IoT in Banking and Financial Services enables financial institutions to track customers’ activities, life events, and needs with the help of the data generated from sensors. The data generated from sensors is related to customers’ digital footprint and activities and helps achieve actionable insights and patterns. These insights can be further applied to product designs which help financial organizations provide their customers personalized and context-aware offerings, thereby delivering better customer value. IoT also helps banks and financial institutions diversify their revenue streams by identifying new sources of revenue.
The IoT In Banking And Financial Services Market size is expected to grow from USD 249.4 million in 2018 to USD 2,030.1 million by 2023, at a Compound Annual Growth Rate (CAGR) of 52.1% during the forecast period. The major growth drivers include convergence of operational and information technology and increasing use of IoT devices in product, application, and premises monitoring for connected banking.
Services is one of the main components of the IoT in Banking and Financial Services market. It is a key revenue generator for all the vendors. Banks and ATMs use IoT services in bringing on-demand servcies closer to the customer by providing kiosks and increasing the accesibility of services to the customer. The IoT services have helped consumers to save time and work smarter.
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The monitoring segment is expected to grow at the highest CAGR during the forecast period
The monitoring solution provides cost-effective maintenance, and helps improve customer service and create new business opportunities. For instance, a financial institution could use the monitoring solution to track ATMs, customer assets, and premises. Moreover, the monitoring solution can be easily deployed over SCADA systems using GPRS and CDMA cellular networks. Post the cost reduction in cellular data, the deployment of the monitoring solution has become even easier and cost-effective, and helps improve business operations.
The insurance segment is expected to be the fastest-growing end-user in the IoT in BFSI market during the forecast period
IoT helps the insurance companies in more effectively determining insurance prices and providing services that keep people and their assets safe. IoT devices, such smart devices and phones, can use accelerometers, gyroscopes, GPS, and sensors to provide data on consumers. This usage pattern can be further used by insurance companies to provide UBI solutions. For instance, with the emergence of telematics, cars are now able to transmit drivers’ behavior data back to the car insurance companies, so that they can assess drivers’ risks and premiums accordingly. The data gathered from the telematics device would enable insurers to provide the right insurance plan to the customer.
APAC is expected to grow at highest CAGR in the IoT in Banking and Financial Services market. The increasing adoption of IoT solutions to cater to the growing demand for business services in the BFSI vertical and technological advancements are the major drivers of the APAC market. Major APAC countries, such as Singapore, Japan, and India are adopting the IoT technology. The Infocomm Development Authority of Singapore (IDA) and the Information Technology Standards Committee (ITSC) have started an initiative called SPRING Singapore, which encourages industry participants to make new developments and investments in the IoT sector. This initiative has also formed the Singapore Standards Council (SSC), which has formulated the IoT standards for Singapore’s Smart Nation project.
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Major players in the IoT in Banking and Financial Services market include IBM (US), Capgemini (France), Microsoft (US), Cisco (US), SAP (Germany), Accenture (Ireland), Oracle (US), Infosys (India), Software AG (Germany), and Vodafone (UK). These leading players have adopted various organic as well as inorganic growth strategies, such as partnerships, collaborations, agreements, mergers, acquisitions, and new product developments, to achieve further growth in the IoT in BFSI market.
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