DUBLIN--(BUSINESS WIRE)--The "Internet Of Things in Banking Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The Internet of Things (IoT) in the banking market is projected to experience a remarkable Compound Annual Growth Rate (CAGR) of 18.58% over the forecast period.
With today's banking customers demanding more personalized and convenient digital experiences, banks are turning to IoT technologies to meet their evolving needs. The rising threat from FinTechs, customer expectations, and the need for enhanced experiences have led banks to explore IoT's potential in designing customer-centric products and services.
Key Highlights:
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Enhancing Customer Services: IoT enables banks to offer easy-to-access services to credit card and debit card customers. Banks can analyze the usage rate of ATM kiosks and strategically place ATMs based on usage volumes. Additionally, IoT data empowers banks to identify customer needs, providing value-added services, financial assistance, and customized products for a mutually beneficial relationship.
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Retail Banking Potential: Banking via smart speakers offers customers the convenience of issuing voice instructions for transactions, revolutionizing the digital banking experience.
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Digital Advantages in BFSI Industry: IoT provides the banking and financial sector with a 360-degree client perspective, improved financial security, fraud detection, and cutting-edge insurance tactics, ensuring superior customer service and exceeding expectations.
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Enhanced Customer Experience: Banks are implementing IoT-driven beacons to send personalized offers to customers' smartphones upon entering a branch. Live-stream video support on ATMs allows customers to interact with tellers if assistance is needed, bridging the gap between traditional branch banking and mobile banking.
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COVID-19 Accelerates IoT Adoption: Amid the COVID-19 pandemic, banks are encouraged to adopt digitized and remote customer transactions, ensuring minimal disruption while complying with contactless payment recommendations.
Banking IoT Market Trends:
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Security Application Dominates: Cybersecurity is a priority, with Multi-Factor Authentication (MFA) and enhanced security layers being critical trends in the IoT banking market to safeguard against cyberattacks.
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Personal Financial Management (PFM) Innovations: PFM systems offer customers clear insights into their accounts, revenues, and expenses, allowing banks to better serve clients by utilizing IoT-generated data.
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IoT Device Security: Ongoing threats related to IoT devices compel banks to tighten security layers and implement new regulations to protect customer data on interconnected platforms.
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North America Leads IoT Adoption: With the presence of major banks and a tech-savvy customer base, North America holds a significant share in the IoT banking market.
Banking IoT Market Competitor Analysis:
The IoT in banking market is witnessing a fragmented landscape, with key players including IBM Corporation, Microsoft Corporation, Cisco Systems, Inc., and Infosys Limited. Recent developments include partnerships between banking institutions and IoT-based solution providers to enhance digital experiences for customers.
A selection of companies mentioned in this report includes
- IBM Corporation
- Infosys Limited
- Software AG
- Temenos AG
- Cisco Systems, Inc.
- Microsoft Corporation
- Oracle Corporation
- Accenture PLC
- Tibbo Systems
- Vodafone Group PLC
For more information about this report visit https://www.researchandmarkets.com/r/py51q9
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