it will become the predominant channel for transactions in the next year or two. If you combine online and mobile banking, it’s already ahead of everything else.

The internet of things – smart technology and phones – is leading to person-to-person (P2P) payments where smartphones are used to transfer money between two devices. Barclays has started it already with Pingit.

It is a virtual exchange of cash, transferred safely between unique devices. Your mobile phone acts as a unique identifier, enabled by smart technology.

Whether consumers are ready for it or not doesn’t matter; they will be soon.

Connectivity is also changing marketing. There are now digital displays inside stores. NFC tags mean that specific messages can be targeted to the smartphones of individuals both inside and walking outside the branches. This is an area that will grow and grow.

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