TECH BUYER Apr 2019 - IDC Perspective - Doc # US44310019

The State of IoT on Retail Banking: Monitoring, Marketing, Wearables, and Omni-Experience Are Key Investment Priorities

By: Marc DeCastroResearch Director, Consumer Banking


This IDC Perspective discusses the results from IDC's Quantitative Research Group that had conducted its Global Internet of Things (IoT) Decision Maker Survey in October 2018 to understand the current adoption trends of IoT and the outlook of multiple industries across the globe regarding this technology. For this document, we looked exclusively at the results of this survey from the participating North American banks. In total, 68 bank executives were surveyed: 29 were from the larger North American banks with more than 5,000 employees, and 39 were from midtier and community banks. We broke down the results into four major investment priorities, tracked the level of deployment, and provided the details of those findings in this document.

"We have reached the starting point where the culmination of legacy, existing, and emerging technology can be used to create a unique and relevant experience for each customer at scale," according to Marc DeCastro, research director at IDC Financial Insights. "As the industry continues to find the right use cases to resonate with the customer, investments will need to be made by banks and credit unions of all sizes to find what works for them. Not all use cases will be successful, and with finite budgets, identifying those that work for the financial institution will rest on line of business and IT working closely with senior management and product managers to choose wisely."



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