Impact of Internet of Things (IoT) on Financial Services
Internet of Things (IoT) is having a huge impact on business models and systems around the world. IoT in simple terms can be explained as devices that have been given the ability to collect data and communicate with each other. It implies that devices can collect and transmit the data they capture. This means that insights can be obtained at granular level to create specific inputs or analyzed for a “larger picture” effect. Data available in public domain from analysts and industry research indicate an exponential growth in such interconnected systems and revenue impact of the same: Cisco estimates the IoT market to be $19 Trillion McKinsey Global Institute expects the IoT will deliver revenues of $6.2 Trillion by 2025 The financial services is largely impacted by IoT. The impact across different financial services sectors as per industry findings are shown below: The hig...