|Global IoT in Financial Services Market, 2017|
|Strategic Investments in Effective Customer Engagement Result in Useful Data Insights for Growth|
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.