IoT Start-up Tracker— Digital Banking and Financial Services Growth Opportunities

IoT Start-up Tracker— Digital Banking and Financial Services Growth Opportunities

The banking and financial services industry is increasingly focused on reducing cost and increasing efficiency and profitability. This Internet of things (IoT) start-up tracker helps participants in the digital banking and financial services ecosystem identify solution providers with offerings that address industry challenges. The start-up tracker provides a rich database of start-up and niche players that can transform processes in digital banking and financial services and add value to the end user. These companies were selected based on the Frost & Sullivan Best Practices database and global fintech ecosystem mappings and rankings. Each shortlisted company has been screened, analyzed, and assigned an overall score based on the criteria described in this study. A list of start-ups focused on digital banking and financial services was made by region, and categorized into the following segments: payments, insurance, and banking. The study is the result of detailed primary interviews with digital banking and financial services start-ups that stand out in different regions. It offers a competitive profile and highlights relevant developments, strategies, and value propositions in this space. The study also identifies the growth opportunities emerging from the changes in the digital banking and financial services ecosystem for market players and stakeholders to leverage.

The IoT space is still in flux and has significant overlap with other industries, such as automotive, energy, and transportation. To accurately observe and measure IoT-related economic activity, Frost & Sullivan uses certain criteria to determine if a product, application, or service is to be considered part of the IoT industry. Specifically, a product, application, or service must be part of a larger solution and feature the following to be considered a component of the IoT:

• Objects that are virtualized and imbued with data measurement capabilities
• The ability to grant identities to physical and virtual objects
• Interconnections between the objects in the solution for monitoring and interaction purposes
• The ability to generate real-time insights from data and incorporate them into existing business processes