Global IoT in Financial Services Market, 2017

Global IoT in Financial Services Market, 2017

Strategic Investments in Effective Customer Engagement Result in Useful Data Insights for Growth

RELEASE DATE
20-Jun-2017
REGION
North America
Deliverable Type
Market Research
Research Code: MD10-01-00-00-00
SKU: IT03388-NA-MR_20291
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Description

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

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

What is IoT?

IoT Ecosystem

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

Drivers for IoT in Banking

Restraints for IoT in Banking

Growth Opportunity—Fintech Partnerships

Growth Opportunity—Machine Learning and Artificial Intelligence

Growth Opportunity—Blockchain

Growth Opportunity—Process Automation Tools

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

Drivers for IoT in Insurance

Restraints for IoT in Insurance

Growth Opportunity—Connected Health Platforms

Growth Opportunity—Big Data Analytics

Growth Opportunity—Blockchain

Recommendations for Banks

Recommendations for Insurance Companies

The Last Word—4 Big Predictions

Legal Disclaimer

List of Figures
  • 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
List of Charts
  • 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
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
More Information
Deliverable Type Market Research
No Index No
Podcast No
Table of Contents | 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~ | Introduction to IoT~ || What is IoT?~ || IoT Ecosystem~ | 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~ | 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~ | 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~ | 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~ | 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~ | Growth Opportunities and Companies to Action~ || Growth Opportunity—Connected Health Platforms ~ || Growth Opportunity—Big Data Analytics~ || Growth Opportunity—Blockchain~ | Recommendations and Strategic Imperatives~ || Recommendations for Banks ~ || Recommendations for Insurance Companies~ | The Last Word~ || The Last Word—4 Big Predictions~ || Legal Disclaimer~ | The Frost & Sullivan Story~
List of Charts and Figures 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~
Author Dhanvin Sudarsan
Industries Information Technology
WIP Number MD10-01-00-00-00
Is Prebook No