Information & Communication Technologies


Global IoT in Financial Services Market, 2017

Strategic Investments in Effective Customer Engagement Result in Useful Data Insights for Growth
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Published: 20 Jun 2017

The financial services industry has been remarkably disrupted by innovative technologies and new business models. While the pace of innovation is rapid in financial services, IoT is still at a nascent level in this complex and highly regulated industry. However, the industry now appears to be at a point of articulation as the stakeholders from the fintech and InsurTech ecosystem and the traditional organizations have set their sights on IoT as the next greatest growth opportunity. This study aims to put in perspective the existing trends for IoT in financial services globally. The analysis will include the current challenges for adopting IoT solutions, drivers for the adoption of IoT within financial services, the role of the stakeholders in the IoT ecosystem for catering to financial services organizations, and various areas within banking and insurance where IoT creates an impact. This report will also have relevant use cases in the form of examples to make sure that the reader understands the impact in a clear manner. The analysis will include discussions on current challenges, the impact of financial (banking, insurance) transactions on the IoT ecosystem, and key steps that are being taken by banks and insurance companies globally for implementing IoT. This report also covers the top drivers and restraints that determine the adoption of IoT solutions (based on an IoT survey). The report has a pictorial workflow representation of the IoT solutions that currently cater to the banking and insurance industries. This report will answer the following: - • What is IoT? • Who are the major players in the IoT ecosystem? • How do different stakeholders in the IoT ecosystem work together? • What are the drivers for the adoption of IoT? • What are the challenges that slow down the adoption of IoT? • Which are the top areas in banking that would get the best benefits from the adoption of IoT? • What are the top areas in insurance that would get the best benefits from the adoption of IoT? • How does IoT impact the services and products that are provided by the financial organizations? • How does IoT impact financial services? • How is IoT currently being used in banking? • How is IoT currently being used in insurance? • How could IoT play a role in digital branches? • How could IoT play a role in ATM machines? • How could IoT play a role in mobile banking and payments? • What role does IoT play in auto insurance? • What role does IoT play in home insurance? • What role does IoT play in health insurance? • What are the steps that the bankers have to take for a successful IoT implementation? • What are the steps that insurers have to take for having a successful IoT implementation? • What are the growth opportunities for insurance companies? • What are the growth opportunities for banks?

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