The Internet of Things (IoT) will significantly impact nearly every industry; the financial services sector is no exception, says HernaesChristoffer O. Hernaes, Vice President of Strategy, Innovation and Analytics at Sparebank 1 Group, Norway's second largest financial institution. Insurance companies are already investigating potential ways the IoT can transform their industry, and retail banking and capital markets companies need to act now to prepare for the impact of IoT. The possibilities include: use of sensors and machine-to-machine (M2M) communication to produce new data sources for banks to conduct risk management and credit analysis, and improved customer engagement through connected devices with automated branches and contextual services based on consumer behaviour and location. These potential uses of IoT have 'merely scratched the surface' says Christoffer O. Hernaes, who also cautioned that 'with great possibilities comes great complexity and uncertainty'.
The Internet of Things (IoT) will significantly impact nearly every industry; the financial services sector is no exception, says Christoffer O. Hernaes, Vice President of Strategy, Innovation and Analytics at Sparebank 1 Group, Norway's second largest financial institution. Insurance companies are already investigating potential ways the IoT can transform their industry, and retail banking and capital markets companies need to act now to prepare for the impact of IoT. The possibilities include: use of sensors and machine-to-machine (M2M) communication to produce new data sources for banks to conduct risk management and credit analysis, and improved customer engagement through connected devices with automated branches and contextual services based on consumer behaviour and location. These potential uses of IoT have 'merely scratched the surface' says Hernaes, who also cautioned that 'with great possibilities comes great complexity and uncertainty'.