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Infographic: M2M Reinventing the Banking Industry

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As more and more financial institutions adopt machine-to-machine (M2M) solutions, they are quickly realizing how M2M and, more importantly, the Internet of Things (IoT) can help streamline infrastructure, deepen customer engagement and improve delivery capabilities.

But only thirteen percent of banks are currently implementing a M2M solution, which means there’s plenty of room for improvement.

Visit Verizon’s M2M solutions portfolio to learn more about how the Internet of Things and connected devices can help improve your financial business: http://www.verizonenterprise.com/products/m2m/

Published in: Technology
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Infographic: M2M Reinventing the Banking Industry

  1. 1. The Internet of Things in Banking 85% 57% Banks planning M2M expect the top benefit to be improved customer service, much like the early adopters already achieving those benefits. Banks are using M2M to manage, monitor, and service ATM machines remotely. Large banks are planning to deploy video chat with tellers to help customers complete their banking transactions. Yet, in the next year M2M will grow in other areas such as banking security and customer analytics. Improving Customer Service Improving Customer Service Improving Customer Retention Extending Services Beyond Branch Locations 57% Reducing Costs/Improving Profits 64% Extending Services Beyond Branch Locations ABOUT THIS STUDY Data source: “Internet of Things in Banking” Study (August 2014) conducted for Verizon by American Banker and SourceMedia Research. Managed ATMs Capture Mobile Interactions Wireless Backup System Identity Management Video Chat with Tellers ATM Monitoring Identity Management Capture Customer Social Media Interactions Capture Mobile Interactions Implementing NOW Large banks are ahead of the M2M curve Achieved benefitsExpected benefits Implementing Next 12 months Implementing NOW Implementing Next 12 months % of banks surveyed % of banks surveyed % of banks surveyed % of banks surveyed Top Current and Near-Term M2M Applications Top Expected and Current Benefits of M2M Learn more about Verizon's solution for banking. M2MTHE BANKING INDUSTRY WITH NEW SERVICES & INCREASED EFFICIENCIES REINVENTING 61% 64% Competitive Advantage 64% 32%33% 31% 30% 30% 50% 50% 42% 42% of banks surveyed are currently implementing an M2M solution. Early M2M adopters are cutting costs, extending their services beyond branch locations, and gaining a competitive advantage. 13% Challenges Barriers Banks implementing M2M are dealing with the complexities of M2M as well as the need to develop data management strategies... ...while banks which have not yet adopted M2M have not done so because of the perceived costs, security risks, and lack of information about M2M. Complexity Lack of Data Management Strategy Implementation Costs Security Risks Lack of Information 92% 69% 35% 35% 35% verizonenterprise.com/finance BROUGHT TO YOU BY SPONSORED BY ©2014 VERIZON.

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