The purpose of the financial services industry is to move money. The competitive environment is forcing players to look at technology to help innovate products and process, thereby increasing stickiness with customers.
Financial institutions are spending billions analysing the potential of new technologies, including the Internet of Things (IoT), for their operations. However, most of the solutions are built around consumer IoT devices that do not differ particularly from the solutions developed for the retail sector (e.g., face recognition, voice analysis for call centres, customer service bots, new smart forms of identification, and authentication and payment).
This EY whitepaper explain how countless networked devices will fundamentally change the core characteristics of financial institutions, in the future. And we will show how bumpy the road toward the “new normal” can be.
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