How is the Internet of Things (IoT) transforming banking and financial industry?

The global BFSI security market size is estimated to reach USD 74.3 billion by 2025, expanding at a CAGR of 13.1%, according to a new report by Grand View Research, Inc. Increasing risk of data loss owing to cyberattacks on banks and insurance companies is anticipated to propel the growth.

Thereby, cyber threats have prompted financial institutions to deploy reliable safety solutions at their premises.Frequent emergence of new malware variants is driving demand for advanced safety solutions in the banking, financial services and insurance security market.

For instance, in 2016, a mobile malware, masked as an application upgrade, was discovered.

The malware displayed fake sites over authentic banking homepages for filching banking credentials of consumers.

Financial databases stored on cloud create need to verify safety systems of the cloud service provider.

The market is lucrative in developing regions, such as Asia Pacific, owing to digitalized business operations in the BFSI industry.Financial companies are stressing on consumer data protection and are implementing solutions such as firewall and threat management software.

LammTech has become successful in supporting banking networks and proficient with all major data processing systems.

Today, the banking industry is challenged to meet federal compliance and protect against threats and vulnerabilities, while maintaining high service levels.

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Development Bank of Singapore partnered with Wipro to drive digital transformation through digital integrations to achieve a futuristic IT architecture and reduce go-to-market time

The Business Research Company published its IoT Services Global Market Report 2020 which provides strategists, marketers and senior management with the critical information they need to assess the global IoT Services market.

The report provides in-depth analysis of the impact of COVID-19 on the market, along with revised market numbers due to the effects of the coronavirus.The report covers the IoT Services market’s segments- by type into professional services, managed services and by vertical into manufacturing, retail, IT & telecom, transportation & logistics, utilities, healthcare, energy, others.

View Complete Report: https://www.thebusinessresearchcompany.com/report/iot-services-market-global-report-2020-30-covid-19-growth-and-changeIoT Services Global Market Report 2020 is the most comprehensive report available on this market and will help gain a truly global perspective as it covers 60 geographies.

The chapter on the impact of COVID-19 gives valuable insights on supply chain disruptions, logistical challenges, and other economic implications of the virus on the market.

The chapter also covers markets which have been positively affected by the pandemic.The global IoT services market is expected to decline from $143.48 billion in 2019 to $139.36 billion in 2020 at a rate of -2.87%.

The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities that eventually led to a slowdown in the economy.

The kitchen has always been a natural home for gadgets, and it's the room which is most likely to be transformed by the Internet of Things. Here’s a summary of how the IoT world could play out when it comes to your kitchen.

Today it becomes the game changer for technologies including cloud, mobile, and wireless.

In this scenario, mobile devices such as tablets, smartphones, and wearables like smartwatches will work as the key interface through which can communicate with an IoT enabled devices.

Moreover, geolocation information, Smartphones, and tablets can also track light position, the introduction of the device and much more.

These are some default qualities of smart devices which make them at the IoT world.

Some hotel industries have already begun restoring key and card based access into their rooms with Smartphone; if you need to enter the room, you will just require to open the hotel app in your smartphone and move.

IoT will also allow you to remotely manage your office access system and also control your garage door from anywhere.

Internet of Things, we can easily say, is a revolution in making; and it’s going to be one revolution that we all reckon by.

It’s a concept fast gaining popularity amongst people from not just the technologically inclined people, but just about everyone.

Similarly, our cities are also being aimed at having a better technologically equipped transportation system, complete with inter-connected sensors to help streamline the traffic.

Internet of things development is also expected to take us towards a future that sees a better monitored and controlled lighting, pollution, power plants, and so on.

Healthcare is looking for a future that allows for an at-home health monitoring that is as good as a clinical health monitoring through connected sensors, a vastly better communication, and even well-connected wearables.

We are about to embrace a future where the healthcare landscape is an ever-improving one, where your doctor will get your blood pressure update without having to be present near you, or your sleep pattern could be relayed back to and tracked by your physician in real-time, or your EEG and ECG devices, your blood glucose and other vital sign checking devices would be connected and well-monitored over the Internet.

IoT Testing Market, by Solution & Services (Network Intelligence Solutions, Professional Services, Managed Services), by Deployment (Cloud, On-Premise), by Organization Size (Enterprise, SME Business) and End-User (CSP, BFSI, Cloud Service Provider, Healthcare, Government) - Forecast 2022Market Synopsis:As per the assessment presented by Market Research Future (MRFR), the global Iot testing market is expected to strike an exponential CAGR of 33% during the forecast period 2016 to 2022.

The report indicates that the global market is anticipated to scale a valuation of USD 1708 Mn by the end of 2022.

The growth of the IoT industry has led to an upsurge in the adoption of connected devices across different industry verticals.

This is projected to drive the expansion of the market over the next couple of years.The growing need for the testing of Internet Protocol (IP) coupled with the need for testing of IoT applications is likely to have a positive influence on the growth of the Internet of Things (IoT) testing market in the foreseeable future.The Iot Testing Market is prognosticated to attract massive investments in the years to come and witness a drastic rise in applications.

It is projected to have a favorable impact on the proliferation of the market across the review period.

On the contrary, factors such as hardware-software mesh, safety concerns, privacy issues, network availability, real-time complexity & scalability of the system, etc.

The modern regulatory and competitive environment has forced banks and financial institutions to deploy CRM systems.

The Role of a CRM Solution in the BFSI Industry

A CRM solution in the BFSI sector is typically used for customer onboarding, customer data maintenance and customer service requests management that provides a 360-degree view about the customer.

Right from running a campaign and generating leads to assigning and converting leads, a CRM solution can transform the customer experience.

Know Your Customer (KYC) norms involve intricate protocols to be followed and compliance requirements change frequently.

What the BSFI sector needs to tackle these changes is an efficient and dynamic CRM solution.

Importance of CRM Testing

CRM systems are becoming an integral part of a bank’s processes. Being interfaced with multiple data sources, client service solutions and reporting databases, they gather and process large volumes of data. As modern IT systems are in a constant state of flux, CRM systems often get impacted. As the CRM systems are being changed and modified often, constant testing of CRM systems becomes imperative. 

The CRM testing activity can be done manually or through an automated solution. The challenge is that when the CRM is upgraded or transitioned from legacy systems, testing the CRM software manually becomes time-consuming and error-prone. The error rate also multiplies in no time and affects the various functions of the business. Automating the CRM testing process is the befitting solution. 

Benefits of an Automated CRM Testing Solution

With the CRM testing automation solution, banks can tackle complex banking workflows. They also can:

• Make better use of the large volumes of data
• Ensure an agile process
• Use the solution on multiple interfaces
• Validate larger portions of the customer lifecycle
• Follow a data-driven testing method

What makes banks to adopt an automated CRM testing strategy is the fact that the customer’s demands and expectations change rapidly. Banks can’t afford any delays and redundancies while working with their customer relationship lifecycle. The banking sector is beginning to see the advantages of using an automated solution and is slowly moving in that direction. The need of the hour is a dynamic automated CRM testing solution, a solution that could be deployed for multiple processes. 

How Banks Can Benefit from an Automated CRM Testing Process?

Of all the advantages that an automated CRM testing process brings in, the most important one is that it saves time. 

Let’s look at some more advantages: 

• Accurate: Automation brings in accuracy to the testing activity
• Agile: As automation brings in accuracy and makes it error-free, the testing activity becomes agile
• Reliable: Automated testing is much more reliable than manual testing and brings down the error rate
• Reusable: CRM tests and components can be reused on different versions
• Programmable: Automated CRM tests are programmable for different variables, operators, loops, etc.
• Work 24/7: Unlike manual testing, automated CRM testing can be performed at any time and for longer spans
• Better ROI: Automated testing has a big initial investment, but produces better ROI than manual testing

Considering all the advantages that automated CRM testing offers, it makes a strong case for itself in the banking industry. Banks can not only save money and time by investing in automated CRM testing software but also ensure better resource utilization.

This blog was originally posted on Yethi Consulting