Financial services of tomorrow start from the connected car
Since the first car got off the production line, our world has been revolutionized. Vehicles are acting as an ultimate extension of a mobile device. In September white paper, Comarch experts analyze how connected cars will change the future of financial services.
Today’s car processes up to 25 gigabytes of data an hour and has the computing power of 20 personal computers . Cars themselves are soon to become the fastest-growing mobile device category, with every vehicle turning into a node in a much larger network – points Olaf Bujak, Automotive Business Development Manager at Comarch. Currently, more than 200 companies are working on projects related to connected cars - from Verizon and Toyota, through Apple and Hitachi. What is more, in a survey conducted by Accenture, 39 perc. of the drivers said that their primary consideration in choosing a new car is in-car technology . This combination gives the connected car a big opportunity to develop.
In early 2017 during Finovate Europe, Comarch presented to the world virtual in-car assistant, which enables users to keep track of their finances without taking eyes off the road. “A brainchild of Comarch, her name is Devra and she’s a voice-controlled, AI-driven interface whose job is to act as a reliable companion being able to identify and cater to find your financial objectives . The question is: can a combination of AI and car development be considered as a next step in the evolution of services dedicated to the financial industry?
According to American Banker, connected cars will rewrite the way people manage and spend their money . Cars will store drivers’ profiles and, based on their habits, will streamline everything that requires a payment, i.a. toll payment or a favorite cup of coffee. Paying bills on a way to work will become every-day reality. Automotive is the fastest-growing mobile device category, which confirms that a combination of new services will change both driving experience and human activity behind the wheel.
How does that imply to the world of financial services?
In private banking, Devra could be used by personal advisors or other bank employees. They can get up to speed with clients' detailed profiles right before an important meeting. The statement will contain not only personal data of client but also views on the issue – enumerates Grzegorz Prosowicz, Head of Product Management for Capital Markets at Comarch.
Connected cars will be used not only in private banking but also in retail banking. In retail banking, clients would be able to check their private account statuses and would be informed about the credit card payment due date. In corporate banking, the app could also deliver information deposits and loans of any given company as requested by its manager. Everything on a way to work.
In the insurance industry connected cars could enable insurers to assign risk more accurately – by calculating insurance premiums based on dynamic criteria, such as driving speed logs. There are two ways of saving logs. In the first case, logs are saved by the smartphone, which sends the data to the insurance agent via a mobile app. The second way is the connection of both car and e.g. BlueBox platform, which gathers data and sends it to the insurer.
By 2020, 90 perc. of passenger cars rolling off production lines will have the function of being online . When it happens, driving experience will be fundamentally changed. In consequence, the car will be perceived not just as a vehicle but as a powerful tool in every segment of the business. Connected cars will monitor heart-rate of the driver and support loyalty when informing about free coffee at the gas station nearby.
In September white paper on connected cars, Comarch experts present how banks and other financial institutions can take advantage of created possibilities. The full white paper is available for download from the Comarch website - https://www.comarch.com/finance/connected-car-whitepaper/.
 ‘Competing for the connected customer – perspectives on the opportunities created by a car connectivity and automation’. September 2015, mckinsey.com, http://www.mckinsey.com/~/media/mckinsey/industries/automotive%20and%20assembly/our%20insights/how%20carmakers%20can%20compete%20for%20the%20connected%20consumer/competing_for_the_connected_customer.ashx
 'Accenture Connected Vehicle Survey’. June 2016, https://www.accenture.com/us-en/insight-automotive-connected-vehicle
 ‘Just a web browser with tires? Banking on a connected car’ September 2017, Comarch, https://www.comarch.com/finance/connected-car-whitepaper/
 ‘Four ways the connected car will change banking’. January 2017, American Banker, https://www.americanbanker.com/news/four-ways-the-connected-car-will-change-banking
 ‘Connected Car Industry Report 2013’, iot.telefonica.com, https://iot.telefonica.com/multimedia-resources/connected-car-report-2013