IoT in Banking and Financial
Services Market by Solution (Security, Monitoring, Customer
Experience Management), Service, End-User (Banking, Insurance, and Investment
and Wealth Management), Organization Size, and Region - Global Forecast to 2023
The
services segment comprises professional services and managed services. The
professional services segment has been further categorized into integration and
deployment, business consulting, and support and maintenance. Support and
maintenance services deliver application & maintenance services and IT
solutions, which further offer secured high-performance platforms for
transforming critical applications and fulfilling changing business needs. Once
the IoT devices are deployed in organizations, it is very important that these
devices are well integrated with the existing enterprise systems. Support and
maintenance service providers deliver round-the-clock support services to
resolve issues.
IoT
helps the insurance companies in more effectively determining insurance prices
and providing services that keep people and their assets safe. IoT devices,
such as smart devices and phones, can use accelerometers, gyroscopes, GPS, and
sensors to provide data on consumers. This usage pattern can be further used by
insurance companies to provide UBI solutions. For instance, with the emergence
of telematics, cars are now able to transmit drivers’ behavior data back to the
car insurance companies, so that they can assess drivers’ risks and premiums
accordingly.
APAC is one of the largest
contributors to the IoT in Banking and Financial services. The increasing
adoption of IoT solutions to cater to the growing demand for business services
in the Banking and Financial services vertical and technological advancements
are the major factors driving the APAC market growth. Major APAC countries,
such as Singapore, Japan, and India are working to adopt the IoT technology.
The Infocomm Development Authority of Singapore (IDA) and the Information
Technology Standards Committee (ITSC) have started an initiative called SPRING
Singapore, which encourages industry participants to make new developments and
investments in the IoT sector. As per a TCS report, 55% of APAC organizations,
including financial institutions, have adopted the IoT-enabled agile business
model. Moreover, the report states that APAC companies are more likely to use
IoT technology solutions to automatically resupply their end-customers with
connected solutions, for which 26% of organizations have already made changes
to their business model.
Major
vendors in the APAC IoT in Banking and Financial services market include
Infosys (India), Allerin Technologies (India), Tibbo Systems (China), SunTec
(India), Ranosys Technologies (Singapore), Paragyte Technologies (India), and
Colan Infotech (India).
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