The future of retail banking: What the Internet of Things means for your banking facilities

The Internet of Things (IoT) plays a pivotal role in integrating physical spaces with data capture and processing capabilities, increasing transparency, visibility, and performance insights. This advancement holds significant implications for the future of retail banking locations. In recent years, these advancements—from work order management systems to mobile apps to even geolocation technologies—have transformed typical facilities maintenance work. By leveraging IoT devices, facilities managers can gain enhanced insights into customer and associate interactions within their physical spaces.

Driving better retail bank maintenance savings

With the implementation of cost-effective IoT-connected sensors, facilities managers gain the ability to identify potential areas for cost savings within their branch network. With branches accounting for nearly half of all operating costs, these sensors can provide real-time data and insights that will allow for the identification of inefficiencies and optimization opportunities. By analyzing the data collected from these sensors, facilities managers can prioritize and implement targeted cost-saving measures, ultimately driving operational efficiency and improving the bottom line. With relatively inexpensive IoT-connected sensors, branches can identify and prioritize savings opportunities.

• Simple airflow and moisture-detection sensors can alert facilities managers to early-stage leaks, potentially avoiding significant problems and branch downtime.
• Monitoring HVAC systems with IoT sensors can detect irregularities such as sound, vibration, temperature shifts, and fluid leakage, enabling proactive and cost-effective maintenance.
• Strategic lighting changes triggered by IoT devices based on customer traffic or natural light availability prove particularly effective for larger branch locations with extended hours and defined peak foot traffic.

Creating predictive customer traffic models

The future of retail banking will look very different in the next few years. IoT-enabled customer traffic sensors allow building managers to prioritize locations for priority handyman coverage, schedule floor care and general cleaning needs, and optimize teller and drive-thru staffing based on data-driven predictive models. Radio-enabled beacons connected to branch ATM access door lock systems facilitate seamless access for established customers through communication with banking apps on phones and smartwatches. Furthermore, the implementation of CO2 sensors enables estimation of occupancy levels, allowing facilities managers to optimize HVAC systems for customer comfort and peak usage.

Protecting the health and safety of bank branches

Beyond efficiency and cost savings, IoT-connected devices contribute to enhanced safety and security within bank branches. IoT-connected devices are an inexpensive way to identify, collect, and make use of previously difficult to obtain facilities information, such as within walls or plenum spaces. Facilities managers can now use this information to make more refined, data-drive choices about what maintenance activities to perform, when to make them, and ideal times to schedule recurring maintenance for better customer and associate health and safety.

• Low-cost wireless carbon monoxide detectors report not only the presence of carbon monoxide but also shifts in air concentration and detection timestamps.
• IoT sensors detect mold growth rates in high-risk areas, enabling facilities managers to plan and execute preventative measures.
• Additionally, IoT devices monitor and report pest activity using infrared technology, even in concealed spaces within the branches.

Look to IoT for the future of retail banking

IoT-connected devices provide valuable information that is otherwise challenging to obtain. Facilities managers can leverage this data to make refined, data-driven decisions regarding maintenance, fixes, and recurring maintenance schedules. Furthermore, IoT devices significantly contribute to the safety and well-being of branch spaces and the individuals who rely on them daily.

A well-functioning maintenance strategy is essential to the success of any modern-day facilities portfolio. To make sure your facilities maintenance strategy is meeting your needs, request a demo to learn more about how our programs can help you.