Internet of Things in Banking Market 2018 | High Growth at a CAGR of 18.49% along with NFC RING, MASTER CARD, INFOSYS LIMITED, IBM, MICROSOFT, TEMENOS GROUP AG, ALLERIN TECHNOLOGIES till 2023

Industry Highlights:
The Internet of things in banking market is expected to register a CAGR of 18.49%, during the forecast period (2018-2023). The scope of the report is limited to products for Real-Time Streaming Analytics, Security, Data Management, and Remote Monitoring. While the application segments considered in the scope of the report include Cyber Security, Customer Relationship Management, Logistics, Product management and planning, and marketing.

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Internet of things in banking has been growing in recent times owing to the growth of technology adoption in every possible industry. Many trends, such as the deployment of sensors in ATM and the use of IoT in banking has enriched the consumer experience. Banks can anticipate the needs of customers through the data collected and offer solutions and advice that can help the consumers take a better decision owing to such trends internet of things has become a powerful facilitator in growing the business in banking sector.
The privacy and risk of data exposure is one primary factor of concern in the implementation of data analytics. Any data breaches from the bank end could lead to various complicated repercussions for banks. Many countries have also imposed heavy fines on data breaches, which increases the risk factor for banks.

Key Developments in the Market
• February 2018 - Trackopolis, an IoT company has acquired a USD 3.5 million credit facility from Silicon Valley Bank. This can result in a new product portfolio for the company
• February 2018 - Many countries, such as India have been reliant of latest technology such as AI and block chain to grow the banking industry. Internet of things is among the key technologies that are to be implemented in the country

The major players include –
NFC RING, MASTER CARD, INFOSYS LIMITED, IBM CORPORATION, MICROSOFT CORPORATION, TEMENOS GROUP AG, ALLERIN TECHNOLOGIES, and EDGEVERVE, amongst others.

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Growth of Connected Devices has Demanded the Need for Implementation of IoT Technologies in Banking

It is estimated that about there will be about 25 billion smartphones, wearable and other connected devices by 2020. This growth of connected devices has enabled in the ease of various activities in the banking sector. The use of IoT in banking lead to enriched consumer experience, better product offers towards customers and better marketing practices owing to the targeted accuracy in the type of service being provided.
Banking industry has been experiencing a growth in wearable technology and the many banks have been providing applications, which enable in easier transactions. Applications have been provided to popular brands, such as companies, like Apple Watch and FitPay, which are already in collaboration with the Bank of America to enable in such functions. Some of the banks have invested more in this trend and have launched their own devices. Banks such as Caixa Bank, Hellenic Bank and Australia’s Westpac (with PayWear) and other wearable bands coming from Barclay's unveiling bPay wearable contactless payment solutions are some of the products owned by banks.

Owing to the Scope for Unconventional Applications Remote Monitoring is Expected to Have High Growth in the Future
Many unconventional applications for remote monitoring technology in the banking sector enable in better loan and insurance deployments. Applications such as the use of sensors in warehouses to track the inventory level can aid the banks to deduce the account balance and inventory debt that can be paid when the inventory is sold. Financial institutions, such as auto loan and insurance companies can deploy sensors in vehicles for which there are disbursed loans. These sensors can track the vehicle and alert the banks in case of theft or robbery from the banks. Deployment of farming loans can also be eased as the sensors detect the climatic conditions in the area and base those conditions as a factor for the amount of loan to be given.

North America Is Expected To Have A High Adoption Rate Owing To The Presence Of Major Players
North America has many of the largest banks, which has a major effect to drive the market for IoT in banking. Banks, such as Bank of America have been collaborating with apple to increase the usage of IoT in the industry. Owing to such collaborations the banking industry in the company is expected to have a high adoption rate for banking. Presence of banks, such as JP Morgan, Wells Fargo, Goldman Sachs, Royal Bank of Scotland is expected to further grow the market in the region.

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