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Will 2018 be another fintech year?

26 Feb 2018

Will 2018 be another fintech year?Part 2: How the Internet of Things drives digital transformation

Which innovations can be expected this year? Which concepts will become reality and which developments should we keep an eye on in 2018? In general, it is safe to say that this year will again be all about Artificial Intelligence (AI), the Internet of Things (IoT), Blockchain, Cloud Computing und IT Security. In our new series, we examine the fintech trends for 2018. Part 2 shows how IT will change to better serve IoT platforms.

Experts predict that IoT solutions will provide valuable insight into companies’ digital transformation and will become indispensable in many industries. It is considered crucial that companies choose IoT platforms with an open, agile architecture, which enables integration with other technologies and creates a basis for developing, building, testing and implementing applications quickly and efficiently.

IoT will have a major impact on networks

IoT systems – along with data-centric technologies, AI and predictive analysis – are key to enabling Industry 4.0. Network connections will have to increase in number and in speed. A number of new consumer services can be offered through these faster networks – and a strong market for new accessibility technologies and aggregation products will emerge.

Each new development in this field comes with benefits and dangers. An innovation could as easily play into cyber criminals’ hands as help to fend them off. Security continues to be the primary challenge; however, the amount of data generated via this new infrastructure will help analysts detect vulnerabilities.

Will there be a “fin”ternet of Things?

The inherent value of IoT is increased data transfer. Since the financial services industry depends on collecting and analysing data, it is hard to imagine that IoT won’t have a huge impact on financial services. On the contrary, it will make financial and banking services more client friendly.

IoT enables objects to communicate autonomously – to optimise processes, reduce costs, increase productivity and improve the overall quality of life. All of this will affect the client experience during bank transactions.

Client data made available through IoT will help banks to better understand clients and their transactions, creating a number of new ways for banks to connect with and provide advice to clients. Moreover, banks will be able to offer products and services that are tailored to their clients’ needs, which will open up boundless opportunities.

Sources: Hitachi Vantara, Ciena, Infosys, Telstra, Tata Communications

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