Potential Technology Trend: Internet of Things

Trends

• Trends: What do we look for?
• Technology Trend: Cloud Computing
• Industry Trend: Unbundling of banks – Lending Club
• Regulatory Trend: Deregulation – RBI granting banking licenses
• Industry Trend: Immediate everything – Payments
• Market Trend: Branchless Banking
• Market Trend: New Market Entrants
• Market Trend: Banks Extending Their Reach
• Industry Trend: Bank White-Label Services
• Industry Trend: Dual Strategies
• Societal Trend: Exploding Data
• Technology Trend: Banking API’s
• Market Trend: Digital Natives
• Market Trend: Mobile Adoption
• Technology Trend: Digital KYC
• Potential Technology Trend: Internet of Things
• Industry Trend: The Bank Finds You
• Potential Industry Trend: Mobile Wallets Replace Cards
• Industry Trend: Social & Mobile Payments
• Industry Trend: Virtual Currencies
• Industry Trend: Social Finance
• Technology Trend: Big Data
• Potential Industry Trend: Bank as Data Manager
• Technology Trend: WiFi Availability
• Technology Trend: Fast Cycle of Consumer Technology
• Technology Trend: Biometric Authentication
• Industry Trend: Social Servicing
• Industry Trend: Social Reputations
• Market Trend: Increased Substitution with Capital Markets
• Industry Trend: Aggregator / Comparison Sites

Potentially a powerful trend where imbedded systems in everyday objects from clothes to power systems communicate wirelessly to emit data, receive instructions, etc.
I call it a potential trend because I have not yet seen evidence that it is impacting banks. Keep on “watch”.
A simplistic system workable with today’s technologies would be RFID chips in “things” and sensors leveraging near field communications (NFC).

Bluetooth is another option leveraged by iBeacon.  “All LevelUp merchant partners are now being offered an iBeacon, which is ready to go as soon as it is plugged in. The firm expects to have delivered up to 1000 by the end of the summer but in the longer term plans to build the technology into its POS scanners.”

Google is apparently a believer as they bought the smart thermostat Nest.

In Digital Bank, Chris Skinner envisions a world where objects in the internet of things transact, making the internet of things of importance to bank strategy.