Financial institutions (FIs) should act now to determine the impact of the Internet of Things (IoT) or risk losing their competitive edge, according to a new report published today from the IoT Expert Group at Mobey Forum, the global industry association empowering banks and other financial institutions to shape the future of digital financial services.
Launched at Mobey Day Toronto, “IoT in Financial Services: Roles and Opportunities for Financial Institutions” , outlines what banks and FIs need to consider today to ensure they don’t get left behind or displaced in the rapidly evolving IoT ecosystem. The report follows 2018 research that surveyed Mobey Forum’s international membership which highlighted the need for further analysis on the impact of IoT devices and data in a business context. The report arms FIs with an understanding of the implications and opportunities of IoT, and addresses challenges including security, operational readiness and the threat of new players, which were amongst the biggest FI concerns when it comes to deploying IoT.
“Financial Institutions should investigate the many opportunities of the IoT revolution,” comments Veronica Lange, co-chair of the Internet of Things Expert Group at Mobey Forum. “When FIs understand the implications and the different roles they can play in the IoT ecosystem, they can capitalise on IoT-based solutions and create new value propositions to safeguard and extend their positions.”
“The Internet of Things will undoubtedly change the way that we all work and play. Mobey Forum members, in common with other organisations, correctly see IoT as an opportunity,” adds David Birch, Global Ambassador, Consult Hyperion, who has written the foreword to the report. “Their ability to deliver it, however, remains in poor shape. Financial Institutions need to educate themselves about IoT, create a strategic vision for the new marketplace, take action in the standardisation and regulation, create policies for the use of this new technology and then begin to design and develop the new products and services.”
Elina Mattila, Executive Director at Mobey Forum, adds: “Mobey Forum acknowledges that realising the huge potential of IoT requires FIs to understand the opportunities and challenges it presents. This report, created through industry-wide collaboration, explores some of the key issues facing FIs on their road to creating a long-term IoT engagement strategy.”