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.
The introduction of new voice-driven digital assistants has captured the imagination of consumers and businesses alike. As more developers build capabilities for these devices, consumers will increase usage, providing the springboard for integration with digital banking solutions such as voice-driven payments. It is becoming clear that the next battle in the tech world will be around voice-driven digital assistants, such as the Apple Siri, Amazon Alexa, Microsoft Cortana, Google Assistant/Now and Samsung Bixby/Viv. While the attention has moved from smartphone assistants to home hubs, the real excitement will begin as the underlying AI (artificial intelligence) and machine learning begins to deliver detailed, contextual, and highly personalized responses that will make a consumer's life easier. Digital assistants will be at the heart of a user's daily activities, whether in an increasingly smart home (using home hub devices like the Amazon Echo and Dot, Google Home, Apple HomePod), a connected car, at work or walking down the street.