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Jan 2019 - Market Perspective - Doc # AP44227218

Banking Internet of Things Readiness Index in Asia/Pacific (Excluding Japan)

By: Shaily ShahResearch Manager, Hugh UjhazyAssociate Vice President, IoT and Telecommunications, Ravikant SharmaSenior Research Manager, Asia/Pacific Insights Consulting Group

Abstract

The banking Internet of Things (IoT) readiness index study offers a deep dive into countries in Asia/Pacific (excluding Japan) (APEJ) with respect to their preparedness for IoT solutions in the banking and financial sector. This index is a comprehensive combination of technical metrics (such as IT and IoT spends), economic criteria (gross domestic product, ease of doing business), and specific banking parameters (digital trust index, percentage of bankable population, percentage of digital and mobile payments, and so forth). This research offers a perspective on the adoption of IoT solutions across the region for use cases such as ATM remote tracking, near-field communication (NFC) payments for shopping, banking, and transactions through wearables, among others.

"Internet of Things has the potential to automate and optimize many banking processes to improve customer experience, build loyalty, and increase penetration of banking services to remote areas by reaching out to the unbanked population across Asia," says Shaily Shah, research manager, Internet of Things, IDC Asia/Pacific. "In APEJ region, IoT is disrupting banking sector with trends such as customer behavior monitoring, fraud prevention, churn detection, and customer segmentation," she adds.


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