Financial market turbulence compounded by flailing of micro- small-medium businesses has been harsh on most economies. Central banks have the onerous task of outlining new set of rules and measures to counter these upsets. Thus far, most central banks across different countries have responded with agility and transparency. However, actual disbursement of funds to businesses as well as to individuals is administered by retail and commercial banks. They serve as conduits by enforcing central bank’s policies and relay their impact to masses (consumers and businesses) via revised lending and underwriting practices.
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It is convenient to assume that capabilities and potential of digital payments and contactless payments are alike, when in reality one mode is inherently wired to catapult Internet of Everything (IOeT) to another level, unlike any other concept that the financial services industry has ever witnessed before.
Their mainstream (commercial versus retail) adoption is also varied, depending on regulatory and socio-economic climate. For instance, in China, not just small businesses but even beggars rely on digital payments and have crafted an ingenuous albeit questionable business model. Some well known names in digital payments space are Alipay, WeChat, Apple Pay, Google Pay, Samsung Pay, PayTM are enjoying an indomitable presence in different parts of the world.
However, their influence in redefining payments space is still contingent on regulatory and socio-economic framework. In countries such as China, where government exercises control over business operations (including privately owned), Alipay and WeChat covered significant ground due to concerted effort of the government. So much so, that these two firms now cut into profit of traditional banks and are a threat to their long term viability.
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IoT initiatives are unavoidably complex. Number of participants (data sources), security and data privacy issues add gravitas to even a bare bone project.
In this brief, we try to uncover device security vendor landscape for various critical touch points which generate most data, identify low maintenance, low cost alternatives to batteries (and identify key vendors) and conclude with the most progressive and secure way (currently in development) to compute and share data. We approach our research from Financial Services Institutions’ perspective but this information model could very well apply to other industries.
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Community Banks are set up to serve their local communities (for instance, by supporting small businesses), while credit unions are member owned, non-profit financial institutions. These unique features give these two institutions, an upper hand over large banks, in terms of building trust and loyalty.
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IoT is expected to significantly impact various functions of different Financial Services Institutions. Volume of data, (now available) computing prowess, in terms of both, hardware (chips, sensors, servers, energy efficient data centers, etc.), ever expanding ecosystem (smartwatch to local bank branch to corporate headquarters to a third party service provider, etc.) and anticipated revenue streams – conditions, all conducive to justify investments in IoT.
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Almost all industries are actively evangelizing Internet of Things (IoT), as a means to limitless monetary potential and new service / solution lines. Some industries are in fact, delivering on IoT promise. Industrial IoT (IIoT) and Manufacturing (in conjunction with Supply Chain) are two such examples where organizations are finally able to define scope and RoI of their IoT undertaking. However, story is quiet different for Financial Services industry.
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