By Mobey Forum IoT Expert Group Co-Chairs:
Veronica Lange, Head of Digital Engagement, UBS
Sasa Skrgic, Group Retail Strategy, Erste
Discussion moderated by: Dave Birch, Consult Hyperion
Financial Institutions cannot risk not to, be involved in the IoT revolution. If they choose to ignore IoT, they can make themselves more vulnerable to full-scale disruption, increasing the likelihood of being left behind by competitors, and in danger of displacement from new entrants, eventually making it costlier to invest in the technology at a later stage. Alternatively, FIs could wait and see what happens, and only make a move when the technology matures, thereby limiting the risk; however, by then they would have lost the first mover’s advantage and would still have much ground to cover to catch up with their competitors, again at potentially higher costs. Therefore, it is crucial for FIs to determine now the implications of this emerging technology on their business and understand the different roles they can play in the IoT ecosystem, so they can eventually capitalise on IoT-based solutions and safeguard their competitive advantage.
The analysis and the key conclusions presented in this podcast are based on the discussions in the Expert Group.
This podcast complements Mobey’s recently published report:
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