The IoT, an interconnected ecosystem of internet-enabled objects—networks, devices, sensors, microprocessors, machines, data hubs, artificial intelligence software and analytics programs—already has many applications in the financial services industry. Whether it’s tracking driving habits for the purpose of offering insurance discounts, using biometric data to confirm an ATM user’s identity, using sensors to determine the condition of loan collateral, or remotely disabling a car that is slated for repossession, the financial services IoT is ushering in an era in which “smart” things can seamlessly collect, share and analyze real-time data, as explored in a new eMarketer report, “The Internet of Financial Things: What Banking and Insurance Industry Marketers Need to Know Now.”
Studies that assess the market size and growth potential for IoT in the financial industry generally
agree that there is substantial investment, with healthy growth expected to continue over the next several years.
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