PUNE, India, March 06, 2019 (GLOBE NEWSWIRE) -- IoT technology is rapidly being incorporated into the banking and financial services sector through the means of wearable devices. These devices are becoming an important element in the wheel of Internet of Things, contributing towards its potential impact. Companies such as Apple and Google are developing IoT-enabled wearables and voice-first devices, which are largely gaining popularity amongst the masses. Devices such as smartwatches, wristbands and eyewear offer easier access to bank account information. Smartwatches for instance, are personal devices that are connected to all important accounts of an individual and therefore receive notifications such as alerts, balances and reward points. As the usage and adoption of wearable devices grow, banks are increasingly collaborating with technological companies with the aim of providing more IoT enabled features to customers such as payments, statement reports, notifications, etc. The usage of these wearable devices largely offers new perspectives to customers in terms of user experience. For instance, Amazon facilitates the integration of invisible payments in commerce through Amazon based IoT enabled devices Echo. Furthermore, voice recognition and hands-free features allow users to perform bank transactions through verbal instructions which greatly simplifies the operations and also enhances customer engagement. Users find it more engrossing to engage in active interaction with systems as compared to receiving banking updates through emails and other such means. The IoT in banking and financial services market, with the assistance of wearable devices is expected to grow at a brisk rate in the coming years. This is causing banks and financial institutions to anticipate the future and accordingly prepare for the coming wave of a wearables market.
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“During the next few years, wearable technologies in banking and financial services market are expected to increase three-folds due to rapid technological advancements in this field. While most wearables are currently tethered to a smartphone, a futuristic picture portrays stakeholders pushing the boundaries to include rings, key fobs and even clothing and VR devices. Global banking and financial executives expect wearables to become a common payment device for consumers in the near future. This trend is expected to boost the IoT in banking and financial services market in the coming years.”
Research This research study aims at providing the reader with quantitative and qualitative analysis of the global IoT in banking and financial services market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further, across all the major countries. The supply side analysis covers the prominent players and their regional and global presence and key business strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East, Africa, and Latin America.
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Some of the major players operating in the global IoT in banking and financial services market include Hewlett Packard Enterprise Development LP, IBM, Infosys Limited, Microsoft, Oracle, SAP SE, Software AG, Tata Consultancy Services Limited, Vodafone Group Services Limited and EdgeVerve Limited amongst others.
IoT in Banking and Financial Services Market:
- By Solution
- Customer Management
- Payment Management
- Security & Monitoring
- Others
- By Service
- Professional Services
- Business Consulting Services
- Integrated Services
- Deployment Services
- Others
- Managed Services
- Professional Services
- By Organization Size
- Small and Medium Enterprise
- Large Enterprise
- By End User
- Banks
- Public
- Private
- Non-banking Financial Companies
- Insurance
- Banks
- By Geography
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of South Asia
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- North America
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