3 Ways The Internet of Things

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3 Ways The Internet of Things Will Change Your Personal Finances

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The Internet of Things is already disrupting industries.

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Companies use Internet of Things (IoT) technologies to track fleets, reduce airplane fuel costs, and monitor industrial equipment.

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But companies aren’t the only ones that will benefit.

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Your personal finances have a lot to gain from the IoT as well.

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According to Adweek, 65% of people want the Internet of Things to improve their personal finances.

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And it’s already starting to happen.

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Apple’s mobile payment platform, Apple Pay, is gaining traction and Samsung Pay is right behind.

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Both systems work on wearable devices, and allow users to pay for items without using cash, debit, or credit cards.

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Which means we may not be too far off from leaving our wallets at home.

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But using the IoT for personal finances isn’t just about leaving your wallet behind.

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It’s also about analyzing your spending.

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Research firm Accenture says banks will use the Internet of Things to track your spending, and help you make better financial decisions.

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“Powered by the Internet of Things’ vast data flow, the Bank of Things will be an ever-present part of customers’ lives and daily routines.” -- Accenture

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For example…

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Your Internet-connected car may soon tell your bank when it needs repairs.

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And the bank could then suggest ways to cut back current expenses to help pay for the fix.

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It may sound a bit intrusive now.

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But the IoT has the potential to actually save you money.

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Some insurance companies are using IoT technology to set car insurance rates.

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It’s called usage based insurance (UBI).

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CalAmp makes wireless modules that plug into a vehicle’s telematics system and record braking, acceleration, cornering, and other data.

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Progressive Automotive uses this technology to monitor how some of its customers drive.

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And then lowers monthly premiums for good drivers.

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While the IoT will transform our personal finances in all of these ways, there are even more benefits we can’t even imagine now.

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Because the Internet of Things is just getting started.

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