Can retail banking embrace IoT and capitalise on all it offers?

So just how much promise does the Internet Of Things offer the world of banking?

Can retail banking embrace IoT and capitalise on all it offers?

That is the topic of the next live debate at The Digital Banking Club. Thursday 5 October, since you ask –again at The Law Society HQ, Chancery Lane – and if you have not yet registered to attend, sort it out.

Places are limited and going fast.

A great panel – all members of the new Digital Banking Club Power 50 – and a topic that is fascinating and timely.

Pre-debate, a large numbers of questions come to mind:

  • What benefits will the IoT bring to the financial services sector?
  • How can the IoT be utilised to add value to the customer experience?
  • Can today’s financial services infrastructures cope with all the data it will produce?
  • Can the regulators keep up?
  • How can banks deploy the Internet of things to collaborate with third parties such as loyalty companies and retailers to reward customers?
  • What are the potential security and privacy concerns?

And perhaps most pertinent for me: what are the odds on the general retail banking sector capitalising on what the IoT can offer.

Insurance, not an issue. That industry vertical seems to be speeding ahead with IoT innovation.

Payments: ditto. Auto finance and corporate lending also seem to be embracing IoT with enthusiasm.

But what about mortgage lending or the humble current account?

Are not retail banks lagging behind other industry verticals? I get the point about banks being cautious; regulatory burdens; IT systems agility challenges.

Banks also have some of the deepest pockets and most generous innovation budgets. They also some have some of the sharpest minds and access to a wide range of consultancies eager to help them spend chunks of their IT and innovation budgets.

I go into the DBC debate hoping to learn that banks are enthusiastically embracing all that the IoT can offer. And not sitting by waiting to see what comes out of Spain, Poland or Turkey before they take the subject seriously.