Report Detail

Financial Services Internet of Things in Retail Banking - Thematic Research

  • RnM2930067
  • |
  • 12 February, 2019
  • |
  • Global
  • |
  • 45 Pages
  • |
  • GlobalData
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  • Financial Services

Players

    Trends

      Value chain

        Industry analysis

          Impact of IoT on retail banks

            Companies section

              Technology briefing

                Glossary

                  APPENDIX: OUR "THEMATIC" RESEARCH METHODOLOGY

                  The idea of IoT in banking can feel a lot like a vendor construct “pushed” onto the industry. Connecting “things” to the internet makes more sense for industries that have more “things” to connect (e.g., manufacturing, healthcare, and insurance). Retail banks don’t deal in such tangibles. Instead, the opportunity is around the “connected customer” – knowing where they are, and what they’re doing, and offering more personalized products and services based on this information.

                  Long-term, entirely new levels of contextual guidance become possible. For example, the second a customer enters a car lot or their favorite retail park, a bank could notify them of how much money they can borrow, and at what rate. Medium-term, as the concept of connected cities comes to fruition, banks could send a warning to avoid certain retailers where they typically over-spend. Banks could even automate day-to-day account management based on declared goals and sensors to optimize financial outcomes for customers, all of which goes toward helping banks establish themselves as the “trusted advisor” in the move to open banking.

                  Most banks are already well underway with the big, multi-year transformation projects around cloud and big data analytics (BDA) to enable such experiences, but IoT will make the data aspect of that much harder. Data types where source-complexity and formats hinder consumption, for example, require new skill sets and new analytical techniques to discern trends. The volume of data - and the velocity of it - will mean new data warehousing and cloud programs.

                  Scope

                  This report analyses the impact of internet of things on retail banking.

                  -The report offers a framework in which to look at IoT, summarizes the important trends and identifies the key players.

                  -It analyses the opportunities around the “connected customer” for retail banks – knowing where they are, and what they’re doing, and offering more personalized products and services based on this information.

                  Reasons to buy

                  The report highlights some of the big players in IoT and where do they sit in the value chain.

                  -It looks at the technology trends within the IoT value chain as well as trends showing how the IoT is being implemented across the global retail banking sector.

                  -The report splits the value chain for IoT into four layers – devices, connectivity, data and control.

                  -It discusses the impact of IoT on retail banks, offering key recommendations for retail banks and IT vendors.

                  -It provides a technology briefing by analysing the six big IoT market segments and navigating the IoT value chain.

                  Companies mentioned

                  Akamai

                  Amazon

                  Apple

                  ARM (Softbank)

                  Atmel (Microchip Technology)

                  Broadcom

                  CalAmp

                  Cisco

                  Ericsson

                  F5 Networks

                  General Electric (GE)

                  Google

                  IBM

                  Infoblox

                  Intel

                  Microchip

                  Microsoft

                  NXP/ Freescale

                  Qualcomm

                  Samsung

                  SAP

                  Software AG

                  Splunk

                  AlertMe

                  Arqiva

                  Arrayent

                  August

                  Ayla Networks

                  Balyo

                  Belkin

                  BigBelly

                  Canary

                  DroneShield

                  Electric Imp

                  Evrythng

                  Fitbit

                  Libelium

                  Neul

                  Nordic Semi-conductor

                  Oort

                  Tado

                  Thingsquare

                  Bank of America

                  Citibank

                  US Bank

                  Intelligent Environments

                  Monzo

                  Starling Bank



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