By Avirag Jain, EVP & CTO, R Systems
The first thoughtOne can connect plenty of devices and send data alerts over internet and manage an appliance, but he cannot connect humans and machines. Probably one can only send alerts based on which a human can request or perform some action(s). Sending some meaningful data to a human based on which he can perform some action is in itself a tedious talk. The sophisticated gadgets which we are using now a days and ample of data available on cloud can be used to work as your analytical brain extension. A rough figure: over 4000 Exabyte data is available on cloud today to be explored. In past one has connected Computers to Computers over internet, and then connected mobile devices to computer over internet and now connecting everything to computers over internet. So this is how one has evolved from “A Thing on Internet” to “Internet of Things”. The implementation model lies in the name IOT— “Integrate–Offer–Transform”. Now to mingle with this IOT ecosystem, we need humans to have a unique identity, which can be recognized by a digital device. Thinking of few, it can be ones smartphone or a smart wearable band or a smart watch. So let’s call this identity the ID@H (Identification at Human) which will become the IP address of a human being. By using this identification digital device will be able to recognize and differentiate an individual human being. IOT in banking IOT can touch many aspects of banking, to discuss a few: Security:
“Enhancing security aspects of financial sector will be the best use of this evolving IOT ecosystem.”IOT can open whole new world of connected devices to Banking network and unlock opportunities. One of prime challenges in financial world is the security aspect, in-spite of lots of measure in place, security issues are still discovered.
Banks, by using the power of IOT and its current data, can enable itself to know their customers better and offer meaningful advices