IoT in Banking: Potential or Reality?

More than a purely technological phenomenon, the advent of the Internet of Things and Big Data calls our model of society into question, given the permanence of information and its constant intrusion into our interactions. Projected numbers confirm this trend – a 2015 Cisco report forecasts that this fast-growing market will be worth 14.4 trillion dollars in 2022. Although different organisations provide different data, all demonstrate enormous sales growth in the connected object market in the years ahead.
Connected objects are increasing in prevalence and pervading ever more sectors: health, well-being, insurance… but what about banking? According to American guru Brett King, banking visionary and CEO of Moven, the way banks conceive of their financial products or match an account to a customer profile may be entirely transformed by the end of the decade.
Nonetheless, while the market for connected objects shows some promise, the smartphone remains the device of choice, as shown by the launching of Apple Pay in UK in July 2015, just one year after it was announced.
The question that then arises about connected objects in the banking industry is: do they represent a logical evolution or a true revolution?
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