Global IoT in Financial Services Market, 2017

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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?

Table of Contents

1. Executive Summary
Key Findings
Definitions
Internet of Things (IoT)
Application Programming Interface (API)
Gateway
Machine to Machine (M2M)
Semantics
Sensors
6LoWPAN
Software Development Kit (SDK)
Research Scope
2. Introduction to IoT
What is IoT?
IoT Ecosystem
3. IoT in Banking
Changing Roles of Retail Banking
Banking Services and Channels
Payments Landscape in Banking
IoT in Mobile Payments
Impact of Mobile Payments on the IoT Ecosystem
IoT in Payments Use Cases
IoT in ATMs
Impact of ATMs on the IoT Ecosystem
IoT in ATMs Use Cases
IoT in Digital Branch Banking
Impact of Digital Branches on the IoT Ecosystem
IoT in Digital Branches Use Cases
IoT in Banking—Sensor Deployment Forecast
4. Drivers and Restraints
Drivers for IoT in Banking
Improving customer intimacy
Improved sales and marketing effectiveness
Increased adoption of smartphones
Restraints for IoT in Banking
Data Security Management
Regulatory Restrictions
Costly Integration
5. Growth Opportunities and Companies to Action
Growth Opportunity—Fintech Partnerships
Growth Opportunity—Machine Learning and Artificial Intelligence
Growth Opportunity—Blockchain
Growth Opportunity—Process Automation Tools
6. IoT in Insurance
Global Insurance Industry—Types of Insurance Companies
InsurTech—Reshaping Insurance
IoT in Auto Insurance
Impact of Telematics on IoT Ecosystem
IoT in Auto Insurance Use Case
IoT in Home Insurance
Impact of Home Automation on IoT Ecosystem
IoT in Home Insurance Use Case
IoT in Health Insurance
Impact of Connected Health Devices on IoT Ecosystem
IoT in Health Insurance Use Case
IoT in Insurance—Sensor Deployment Forecast
7. Drivers and Restraints
Drivers for IoT in Insurance
Improving customer experience
Effective fraud detection and risk mitigation
Reduced costs of sensors
Restraints for IoT in Insurance
Cyber Threats
Data Management
8. Growth Opportunities and Companies to Action
Growth Opportunity—Connected Health Platforms
Growth Opportunity—Big Data Analytics
Growth Opportunity—Blockchain
9. Recommendations and Strategic Imperatives
Recommendations for Banks
Recommendations for Insurance Companies
10. The Last Word
The Last Word—4 Big Predictions
Legal Disclaimer
11. The Frost & Sullivan Story


List of Figures & Charts

1. IoT in Financial Services: Drivers for IoT in Banking, Global, 2017–2021
2. IoT in Financial Services: Restraints for IoT in Banking, Global, 2017–2021
3. IoT in Financial Services: Drivers for IoT in Insurance, Global, 2017–2021
4. IoT in Financial Services: Restraints for IoT in Insurance, Global, 2017–2021


1. IoT in Financial Services: What is IoT, Global, 2017
2. IoT in Financial Services: Changes in Retail Banking, Global, 2017
3. IoT in Financial Services: Banking Services and Channels, Global, 2017
4. IoT in Financial Services: Payments Landscape in Banking, Global, 2017
5. IoT in Financial Services: Payments Landscape, Global, 2017
6. IoT in Financial Services: IoT in Mobile Payments, Global, 2017
7. IoT in Financial Services: IoT in Payments, Global, 2017
8. IoT in Financial Services: IoT in ATMs, Global, 2017
9. IoT in Financial Services: IoT in Mobile Payments, Global, 2017
10. IoT in Financial Services: IoT in Payments, Global, 2017
11. IoT in Financial Services: IoT in Digital Branches, Global, 2017
12. IoT in Banking: Sensor Deployment Forecast, Global, 2021
13. IoT in Banking: Sensor Deployment Forecast, Global, 2016–2021
14. IoT in Financial Services: Types of Insurance Companies, Global, 2017
15. IoT in Financial Services: InsurTech Disruption and Impacts, Global, 2017
16. IoT in Financial Services: IoT in Auto Insurance, Global, 2017
17. IoT in Financial Services: IoT in Digital Branches, Global, 2017
18. IoT in Financial Services: IoT in Auto Insurance, Global, 2017
19. IoT in Financial Services: IoT in Home Insurance, Global, 2017
20. IoT in Financial Services: IoT in Digital Branches, Global, 2017
21. IoT in Financial Services: IoT in Home Insurance, Global, 2017
22. IoT in Financial Services: IoT in Health Insurance, Global, 2017
23. IoT in Financial Services: Impact of Connected Health Devices on IoT Ecosystem, Global, 2017
24. IoT in Financial Services: IoT in Health Insurance, Global, 2017
25. IoT in Insurance: Sensor Deployment Forecast, Global, 2021
26. IoT in Insurance: Sensor Deployment Forecast, Global, 2016–2021



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