For traditional retail banking firms, that creates an opportunity to improve customer service while reducing costs. Historically, retail banking has given all customers the same product information, regardless of whether it is relevant to them or not.
With the help of edge computing, banks can gather and analyze customer data in real-time, allowing them to provide personalized recommendations and services based on each individual’s financial behavior and preferences. Banks can use data collected from customers’ mobile devices, wearables, and other connected devices to offer personalized savings plans, investment advice, and other financial products and services. Retail banks can also create immersive and interactive applications that enable customers to explore and interact with financial data in new and engaging ways. For instance, banks can use edge computing to create personalized financial dashboards that enable customers to track their spending, savings, and investments in real-time.
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