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Internet of Things Report, Retail Banking Technology Report

Internet of Things in Retail Banking - Thematic Research

In banking, IoT will enable more contextual digital experiences

Most banks are already well underway with the big, multi-year transformation projects around cloud and big data analytics (BDA) to enable such experiences, but IoT will make the data aspect of that much harder. Data types where source-complexity and formats hinder consumption, for example, requiring new skill sets and new analytical techniques to discern trends. The volume of data – and the velocity of it – will mean new data warehousing and cloud programs.

  • What you need to know...
  • IoT in banking is primarily about the connected customer – knowing where they are, and what they’re doing, to deliver better calibrated products and services.
  • IoT is becoming the next cloud battleground. Amazon, Google, Microsoft, Alibaba, and IBM are vying to provide the cloud infrastructure that will connect and run the world’s connected things.
  • Succeeding in the IoT era will depend not only on how well a business implements and deploys technology, but on how well it defines the problems it is trying to solve, and the policies it will operate under.

Shaping the right IoT investment strategies in Banking

IoT is likely to change the way they make money: today, most users of connected devices are humans; tomorrow, most users will be machines. So the future of many operators in an IoT world may well depend on the business model they adopt to monetize machine-to-machine (M2M) traffic. Learn more in our latest report.

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