Internet of Things (IoT) in Banking – Thematic Research

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IOT banking Market Overview

Internet of Things (IoT) in banking is the convergence of a number of existing trends and technologies related to harvesting the true potential of the modern internet (including big data, artificial intelligence (AI), cloud, analytics, and APIs). It promises highly personalized, frictionless digital banking. More ‘things’ connected to the internet will help banks anticipate what customers want, when, and where, delivering highly personalized content and functionality optimized for brief moments of interaction.

What are the market dynamics in IoT banking market?

The global IoT market will reach $1.1 trillion in revenue by 2024. Enterprise IoT will see a decline in the market revenue, while the consumer segment will see a rise. Wearables will contribute to a significant amount of this growth.

In banking, the first ‘thing’ connected to the internet was the ATM. The current IoT is really the internet of more ‘things’ as providers introduce apps for wearable devices and it is ultimately the internet of more, smaller things, as more miniaturized sensors are able to communicate with each other. Enabling a closed-loop IoT is not any one technology, nor is it any one vendor. It consists of IoT specialists, enterprise technology firms, public cloud vendors, global telecom providers, and systems integrators positioning their solutions to help firms connect, deploy, and operate IoT-enabled products.

What are the key segments in the IoT banking market?

The key segments in the IoT banking market are consumer IoT and enterprise IoT. Consumer IoT can be further subdivided into automated home, connected car, and wearable technology. Enterprise IoT can be divided into smart cities and the industrial internet.

Automated home in IoT banking market

The automated home refers to the automation and control of household appliances via connection to the internet, such as smart speakers, smart thermostats, smart lighting, smart security, and smart appliances. In banking, leading UK digital challenger Starling has been experimenting with Google Home, integrating its API with the smart speaker to enable users to carry out balance queries and payments through voice commands. Capital One in the US now makes it possible for customers to pay their bills via Amazon’s Alexa.

Connected car in IoT banking market

A connected car is equipped with intelligent systems and services connected to the internet. Idea Bank runs a fleet of cars, each of which is customized with an integrated security deposit box and an ATM. The cars can visit the customer, rather than vice versa. The bank’s data suggests that the average deposit at one of its mobile, car-based ATMs is three times higher than at the branch.

Wearable technology in IoT banking market

Wearables have become a more prominent consumer IoT category with the emergence of devices that incorporate voice-activated virtual assistants such as Apple’s Siri, including fitness bands and smartwatches. Smaller form factors, like wearables, enforce simpler task-flows, which can help drive higher frequency interaction. Barclays’ wearable app, for example, saw customers check their balance up to 50 times a day, up from 15 within the mobile app. Some banks have released their own gadgets (bPay) and bracelets (from Caixa Bank, Hellenic Bank, and WestPac).

Smart cities in IoT banking market

Effective analysis of smart city data offers the prospect of automated infrastructure, where a city can use its data to benefit its people. IoT technology combined with AI can help find more efficient ways of allocating energy, improve the efficiency of water distribution, sewage systems, and utilities, and predict maintenance requirements.

Industrial internet in IoT banking market

In banking, applications send on optimizing lending decisions, especially for riskier sectors. In the agricultural sector, banks can analyze farming output in addition to other conditions of crop farming. This allows the banks to estimate the output value of the crops. Based on the crop yield that is estimated through the IoT, the banks can provide flexibility when it comes to financial terms based on the expected yield as well as the frequency and crop output. Such information can help in building a stronger relationship between the farmer and the banker.

IoT banking market, by segment

IoT banking market, by segment

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Which are the major companies in the IoT banking market?

Some of the major companies in the IoT banking sector are Alphabet (parent company of Google), Amazon, Apple, Broadcom, Cisco, Ericsson, General Electric (GE), IBM, Infineon, Intel, Microchip, Microsoft, and NXP.

IoT banking market, by major companies

IoT banking market, by major companies

To know more about major companies, download a free report sample

Market report scope

Segmentation by type Consumer IoT and Enterprise IoT
Key companies Alphabet (parent company of Google), Amazon, Apple, Broadcom, Cisco, Ericsson, General Electric (GE), IBM, Infineon, Intel, Microchip, Microsoft, and NXP

Reasons to Buy

  • Understand the key technology, macroeconomic, and regulatory trends impacting IoT in banking.
  • Identity priority application areas for IoT in banking as well as the vendors and banks delivering these experiences to end-users.
  • Access case study insight on the leading private and public players within the IoT theme.

Diebold Nixdorf
JPMorgan Chase
Software AG
Standard Chartered

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Frequently asked questions

  • What are the key segments in the IoT banking market?

    The key segments in the IoT banking market are consumer IoT and enterprise IoT. Consumer IoT can be further subdivided into automated home, connected car, and wearable technology. Enterprise IoT can be divided into smart cities and the industrial internet.

  • Which are the key companies in the IoT banking market?

    Some of the key companies in the IoT banking sector are Alphabet (parent company of Google), Amazon, Apple, Broadcom, Cisco, Ericsson, General Electric (GE), IBM, Infineon, Intel, Microchip, Microsoft, and NXP.

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