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IoT in Banking

March 22, 2019 - Radhesh Tharammal

IoT in banking

We live in a “smart age”; Internet is ubiquitous, data is fast and cheap, everything is connected. Whether phones or watches, television or lightings, home automation systems, security systems, household devices or any appliances, they are all becoming “smart”. The idea of calling a TV (hitherto named “idiot box”) a “smart” device would have been absurd a few years ago whereas it is a basic expectation today. The underlying technology which makes it all possible is the “Internet of Things”, defined as “the interconnection via the Internet of computing devices embedded in everyday objects, enabling them to send and receive data”.

While all the emerging technologies are powerful in themselves when looked at in isolation, the real game-changer is their combination or synergistic effect. For example, IoT and big data combined can be a powerful game changer to the banking industry. In this blog, we will look at some of the applications of IoT in Banking.

Some of the examples of the application of IoT in a bank’s existing process/products are listed below:

The potential of IoT in combination with the other technologies is immense. As illustrated above, IoT can be used in any aspect of banking which involves a “field visit” or where information is required on the status or whereabouts of a person or device. Whether it is a site visit to ensure the veracity of documents or tracking goods sent across the oceans or current/predictive output of a farmer etc., to name a few. With the upgrade in technology, lighting data transfer, faster devices etc., the application of IoT is expected to see significant uptake in the coming years.

Radhesh Tharammal

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