Internet of Things (IoT) in Banking

What is Internet of Things?

For decades, we as humans have been interacting with devices.   Internet of Things (IoT) enables the devices to communicate to other devices through internet.  In IoT scenario objects, animals or people are provided with unique identifiers and the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction.  Simply put, it is the communication between various 'things' over the internet.

How is it achieved?

It is achieved through various mechanisms.  The data could be obtained by sensors, smart phones, wearables (For example: google glass) or from social media interaction.  Data received by such mechanism is sent across the internet to interested parties.  This data is then analysed to make tailored solution for the one who sent it.

IoT in Banking

The data from a banking customer sent across the internet can be consumed by the bank to do realtime analytics and provide the customer with tailored banking solutions that meets his/her needs.  It could be a solution for a loan that the customer is looking for to buy a property.  It could be an offer for managing his debts/investments effectively.

Role of Banks

Banking customers are now well-informed through various channels and they demand focus and attention.  They want to be treated on an individual basis.  Banks should gear up to provide solutions that are tailored to meet the need of the hour for their customers.

The advice provider

While retaining traditional ‘Trusted advisor’ role, strive to deliver tailored personalized advice

The Value aggregator

Develop special alliances and partnerships to provide value added service

The access facilitator

Provide access to non-banking services (eg: Insurance, airlines, hotels) to deliver relevant offers.

Benefits of IoT in Banking

• Fosters customer experience

• Enables cross-selling

• Better KYC – Know your customer from various data channels

• ‘Behavioural Banking’ – banking based on customer’s transaction pattern enabling fraud detection, financial planning etc.

• Extended banking eco-system

IoT and Big Data/Analytics

IoT presents a tremendous opportunity for financial services, but it also presents a serious challenge. In addition to the countless new applications for Internet connected banking, IoT is also expected to generate a plethora of data. This data is coming from a variety of new sources, at high-velocity and in increased volumes (also known as Big Data).

•  The data is received from various channels





• Analytics provide real time information to the customer based on various sources of data eg: Crowdsourcing

IoT Scenarios in Banking

IoT can be applied in various scenarios.  Few of which are given below.  In reality the options are unlimited.  Some of the day-to-day life activities may seem to exclude banking, if they are thought out deeply, the backend of those activities involve banking to an extent.

• Retail banking

Payments based on sensors while shopping online or instore.

• Loans and Mortgages

Offer loan options based on the interest shown by the customer on the property information published over the internet.

• Forex based on geo location

Enable forex and mobile payments based on the geographical location

• Drones

Deliver products and services with the help of drones using GPS positioning.

IoT in everyday life - A compilation

IoT 2015 - Trailer

IoT 2015 - Movie (Compiled)

Eating an elephant using Scrum!

You cannot eat an elephant in one go! can you?  This means that you can only do away with a complex problem by solving it in smaller chunks.  This applies to software projects or any walk of life.  If you try to solve a problem as a whole, it takes longer and you might end up solving unwanted piece of the puzzle.  The whole idea is do what is needed NOW!

I have to narrow down to software projects.  Solving project issues in smaller units is what Agile principle talks about.  Scrum is one of the methodologies.  Typically the team size in a scrum team is 7 plus or minus 2.  So how can scrum be a solution to a larger project which needs multiple teams / workstreams.

In this case, scrum of scrums comes handy.  A representative from each team attends the daily scrum meeting and answers the 3 questions (what did my team do yesterday?, what is my team going to do today?, Are there any obstacles or dependencies?)

This way the individual representative from different teams can help the team that has impediments.  After all scrum is all about collaboration!
  

Google! Search this...

We all use google almost daily.  I've sometimes felt that I need google to search my glasses or keys!  If you want to use google search effectively,  the below website has some tips.

http://www.hackcollege.com/blog/2011/11/23/infographic-get-more-out-of-google.html

Uncertainty of the end

With the end of uncertainty there comes the uncertainty of the end.

I often hear people saying they want to experience certainty.  They evaluate lot of options and choose the right one for them in order to end uncertainty.

This can either leave a person with a positive feeling or the opposite.  In one, they find that the opportunities galore within the chosen option and they happily explore the opportunities one after the other.  This leaves a positive feeling and there is no end to this exploration.  That is, they are uncertain of the end.

For some, the chosen option may not meet their expectation and they are forced to live with it.  In this case the choice leaves a negative feeling and they do not know when the end will come.  Again they are uncertain of the end.

This is true in all walks of life.  Some are happy and contended with their choice but some others are not.  In the later case, the search for the right option never ends.  In this whole process some find the right choice at some point in time and break the cycle. 

In some cases fate decides the end. 

In any case, there is uncertainty of the end! 

PS: you can 'choose' to count the 'ends'  :-)

Boss is always right!

I called my boss, he did not pick up my call.  The call was very very urgent as it needed his decision on financials.  I called again... and again... and again... he sent me to his voice-mail.   Then he returned the call after 1 hr and asked, "Why do you keep calling me when I am with the customer?"

I was annoyed by this question.  Firstly, I do not have access to his daily schedule and I do not know what he is doing or who he is meeting everyday!  Lastly, when he thinks that the customer he is meeting is important, he should have shut all 'outside holes'.

My reply was, "if you are with a customer, could you please make your phone silent by choosing one of 'Silent mode or meeting mode or switch-off mode'"?    


But the boss is always right!  He would have a reason to ask me that question he...he... :)

What is ‘Aachaaram’?

Caution: This blog is about certain people who consider themselves as ‘aachaaram’.  I am happy for this to be categorized cynical or sarcastic.  Those who have eaten puliyodarai and dhidhyonnam alongside McD stuff, please do not read this!

I have a friend who says he and his family are 'aachaaram' (pronounced aa-cha-rum).  To him aachaaram is, 'he and his family cannot take food cooked the previous night or preserved in fridge'.  As a matter of fact they do not even visit 'Pillaiyar koil' (Lord Ganesha’s abode) as the family considers it to be 'un-aachaaram' (opposite of 'aachaaram'). 

The real meaning of aachaaram is to do with bodily and spiritual cleanliness.  I find my friend and his family funny because they do not seem to have either!

When they are in the US, they keep previous day’s food in the fridge and eat, they eat frozen food and they eat at McD.  They blame McD because McD’s are the ones who make tasty (teasing) burgers and fries (fried alongside or sometimes in the same oil of the most aachaaramised beef (Gomatha) burger).

I agree that the world is full of controversies.  I know I will get criticized for my views.  But most people like me treat all Gods the same way, be it Lord Mahavishnu or Lord Shiva!

I know lot of ‘aachaaramised’ people will swarm and write all those evil things I do (or find fault in whatever I do!!).  But my question stays, "Is it an excuse for ‘aacharamised’ people not to be bodily or spiritually clean?"

puuuuuffffuuuuufffffff!

Glossary:

Aachaaram – Staying clean physically and spiritually

Aachaaramised – People cleansed by following certain principles and policy

Gomatha – synonymn for Cow

Puliyodarai – synonymn for tamarind rice

Dhidhyonnam – synonymn for Curd rice

Disclaimer:

All characters or objects or subjects or anything you can imagine related to this blog is considered purely fictitious. Any resemblance to real persons or objects or subjects, living or dead, is purely coincidental.  This blog is not in anyway meant to hurt anyone’s personal or religious feelings.

Made to Measure

Until the age of 15, I’ve always worn shirts or trousers tailored to fit. My mom will choose the pant and shirt bit(that is how they were called). Myself and my dad will go to the tailor shop to get them stitched. The tailor makes me stand still and runs the measuring tape around my neck, across my shoulders and along my arms. He then asks me what kind of cuff I like, the shape of the pocket, the collar, whether I needed a split along the sides of the shirt, but stitches the shirt according to what my father said!

Today, I came across Marks and Spencer website, where they do all these over the internet and deliver the shirt to your doorstep.

They make you choose a fabric, the collars, cuffs, pockets, plackets etc. Short sleeve saves you some money. In order to decide the fit they ask you for your height, weight, collar size that you normally use and your age. You can also add a monogram, with your initials or anything that is of 6 character length, to the chest or to the cuff.

You can choose to save your design mid-way through if you cannot decide on any of the above. At the end they show a summary of what you selected and save the design with a memorable name.

Ta da... your shirt is made to measure! At least, that is what they claim!!