IoT Start-up Tracker— Digital Banking and Financial Services Growth Opportunities

IoT Start-up Tracker— Digital Banking and Financial Services Growth Opportunities

Digital Banking to Support the Future Growth Potential of IoT Platforms

RELEASE DATE
23-Feb-2023
REGION
Global
Deliverable Type
Market Research
Research Code: K8BF-01-00-00-00
SKU: IT04676-GL-MR_27460
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Description

The banking and financial services industry is increasingly focused on reducing cost and increasing efficiency and profitability. This Internet of things (IoT) start-up tracker helps participants in the digital banking and financial services ecosystem identify solution providers with offerings that address industry challenges. The start-up tracker provides a rich database of start-up and niche players that can transform processes in digital banking and financial services and add value to the end user. These companies were selected based on the Frost & Sullivan Best Practices database and global fintech ecosystem mappings and rankings. Each shortlisted company has been screened, analyzed, and assigned an overall score based on the criteria described in this study. A list of start-ups focused on digital banking and financial services was made by region, and categorized into the following segments: payments, insurance, and banking. The study is the result of detailed primary interviews with digital banking and financial services start-ups that stand out in different regions. It offers a competitive profile and highlights relevant developments, strategies, and value propositions in this space. The study also identifies the growth opportunities emerging from the changes in the digital banking and financial services ecosystem for market players and stakeholders to leverage.

The IoT space is still in flux and has significant overlap with other industries, such as automotive, energy, and transportation. To accurately observe and measure IoT-related economic activity, Frost & Sullivan uses certain criteria to determine if a product, application, or service is to be considered part of the IoT industry. Specifically, a product, application, or service must be part of a larger solution and feature the following to be considered a component of the IoT:

•     Objects that are virtualized and imbued with data measurement capabilities
•     The ability to grant identities to physical and virtual objects
•     Interconnections between the objects in the solution for monitoring and interaction purposes
•     The ability to generate real-time insights from data and incorporate them into existing business processes

Author: Carina Goncalves

Table of Contents

Why is it Increasingly Difficult to Grow?

The Strategic Imperative 8™

The Impact of the Top 3 Strategic Imperatives on the Digital Banking and Financial Services Industry

Growth Opportunities Fuel the Growth Pipeline Engine™

Definition of the Internet of Things (IoT)

Scope of the Study

Research Process and Methodology

Research Process and Methodology (continued)

IoT in Banking and Financial Services—Key Topics Covered in This Study

Frost & Sullivan’s Fintech Definition

Complexity is the New Reality of Financial Services

Evolution of FinTech

Banking and Financial Services Industry Snapshot

Expected Transformations

Timeline of IoT in Financial Services

Use of Technologies in the Banking and Financial Services Market

Use and Importance of IoT in the Banking and Financial Services Market

Main Challenges of the Banking and Financial Services Industry

Payments

IoT in Virtual Currency

Impact of Virtual Currency on the IoT Ecosystem

Insurance

IoT in Connected Insurance—Wearables

IoT in Connected Insurance—Telematics

Banking

Timeline of Digital Banking

Bank of the Future

Future Innovation Potentials for Digital Banking

IoT in ATMs

Impact of ATMs on the IoT Ecosystem

IoT in Digital Branch Banking

Impact of Digital Branches on the IoT Ecosystem

Top 4 Growth Opportunities in Digital Banking and Financial Services Market

Critical Success Factors for Growth

Key Competitors (Start-ups) in the Digital Banking and Financial Services Market

Scoring Methodology for Competitive Profiles

Innovation Target for Competitive Profiles

Makusafe—Company Profile

Makusafe—Analyst Viewpoint

Insurance & Mobility Solutions (IMS)—Company Profile

IMS—Analyst Viewpoint

The Floow—Company Profile

The Floow—Analyst Viewpoint

Concirrus—Company Profile

Concirrus—Analyst Viewpoint

Growth Opportunity 1—IoT Platforms for Personalized Financial Services

Growth Opportunity 1—IoT Platforms for Personalized Financial Services (continued)

Growth Opportunity 2—IoT Devices for Augmented Digital Banking Awareness

Growth Opportunity 2—IoT Devices for Augmented Digital Banking Awareness (continued)

Growth Opportunity 3—IoT Profissional Services for Improved Financial Outcomes

Growth Opportunity 3—IoT Profissional Services for improved Financial Outcomes (continued)

Growth Opportunity 4—Managed IoT Connectivity Services for Digital Branches Expansion

Growth Opportunity 4—Managed IoT Connectivity Services for Digital Branches Expansion (continued)

List of Exhibits

Legal Disclaimer

The banking and financial services industry is increasingly focused on reducing cost and increasing efficiency and profitability. This Internet of things (IoT) start-up tracker helps participants in the digital banking and financial services ecosystem identify solution providers with offerings that address industry challenges. The start-up tracker provides a rich database of start-up and niche players that can transform processes in digital banking and financial services and add value to the end user. These companies were selected based on the Frost & Sullivan Best Practices database and global fintech ecosystem mappings and rankings. Each shortlisted company has been screened, analyzed, and assigned an overall score based on the criteria described in this study. A list of start-ups focused on digital banking and financial services was made by region, and categorized into the following segments: payments, insurance, and banking. The study is the result of detailed primary interviews with digital banking and financial services start-ups that stand out in different regions. It offers a competitive profile and highlights relevant developments, strategies, and value propositions in this space. The study also identifies the growth opportunities emerging from the changes in the digital banking and financial services ecosystem for market players and stakeholders to leverage. The IoT space is still in flux and has significant overlap with other industries, such as automotive, energy, and transportation. To accurately observe and measure IoT-related economic activity, Frost & Sullivan uses certain criteria to determine if a product, application, or service is to be considered part of the IoT industry. Specifically, a product, application, or service must be part of a larger solution and feature the following to be considered a component of the IoT: • Objects that are virtualized and imbued with data measurement capabilities • The ability to grant identities to physical and virtual objects • Interconnections between the objects in the solution for monitoring and interaction purposes • The ability to generate real-time insights from data and incorporate them into existing business processes Author: Carina Goncalves
More Information
Deliverable Type Market Research
Author Carina Goncalves
Industries Information Technology
No Index No
Is Prebook No
Keyword 1 digital trends in financial services
Keyword 2 digital banking services
Keyword 3 digitalization of banking services
Podcast No
WIP Number K8BF-01-00-00-00