APAC CIOOutlook

Advertise

with us

  • Technologies
      • Artificial Intelligence
      • Big Data
      • Blockchain
      • Cloud
      • Digital Transformation
      • Internet of Things
      • Low Code No Code
      • MarTech
      • Mobile Application
      • Security
      • Software Testing
      • Wireless
  • Industries
      • E-Commerce
      • Education
      • Logistics
      • Retail
      • Supply Chain
      • Travel and Hospitality
  • Platforms
      • Microsoft
      • Salesforce
      • SAP
  • Solutions
      • Business Intelligence
      • Cognitive
      • Contact Center
      • CRM
      • Cyber Security
      • Data Center
      • Gamification
      • Procurement
      • Smart City
      • Workflow
  • Home
  • CXO Insights
  • CIO Views
  • Vendors
  • News
  • Conferences
  • Whitepapers
  • Newsletter
  • Awards
Apac
  • Artificial Intelligence

    Big Data

    Blockchain

    Cloud

    Digital Transformation

    Internet of Things

    Low Code No Code

    MarTech

    Mobile Application

    Security

    Software Testing

    Wireless

  • E-Commerce

    Education

    Logistics

    Retail

    Supply Chain

    Travel and Hospitality

  • Microsoft

    Salesforce

    SAP

  • Business Intelligence

    Cognitive

    Contact Center

    CRM

    Cyber Security

    Data Center

    Gamification

    Procurement

    Smart City

    Workflow

Menu
    • Revenue Management
    • Cyber Security
    • Hotel Management
    • Workflow
    • E-Commerce
    • Business Intelligence
    • MORE
    #

    Apac CIOOutlook Weekly Brief

    ×

    Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from Apac CIOOutlook

    Subscribe

    loading

    THANK YOU FOR SUBSCRIBING

    • Home
    Editor's Pick (1 - 4 of 8)
    left
    CIOs Need To Know Their Business, Not Just Tech

    John Sadowski, EVP & CIO, Sandy Spring Bank

    Digital Transformation in the Asian Banking Sector

    Russell Skingsley, Chief Technology Officer, APAC, Hitachi Data Systems

    The Changing Role and Future of Revenue Management

    Siv Forlie, SVP, Revenue Optimization & Customer Strategy, Genting Cruise Lines

    Digitalization of the Financial Services and the Impact to the Industry and People

    Alain Boey, Senior Vice President / Head, Digital National Savings Bank

    Financial Services - Disruption on the Horizon.

    Shayne Edmondson, Head of Technology, Retail and Business Banking, New Zealand, ANZ

    How Banks will Win the Fight against Fintech

    Greg Taylor, Managing Director, Marketo

    Serving Tomorrow's Customer Today : Reimagining Branch Transformation and Omnichannel Strategies

    Douglas Hartung, Director-Research & Development Incubation, Diebold, Incorporated

    To Improve ROI on Digital Transformation: Doctrines of Successful Implementation

    Sathyanarayanan Sethuraman, Principal, HCL

    right

    Enhancing IOT Ecosystem in Banking Sector

    Avirag Jain, EVP & CTO, R Systems

    Tweet
    content-image

    Avirag Jain, EVP & CTO, R Systems

    The first thought

    One 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

    IOT can bring in new security paradigm to banking word by making ones personnel identity unique and make this a very robust system.

    With this extra security measure of identifying an individual, bank can rely on some automated systems where in one can access the banking services without banks intervention. Banks can feel more secure when a customer with ID@H is standing in front of a teller than a customer without ID@H, who can be treated with some extra precaution. One without ID@H can have restricted access to branch and ATM rooms. ATM machines rooms installed with Retina/Fingerprint scanners can be more secure than current ATM rooms with ATM card access.

    Customer Service:

    “Banks by using the power of IOT and its current data can enable itself to know their customer better and offer some meaningful advices.”

    Currently banks only send static information or real-time alerts based on customer’s financial transactions. By using IOT, bank can use analytics on the real-time data available in the IOT environment and send dynamic alerts and advices to customers.

    Every bank will offer you similar products, will give you similar infrastructure, like ATM and branches, but how a bank services and how good it is in advising its customers makes a lot of difference.

    Customer with ID@H can help the financial world to identify and offer Privilege services to an individual. Simply by using ID@H banks can sense a particular person’s visit to a branch and offer a VIP lodge access or offer some specific products on his mobile application during his presence in the branch.

    ID@H can also help in banks response time improvement. The system, after identifying a person, can automatically fill customer details on the teller screen and a welcome massage can be displayed on the digital customer wall. This will help the bank to save tellers time in filling the customer details ending up a quick and personalized service to a customer.

    Identifying customer visit trend is a tricky task for a bank, which if tracked can help bank to enhance it client service. A door sensor installed on a bank’s branch can be integrated with the banking systems to analyze the customer branch visit trend during a time interval and bank can arrange the staff shifts accordingly. Even based on this data, person sitting in the Bank’s Data Center can get alert to request an increase in the branch’s bandwidth.

    R Systems specializes in offering a rich array of Banking and Finance services and solutions to meet the distinct and diverse needs of the sector. “In our Banking and Finance COE located in India and US, we walk an extra mile to help global Banking and Finance institutions to enhance their efficiency and serviceability,” says EVP and CTO, R Systems. “For ISVs catering to Banking and Finance domain, we offer Outsourced Product Development Services using our time-tested and proven model of iPLM. This ensures transparency, quality and cost effectiveness.”

    tag

    IoT

    Financial

    Sensor

    Weekly Brief

    loading
    ON THE DECK

    I agree We use cookies on this website to enhance your user experience. By clicking any link on this page you are giving your consent for us to set cookies. More info

    Read Also

    Artificial Intelligence - Myths And Truths

    Artificial Intelligence - Myths And Truths

    Geraldo Pereira Junior, Chief Information Officer, Ypê
    Sustainable Future through Innovative Technology Solutions

    Sustainable Future through Innovative Technology Solutions

    Faisal Parvez, Director, BT Business CIO
    The Future Relies on Augmented AI

    The Future Relies on Augmented AI

    Laurent Fresnel, CIO, The Star Entertainment Group
    Digitalization with the use of digital technologies/Improving business through digital technologies

    Digitalization with the use of digital technologies/Improving business through digital technologies

    Wilbertus Darmadi, CIO, Toyota Astra Motor
    How Marco's Pizza Leaned On Technology To Succeed Amid The Pandemic By Quickly Pivoting To Contact-Free Delivery And Curbside Carryout

    How Marco's Pizza Leaned On Technology To Succeed Amid The Pandemic By Quickly Pivoting To Contact-Free Delivery And Curbside Carryout

    Rick Stanbridge, VP & Chief Information Officer, Marco’s Pizza
    Bunnings  Diy Digital Transformation

    Bunnings Diy Digital Transformation

    Leah Balter, Chief Information Officer, Bunnings
    For a Smarter City: Trust the Data, Ignore the Hype

    For a Smarter City: Trust the Data, Ignore the Hype

    Brad Dunkle, Deputy CIO, City of Charlotte
    Smart Community Innovation for the Post Pandemic

    Smart Community Innovation for the Post Pandemic

    Harry Meier, Deputy Cio for Innovation, Department of Innovation and Technology, City of Mesa
    Loading...
    Copyright © 2025 APAC CIOOutlook. All rights reserved. Registration on or use of this site constitutes acceptance of our Terms of Use and Privacy and Anti Spam Policy 

    Home |  CXO Insights |   Whitepapers |   Subscribe |   Conferences |   Sitemaps |   About us |   Advertise with us |   Editorial Policy |   Feedback Policy |  

    follow on linkedinfollow on twitter follow on rss
    This content is copyright protected

    However, if you would like to share the information in this article, you may use the link below:

    https://revenue-management.apacciooutlook.com/ciospeaks/enhancing-iot-ecosystem-in-banking-sector-nwid-754.html?utm_source=google&utm_campaign=apacciooutlook_topslider