The “Fin-ternet” of Things: The Impact of IoT on Financial Services

| March 21, 2017

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IoT is already blowing our minds in our daily lives with its fancy droids, and refrigerators reminding us our milk is overdue. Its impact is also becoming more significant in the business world with industries starting to embrace the benefits. Financial services is no different in fact, it is one of the top 10 industries that has been investing in sensors for potential IoT innovations (PWC’s 6th annual digital IQ survey).

Spotlight

Reactive

Last year Reactive was acquired by Accenture Interactive, cementing our place as a market leader in Australia and New Zealand with true end-to-end digital transformation capabilities. This September we’ll be completing the final piece of the acquisition with the Reactive brand being retired. Find out more about Accenture Interactive, the world’s biggest and fastest-growing digital agency network. Customer experience is the battleground for brands today. Winning in an experience-led market means being hyper-focused on the customer and agile enough to offer new, connected experiences that flex to accommodate individual needs. Accenture Interactive helps clients create the best customer experiences on the planet, across the entire customer journey. Through our connected offerings in design, marketing, content and commerce, we create new ways to win.

OTHER ARTICLES

How to Effectively Monitor Utility Usage With IoT for Maximum ROI

Article | March 3, 2020

Operating a utility business can be particularly difficult, especially when you’re trying to maximize ROI. In the water utility space, per capita water usage has decreased while the water itself has become more expensive to collect. Across utilities sectors, aging infrastructure takes a large cost to maintain and eventually update. Consumer expectations and regulations also can cut into ROI. As they should, people expect clean and safe water and a continuous supply of electricity. The driving factor in the utilities space is efficiency. Enter the smart water meter. For our IoT water management solution, we used Google Cloud Platform (GCP). GCP has various benefits for water management through its wide array of products. We will go over two important features of a water management IoT solution.

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OT/IoT Security Superheroes: Tackling the Remote Employee Challenge

Article | April 14, 2020

Organizations around the world are coping with a variety of challenges related to the COVID-19 outbreak. Many companies are struggling to convert their processes from ‘in-office’ to ‘remotely accessible’. And, they’re scrambling to find new ways to “remote” tasks – with “remote” now becoming a verb. For example, we’ve heard from many customers that adding or expanding remote employee access capabilities is a hot topic. One such customer told us that they went from 9% of their workforce working remotely, to 52%. Wow! That’s not only a substantial change to operations and processes – it also directly impacts the company’s security posture. The challenge facing OT security practitioners is daunting. We absolutely must secure the people and systems responsible for saving mankind from an alien super-virus pandemic. But, while the bad guys are lobbing attacks from afar, the good guys are acting behind the scenes like NPCs (non-player characters). They’re bypassing the security systems we developed through years of hard work, like using Gmail or Zoom, or turning off anti-virus, in the name of getting things done.

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Top ‘avenues’ for developers in smart cities

Article | April 1, 2020

Perhaps no more than a decade ago, the notion of ‘smart cities’ probably implied thoughts of which metropolitan areas could be said to have the greatest density of schools, colleges and universities. You want a smart city? Okay, how about Oxford, Cambridge, Massachusetts, Washington DC, Paris and so on. But that’s (obviously) not what we mean by smart cities today. In this post-millennial age, we define a smart city is a municipality that uses information and communication technologies (many of which will gravitate towards the Internet of Things (IoT) and the data backbones that serve it with application processing, data analytics and increasing amounts of AI) to increase operational efficiency, share information with the public and improve both the quality of government services and citizen welfare.

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5 IoT Trends for Marketers to Watch in 2021

Article | January 29, 2021

The COVID-19 pandemic turned the tides towards remote work and virtual connectivity. And even though growth seemed to have slowed down in 2020, experts see double-digit growth in the next few years. The tides may be turning but virtual connectivity and the tools required for remote growth are not slowing down in demand. As the tech world adapts to new shifts, IoT is among one of the most anticipated technologies to prosper in 2021. Digital transformation has rapidly accelerated in the past year and if the experts are to be believed, 2021 shows promise for an even better year for technological advancement. According to IDC’s 2020-2024 forecast, spending will reach an annual growth rate of 11.3 percent. And with this, the number of connected devices is likely to grow up. Take a look at what will be the focus of IoT industry trends in 2021. Privacy & Security As smart homes are becoming the norm and you cannot throw a stone without hitting a smart device, one thing is clear—IoT devices are everywhere. People almost always forget smartphones when talking about IoT devices, but the fact is that smartphones are very much a part of the IoT ecosystem. And with the infusion of IoT in our everyday lives, questions about privacy and security are cropping up. Just recently, as WhatsApp announced its new privacy policy, millions of users planned to migrate to other alternatives. This led to WhatsApp pushing back its privacy update and tech businesses taking note of changing winds. In 2021, privacy and security will be at the forefront of IoT industry trends, as devices infuse further into the everyday lives of people. According to recent research, 90 percent of consumers lack confidence in IoT device security. And the onus of bolstering consumer confidence will be up to IoT businesses. Workforce Management According to Gartner’s “Top Strategic Technology Trends For 2021” report, IoT will be a large part of the office experience in 2021. As businesses are trying to avoid the losses that occurred in early 2020, workplaces are being geared up with RFID tags, sensors, and monitors to ensure social distancing measures, whether employees are wearing masks and overall health monitoring. Additionally, many organizations have decided to move permanently to a remote mode and will rely more on IoT devices for connectivity. So we can expect better automated scheduling and calendar tools, more interactive video conferencing, and virtual meeting technology. In the case of fieldwork, IoT will offer an added factor of monitoring behavior. Greener IoT Experts predict that energy will be a crucial factor in the IoT industry trends in 2021. With smart grids, metering, and restoration resilience being powered by IoT, 2021 will move towards optimized energy consumption and devices that are designed to encourage energy-friendly practices. What’s more? Smart engines and automobiles can be optimized to reduce their carbon footprint and become energy-friendly. As evidenced by the Paris summit and the wildfires in 2020, the world is becoming ecologically conscious. IoT devices in 2021 will focus heavily on reduced emissions, lowering air and ocean pollution, and minimizing power expenditure. Location Data As COVID-19 limited human interaction, location-based services soared during the pandemic. Businesses started leveraging location data to offer curbside pickup, virtual queues, and check-ins for reservations to enhance the customer experience during the pandemic. According to experts, the use of location data will continue to be crucial for customer service and convenience in 2021. As people prefer being safe even as the vaccines are being delivered, location data will allow businesses to cater to their customers without compromising on customer or employee safety. Digital twins IoT is being helmed as the perfect technology partner for creating digital twins in many industries. As IoT collects a large amount of data through physical devices, this data can be reinterpreted to create the perfect digital twins. Also, IoT can offer visibility into the full product life cycle and unfold deeper operational intelligence. Companies like Siemens are already leveraging technologies like AIoT to design and create digital twins for product design and production. Coupled with AI, IoT will be used more commonly for creating digital twins in 2021. A technology as dynamic as IoT can be leveraged for almost any application. Therefore, it may surprise us all in the way it progresses in 2021. However, experts believe that the above 5 IoT industry trends will rule 2021 for sure. Frequently Asked Questions What are the latest IoT industry trends? The use of IoT in Healthcare, Artificial Intelligence, workforce management, and ecological conservation can be deemed as some of the latest trends in IoT. What is the future scope of IoT? As experts believe there will be over 85 billion connected devices by the end of 2021, and the numbers are promising for upcoming years, we can safely say that the future of IoT is indeed bright. What industries are most likely to use the Internet of things technology? IoT is a dynamic technology with applications in almost every industry. However, industries like healthcare, construction, manufacturing, tech, and resource management are most like to use IoT right now. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "What are the latest IoT industry trends?", "acceptedAnswer": { "@type": "Answer", "text": "The use of IoT in Healthcare, Artificial Intelligence, workforce management, and ecological conservation can be deemed as some of the latest trends in IoT." } },{ "@type": "Question", "name": "What is the future scope of IoT?", "acceptedAnswer": { "@type": "Answer", "text": "As experts believe there will be over 85 billion connected devices by the end of 2021, and the numbers are promising for upcoming years, we can safely say that the future of IoT is indeed bright." } },{ "@type": "Question", "name": "What industries are most likely to use the Internet of things technology?", "acceptedAnswer": { "@type": "Answer", "text": "IoT is a dynamic technology with applications in almost every industry. However, industries like healthcare, construction, manufacturing, tech, and resource management are most like to use IoT right now." } }] }

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Spotlight

Reactive

Last year Reactive was acquired by Accenture Interactive, cementing our place as a market leader in Australia and New Zealand with true end-to-end digital transformation capabilities. This September we’ll be completing the final piece of the acquisition with the Reactive brand being retired. Find out more about Accenture Interactive, the world’s biggest and fastest-growing digital agency network. Customer experience is the battleground for brands today. Winning in an experience-led market means being hyper-focused on the customer and agile enough to offer new, connected experiences that flex to accommodate individual needs. Accenture Interactive helps clients create the best customer experiences on the planet, across the entire customer journey. Through our connected offerings in design, marketing, content and commerce, we create new ways to win.

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