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Internet of things (IoT) devices are garnering the attention of many marketers and consumers. While they may have different purposes, a December 2015 survey found that these devices may become common financial transaction methods, particularly wearables.
Cognizant, Marketforce and Pegasystems surveyed 500 senior banking and insurance executives. Some 20.4% of respondents said that wearables will become common financial transaction methods within a year. Over a third (38.9%) of respondents said that it will happen within two years, 31.8% said it will happen within five years and 7.0% said it will happen in 10 years. Only 1.9% of banking and insurance executives said that wearables will never become common financial transaction methods.
Respondents also felt that smart TVs will become common financial transaction methods. For example, 12.1% of banking and insurance executives said that these IoT devices will become common financial transaction methods within a year. Some 39.5% said it will happen within two years and only 6.4% said that it will never happen.
Connected white goods and smart-home controllers and connected cars will also become common financial transaction methods. But almost half of respondents feel that it will happen within five years.
While the IoT has a wide-ranging impact across many categories, from
healthcare to travel, cost may be stopping consumers from buying devices.
Indeed, November 2015 research from Accenture found that nearly two-thirds of internet users worldwide said that one of the barriers to purchasing IoT devices and services were the fact that they are too expensive.
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