IoT-at-a-Glance
Read the full Understanding Internet of Things report.
Understanding the Internet of Things is a Supplement to the Fintech Playbook.
125 billion devices will be connected online by 2030.
We call this growing network of connected devices the Internet of Things or IoT.
IoT brings many opportunities for banks to enhance their offerings...
...but it also comes with new challenges in managing risk and mining data.
Digital wallets embedded across many devices will enable a more seamless and automated payments experience.
Connected devices will capture new data on consumer preferences and behaviors that help banks build better products.
IoT data offers new insights that can improve credit underwriting and reduce loan losses.
With an influx of new data, banks will need systems capable of sifting out the noise from the meaningful insights.
Every IoT object is a potential vulnerability, so advancements in device security will be needed before banks are fully comfortable using IoT data.
IoT will raise important privacy questions, which will need to be considered before banks can use the data.
ABA believes in 3 core principles for how customer data should be treated and shared. These tenets are increasing critical to a health financial ecosystem as IoT takes shape.