Internet of Things: Opportunity for Financial Services?

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Will financial services be able to leverage the vast amount of insight available from Internet of Things (IoT) technology for the benefit of the consumer as well as the institution? A report from Deloitte and insights from several banking leaders provides a glimpse into the future.


Understanding the Internet of Financial Things: "Fin"-ternet Centric Digital

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A recent Cisco study found that 73 percent of organizations are using data derived from IoT projects to improve their businesses. It's particularly interesting to observe how financial services institutions are integrating the internet of things into their business strategies. According to Infosys, "The Internet of Things (IoT) is the next big and imminent thing in financial services." A recent survey of bankers found that average IoT spending in banking would grow to $153.5 million by 2018, up nearly 31 percent from $117.4 million in 2015. The internet of things is a channel to monitor and communicate physical phenomena: Device sensors measure conditions such as temperature, position, vibration, speed, weight, heart rate, and other variables in the three-dimensional, physical world.


Overview of the Payments Industry

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Banks That Have Implemented Social Media Payments Through Facebook and Twitter, Let's Talk Payments


Should Banking Build an Internet of Things (IoT) Strategy?

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In developing my keynote presentation for a Next Money event in Hong Kong around the future of banking and contextual commerce, I analyzed if the banking industry is prepared to embrace the Internet of Things ecosystem. New technologies, digital devices and the pace of innovation are impacting the banking industry's operating models and influencing the banking ecosystem. The most prominent of these innovations include cloud computing, big data analytics, artificial intelligence and machine learning, robotic process automation, blockchain and the Internet of Things (IoT). Many of these technologies are interrelated. The world of IoT is a network of Internet-connected sensors that can be embedded into physical devices that collect data and share it across the web with people, applications and other devices.


Should Banking Build an Internet of Things (IoT) Strategy?

#artificialintelligence

Banking providers need to be prepared to respond to an increasing array of Internet of Things (IoT) opportunities, especially in the payments space. New technologies, digital devices and the pace of innovation are impacting the banking industry's operating models and influencing the banking ecosystem. The most prominent of these innovations include cloud computing, big data analytics, artificial intelligence and machine learning, robotic process automation, blockchain and the Internet of Things (IoT). Many of these technologies are interrelated. The world of IoT is a network of Internet-connected sensors that can be embedded into physical devices that collect data and share it across the web with people, applications and other devices.