Mobey Forum, the global industry association empowering banks and other financial institutions to lead in the future of digital financial services, today announces the formation of its latest expert group, exploring the evolution of the Internet of Things (IoT) and the opportunities it creates to enhance the delivery of financial services.

The IoT Expert Group will help banks and financial institutions prepare for the transformative impact of IoT by defining the ecosystem, examining possible use-cases and exploring potential business models for a variety of stakeholders. It will also analyse how regulation such as PSD2 will impact banks as they look to adapt to the IoT era.

“The opportunities posed by IoT are unprecedented,” comments Elina Mattila, Executive Director at Mobey Forum. “Automated payments and supply chain ordering are opening up new transaction flows and enabling invisible payments, with channels such as connected cars, intelligent personal assistants, smart home appliances – even robots –  coming to the fore. In parallel, the astonishing wealth of consumer data generated and transferred across the IoT ecosystem will provide the foundation for the creation of tailored, compelling, and innovative services to drive more meaningful engagement with consumers.”

“IoT is already transforming business models across various industries, and banking is no different,” continues Sasa Skrgic, Retail Strategy – Cards and Payments at Erste Group and IoT Expert Group Co-Chair. “As the ecosystem evolves to move payments into the background, banks are finding new ways to create positive customer experiences.”

Daniel Steingruber, Innovation Manager at Swisscom and IoT Expert Group Co-Chair, adds: “IoT growth forecasts, together with the sheer scale of the potential market, mean that banks must move quickly to understand the sector and the roles they can play to leverage the emerging technologies. The IoT Expert Group will enable banks to explore these challenges in an open, commercially-neutral environment.”

“Banks are no strangers to disruption, but IoT promises to drive change on a previously unimaginable scale,” concludes Mattila. “It is essential that we provide a platform to allow banks, vendors, financial institutions and other service providers to collaborate. Indeed, the level of interest we have received from our membership demonstrates the importance and immediacy of this topic. We can’t wait to see where the discussion takes us.”