Prioritizing APIs for Bolstering Financial Institution’s IoT Game

An API is a set of routines, protocols and tools for building software applications. In other words, an API specifies how software components should interact. Financial Institutions, specifically banks, are either outsourcing their own IT staff (developers, to be precise) to either build an API or an aggregator to compile incoming data and create services to better serve customers, or, they (banks) are striking partnerships with marketplace APIs and indirectly with third party applications that these APIs support.

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Digital Payments, Citizen FinTech, Government Entities Make SmartCities Possible

It is well understood that payments are a critical facilitator for practical realization of smart city and general IoT vision. Digital payments can improve payments ecosystem across public sector departments overseeing electricity consumption, water usage, sewer cleaning, trash collection and recycling, toll & transit, parking, tourists attractions, healthcare, municipalities, prisons, etc. All of which are important public service units necessary for cities to become self-sufficient.

It has also been established in 2020, that digital payment ecosystem got a major boost due to the pandemic. According to Statista, total transaction value in the digital payments segment is projected to reach US $4,934,741 million by the end of 2020 and total transaction value is expected to show an annual growth rate (CAGR 2020-2024) of 13.4% resulting in a projected total amount of US $8,170,406 million by 2024. Further, contactless payments, a type of digital payment is very well positioned to bridge Internet of Things (IoT), and hence smart cities to Financial Services.

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IT / OT Convergence for Seamless SmartThings, SmartCities & Financial Services Institutions

Fundamentally speaking, IT pertains to information production and flow, while OT pertains to machines, devices and systems. As per our definition, IT / OT convergence is management of information flow between OT ( machines, devices and systems) and Information Technology (IT), so as to ensure optimal (secure, seamless, low latency, timely, well coordinated, less power / energy consumption) functioning of enterprise / industrial systems. And, because IoT bridges the IT and OT world, IT / OT convergence is a precursor and a lifeline for IoT project’s successful implementation.

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Contactless Payments: Adoption under Normalcy via Customer Centricity & Sustainability

Adoption of contactless payments (tap and go) have witnessed a spike (due to the pandemic) but not every individual is proficient in Apple Pay, Google Wallet, Samsung Pay (swipe or tap) or Android Pay, yet.

Prior to the pandemic, no major incentive was perceived by the customer to switch from debit / credit card to fully contactless mode. While there have been major security and data breaches at retailer end over the past decade (TechTarget, TJMaxx, Target, etc.), one couldn’t attribute them directly to payment networks or to debit / credit cards. A cryptic way to store information of card holder would have certainly served as a great barrier but none of the payment networks or card providers took this initiative.

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Reducing Economic Recovery Guesswork by Revamping Capital Conservation Buffer with Advanced Analytics, AI & IoT

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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Giant Innovation Leaps: Breakthrough Business Models via Digital Payments & Fast-Track IoeT via Contactless Payments

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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Drilling Down to Details: Identifying, Securing and Optimizing Critical IoT Touchpoints

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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