Frost & Sullivan's Digital Transformation team finds that data security management will be key against cyber-attacks. IoT, as they state, is the next growth opportunity for FinTech and InsureTech.
“Innovative technologies – they say – and new business models are transforming the financial services industry. While the pace of innovation and change is rapid, Internet of Things (IoT) is still taking shape in a complex and highly regulated industry. Stakeholders from Fintech, InsureTech and traditional organisations have set their vision on IoT as their next growth opportunity. However, data security management, regulatory restrictions, and costly integration are challenges that must still be addressed”.
“IoT – they affirm – provides the following opportunities for financial services organisations: faster claims settlement, effective underwriting, improved internal efficiency, improved customer retention rates and effective behavior insights”.
“IoT in Financial Services” is the Frost & Sullivan's research that highlights existing trends for IoT in financial services globally. Current challenges for adopting IoT solutions, drivers and the role of stakeholders in the IoT ecosystem are also discussed.
by The Editorial Staff
