The IoT (Internet of Things) in banking & financial services refers to a system of connected smart devices, as well as wearable, smartphones, toll payment devices, and home assistants amongst others. These smart devices aid in enhancing payment-experience and banking services for its end-users. The smart devices are supported with highly developed sensors that are linked to internet groundwork. The internet infrastructure helps these devices to transmit and get data among each other with a single platform. In addition, IoT solutions are included with a set of software & hardware components that ultimately aid in sending and receive important information between users & banks. It is utilized to monitor and evaluate the demand & activities of the customers to offer real-time analytics services together with loans, financial credits, and among others.
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In the banking segment, the provider of financial services utilizes IoT solutions to provide easy access and on-demand services to end-users. IoT technology helps banking organizations in evaluating the use of ATM kiosks in particular zones. The technology ensures making fast decisions related to the surge/decline in setups of ATMs, depending on the usage volume. Besides, NBFC (non-bank financial institutions) utilizes IoT solutions to decrease operational & management costs and also boost services.
The insurance firms utilize IoT technology to get facts and data about the layout defects & product design, to access the top premium and price coverage if there is any product causality. With the assistance of IoT solutions, the insurance companies provide better operational efficiencies, customer experience services, and risk management capabilities to the end-users. Across the U.K., many insurance firms, including OSeven, Just Miles, Autoemo, and Hubio are collaborating with startups to develop UBI (usage-based insurance), solution based on “telematics”. This UBI solution is utilized to capture and study the user’s data & behavior conducts. This is expected to support insurance companies to advance insights for customer’s behavior & personal habits and further efficiently evaluate the insured menace and provide value-added services.
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The concerns regarding the operability & lack of skilled professionals to provide services are expected to be a major restraint for the development of this market. Furthermore, one of the budding market trends is the augmenting implementation of imminent cloud applications and 5G cellular technology in IoT. Many organizations including Capgemini Financial Services and Infosys Limited are advancing IoT solutions on the account of the cloud. For example, in April 2019, the organizations including Capgemini Financial Services and AWS (Amazon Web Services) advanced IoT service based on the cloud platforms for financial & security services. The intensifying demand for IoT in banking & financial services is playing a major role in the growth of the market.