Financial Institutions Turn to the Internet of Things to Stay Competitive

Connected devices, drones and sensors helping financial service companies

Sourced through Scoop.it from: www.emarketer.com

Whether it’s tracking driving habits for the purpose of offering insurance discounts, using biometric data to confirm an ATM user’s identity, using sensors to determine the condition of loan collateral, or remotely disabling a car that is slated for repossession, the financial services IoT is ushering in an era in which “smart” things can seamlessly collect, share and analyze real-time data, as explored in a new eMarketer report, “The Internet of Financial Things: What Banking and Insurance Industry Marketers Need to Know Now.”  An April 2015 survey of global executives across a variety of different industries conducted by Tata Consultancy Services (TCS) found that respondents in banking and financial services predicted that average IoT per-company spending for their sector would grow to $153.5 million by 2018, up nearly 31% from $117.4 million in 2015. Respondents in the insurance industry expected their average per-company budgets to rise about 32% between 2015 and 2018, from $77.7 million to $102.9 million.

See on Scoop.itInternet of Things – Technology focus

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