A report by Deloitte University Press warns financial services firms to prepare for an avalanche of new data through IoT. The report claims that the IoT has the potential to transform the industry as much as the internet itself. Existing uses such as auto insurance telematics and 'smart' commercial real estate building-management systems are the tip of the iceberg. By the end of the decade, billions of IoT sensors worldwide will provide data of interest to the sector in areas such as banking, capital markets, insurance, wealth management and real estate. However, issues such as data privacy and security and the emergence of "radical transparency” will provide challenges. In a world where consumers have access to more than one billion connected devices, it is important to ensure they can trust their personal information with these devices.
A report by Deloitte University Press warns financial services firms to prepare for an avalanche of new data through IoT. The report claims that the IoT has the potential to transform the industry as much as the internet itself. Existing uses such as auto insurance telematics and 'smart' commercial real estate building-management systems are the tip of the iceberg. By the end of the decade, billions of IoT sensors worldwide will provide data of interest to the sector in areas such as banking, capital markets, insurance, wealth management and real estate. However, issues such as data privacy and security and the emergence of "radical transparency” will provide challenges. Firms are warned that preparing for the increased data will not be cheap, but are advised that failure to do so will place them at a disadvantage.