The IoT Expert Group will help banks and financial institutions prepare for the transformative impact of IoT by defining the ecosystem, examining possible use-cases and exploring potential business models for a variety of stakeholders. It will also analyse how regulation such as PSD2 will impact banks as they look to adapt to the IoT era.
According to the press-release, the IoT growth forecasts mean that banks must center their attention to understanding the sector and the roles they can play to leverage the emerging technologies.
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