Updated: Apr 13, 2020
Can financial services, which deals mostly with the intangible, benefit from Internet of Things (IoT) technology? Absolutely—and not only from more and better data about clients' physical assets. IoT applications aim to transform finance along with every other sector.
The future for financial services and IoT technology
Financial services have long trafficked in the intangible, from counterparty risk and online bill payment to things that used to be tangible but increasingly are not any longer, such as stock certificates and even money itself.
So all the talk about IoT—a suite of technologies and applications that provide information about, well, things—might not seem directly relevant to the way financial services institutions do business.
But, according to the Deloitte Center for Financial Services research, there are near- and long-term opportunities for the financial services industry to see the benefits from IoT. Read this report for an overview of where IoT is working well, bottlenecks companies could encounter when leveraging IoT data, and potential use cases for future adoption.
Or explore the below infographic, which was created at the BAI Retail Delivery Conference where the Deloitte Center for Financial Services hosted a sponsored session on IoT in financial services. The graphic includes an overview of the findings from the research study and ideas generated from small group discussions on the application of IoT in retail banking through the lens of lending, branch, wealth management, and payments.
Financial services and IoT
The Internet of Things and financial services: Too much—or not enough—of a good thing?
IoT has recently taken its place alongside big data at the peak of the hype cycle. With projected values ranging to $15 trillion by the end of this decade, there is a real opportunity for financial services companies. But how will IoT play out in the industry? And what are the near-term and potential long-term uses cases for financial services?
View the report on Deloitte University Press here.
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For further information, please contact:
Cody Chen, Partner, Qin Li Law Firm, a Chinese law firm and a member of the Deloitte Legal global network.
Mark Schroeder, Qin Li Law Firm, a Chinese law firm and a member of the Deloitte Legal global network.