IoT Use in Banking

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IoT in Banking: Trends

IoT is impacting and improving various sectors of the service delivery industry, with banking being one recipient of this advancement. IoT has enhanced e-commerce, payment processes, and online investments and is projected to grow at a CAGR of 55.3% between 2019 and 2027. Our research focuses on the major trends in the usage of IoT in banking.

Major IoT Trends in Banking

1. Wearables

Impact in the Banking Industry

Examples of Companies Using Wearables

2. Voice Assistants

Impact in the Banking Industry

Examples of Companies Using Voice Assistants

3. Blockchain

Impact in the Banking Industry

Examples of Companies Using Blockchain

Research Strategy

The team started by conducting an in-depth analysis of how IoT has penetrated the banking sector to gather information about the trends. Survey reports from reliable sources like Pew research and Prime Indexes worked to inform on the major trends. Publications by key stakeholders in the banking and tech sector came in handy identifying the impacts of the major trends of IoT in the banking sector.
The team also analyzed information from Fintech publications and financial magazines such as the Financial Times to gather more information on the various trends and the companies that have adopted the trend
Sources
Sources

Quotes
  • "Sixty-six percent of US adults use voice assistants or chatbots, and 87 percent are aware of the technologies. 21% of US adults use voice assistants or chatbots to perform e-commerce tasks like paying bills or online banking"
Quotes
  • "It is the perfect vehicle for managing the lifecycle of loans"
  • "Blockchain is not a silver bullet, it will not fix it itself, it will take business process changes"