By Henry Manzano, Latin America CEO, Tata Consultancy Services (TCS)
The IoT is sure to revolutionize some obvious markets, such as smart homes, wearables and automotive, where it was a star at the last CES. But more low-profile sectors, such as the financial market, must also undergo major developments; some unseen by consumers, but which will have a big impact on people's lives.
And for those who still believe that this is a utopia, according to Harbor Research 65% of the IoT applications in production on the market today already generate revenue for companies, a percentage that should reach 80% in 2018.
Returning to the financial market, in a survey carried out by TCS – Tata Consultancy Services, corporations in this segment have already reported an investment of US$ 117.4 million last year, and they plan to increase the amount to US$ 153.5 million in 2018. investment focus in 2015 was the monitoring of financial products and services (responsible for 32% of the budget). However, who should turn the apple of the eye of IoT for banks will be customer monitoring, which today accounts for 30% of the share, but in 2020 it should grow to 34%, according to the survey.
Among the most popular IoT initiatives are mobile apps, with 65% uptake at banks surveyed by TCS. At the other end, in their infancy, but at great strides, are wearables, present in 16% of financial institutions.
Currently, bank cell phone applications have already changed the lives of many consumers through financial transactions that are possible to carry out such as: bill payments by scanning a bar code on a cell phone with NFC; make purchases by approaching a cell phone or smartwatch – through digital wallets attached to the devices; use of biometrics, where it is possible to withdraw money and carry out other financial transactions with fingerprint recognition.
In concrete terms, the industry's focus on these new technologies should mix segments that previously seemed to be water and oil, such as banking and automobiles. There are already numerous mobile payment projects via “connected car”, for example. In fact, the big thesis is that the Internet of Things will actually become the Bank of Things.
That is, it is the financial sector infiltrating all other verticals. It may not be long before the Dash Replenishment Service, Amazon's service that replenishes connected products in need of supplies, has room for finance partners. After all, someone needs to ensure security in financial transactions. Predicting the future is difficult, but that financial market agents will be protagonists of it is certain.
And for those who still believe that this is a utopia, according to Harbor Research 65% of the IoT applications in production on the market today already generate revenue for companies, a percentage that should reach 80% in 2018.
Returning to the financial market, in a survey carried out by TCS – Tata Consultancy Services, corporations in this segment have already reported an investment of US$ 117.4 million last year, and they plan to increase the amount to US$ 153.5 million in 2018. investment focus in 2015 was the monitoring of financial products and services (responsible for 32% of the budget). However, who should turn the apple of the eye of IoT for banks will be customer monitoring, which today accounts for 30% of the share, but in 2020 it should grow to 34%, according to the survey.
Among the most popular IoT initiatives are mobile apps, with 65% uptake at banks surveyed by TCS. At the other end, in their infancy, but at great strides, are wearables, present in 16% of financial institutions.
Currently, bank cell phone applications have already changed the lives of many consumers through financial transactions that are possible to carry out such as: bill payments by scanning a bar code on a cell phone with NFC; make purchases by approaching a cell phone or smartwatch – through digital wallets attached to the devices; use of biometrics, where it is possible to withdraw money and carry out other financial transactions with fingerprint recognition.
In concrete terms, the industry's focus on these new technologies should mix segments that previously seemed to be water and oil, such as banking and automobiles. There are already numerous mobile payment projects via “connected car”, for example. In fact, the big thesis is that the Internet of Things will actually become the Bank of Things.
That is, it is the financial sector infiltrating all other verticals. It may not be long before the Dash Replenishment Service, Amazon's service that replenishes connected products in need of supplies, has room for finance partners. After all, someone needs to ensure security in financial transactions. Predicting the future is difficult, but that financial market agents will be protagonists of it is certain.
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