From Internet Of Things To Banking Of Things
BANKING FINANCE|September 2021
Introduction The concept of the 'Internet of Things [IoT]' emerged in the early 1980s when technology started to influence business processes.
Chithra Rajagopal and D Kadiresan
From Internet Of Things To Banking Of Things

The earliest example of a machine connected to the Internet was a Coca-Cola vending machine, located at Carnegie Melon University. The programmers connected the machine by the internet, to check and see if there was a Coca Cola available and if it was cold, before making the trip.

The term 'Internet of Things (IoT)' was coined by Kevin Ashton in 1999. It comprises of Hardware, Software, Sensors, Devices, etc. that enables real times collection monitoring and analysis of data which can be translated into meaningful actionable piece of information and help to automate the manual process.

IoT is a way in which devices can connect and share information by connecting to internet. With higher fast and cheaper access of internet facilities all over the world, IoT has become one of the major technological evolution in recent times. In simpler terms, the electronic device that is connected to the internet is termed as 'Internet of Things [IOT]. 'Internet' here refers to connectivity and 'Things' means devices or 'The Thing' [living/non-living] which connects.

The Three questions to be answered in IOTs are

1. What to measure or What is being sensed? [Sensor]

2. Which device is connected to the internet? [Gateway]

3. How are sensors connecting to Gateway? [Applications]

Applications of IOT

There are quita lot of applications of IOT in various fields.

1. Health care - smartwatches, glucose monitoring device, heart rate monitoring device, etc

Diese Geschichte stammt aus der September 2021-Ausgabe von BANKING FINANCE.

Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.

Diese Geschichte stammt aus der September 2021-Ausgabe von BANKING FINANCE.

Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.

WEITERE ARTIKEL AUS BANKING FINANCEAlle anzeigen
ICICI Bank partners with PhonePe to offer instant credit on UPI
BANKING FINANCE

ICICI Bank partners with PhonePe to offer instant credit on UPI

ICICI Bank announced that it has partnered with PhonePe to offer instant credit on UPI to its pre-approved customers on the app of the digital payments company.

time-read
1 min  |
November 2024
Indiagold Eyes Major Expansion in India's Gold Loan Market
BANKING FINANCE

Indiagold Eyes Major Expansion in India's Gold Loan Market

Indiagold, a prominent fintech company specialising in gold loans, is set to disrupt the gold loan industry with its ambitious expansion plans and innovative product offerings.

time-read
1 min  |
November 2024
RBI CIRCULAR
BANKING FINANCE

RBI CIRCULAR

Facilitating accessibility to digital payment systems for Persons with Disabilities Guidelines

time-read
4 Minuten  |
November 2024
Legal News
BANKING FINANCE

Legal News

The Supreme Court announced the launch of a new webpage on its official website providing summaries of landmark judgments.

time-read
5 Minuten  |
November 2024
The Role and Impact of the Insolvency and Bankruptcy Code (IBC) in NPA Recovery
BANKING FINANCE

The Role and Impact of the Insolvency and Bankruptcy Code (IBC) in NPA Recovery

Indian banks, especially grappling with the mounting challenge of Non-Performing Assets (NPAs) within Scheduled Commercial Banks (SCBs), are experiencing a significant downturn in their capacity for credit recycling, resulting in reduced business opportunities and declining profits. However, various factors contributing to the severity of NPA problem are including macro-economic, political, and internal factors, emphasizing the complexity of the issue. With this background, the present study puts an effort to look at the role of the Insolvency and Bankruptcy Code (IBC) in NPA recovery and also showcasing its significance in resolving insolvency and maximizing creditor recovery.

time-read
8 Minuten  |
November 2024
Big Data in Banking: Analysing its Role, Advantages and Challenges
BANKING FINANCE

Big Data in Banking: Analysing its Role, Advantages and Challenges

Globally Inflation started rising post April 2021 and went above the target range set by most of the Central Banks. It had remained low and dormant for a substantial duration since the global financial crisis. CPI inflation in developed countries such as US, UK and Euro zone, began to exceed their traditional target of 2% and continue to stay at these elevated levels till recent time.

time-read
5 Minuten  |
November 2024
Is SIP Always the Best Option? A Look into Lump-Sum vs SIP During Volatile Markets
BANKING FINANCE

Is SIP Always the Best Option? A Look into Lump-Sum vs SIP During Volatile Markets

SIP is a method of investing a fixed amount at regular intervals, typically monthly, into a mutual fund. It allows investors to buy more units when prices are low and fewer when prices are high, a process known as rupee cost averaging.

time-read
6 Minuten  |
November 2024
Strategies for Mutual Fund Retail Investors during market downturns
BANKING FINANCE

Strategies for Mutual Fund Retail Investors during market downturns

When stock markets experience a decline, mutual fund investors often face a sense of insecurity and apprehension. The volatility can lead to impulsive decisions, which, rather than securing financial health, may impair long-term investment objectives.

time-read
5 Minuten  |
November 2024
The Rise of Green Marketing: Driving Sustainable Change
BANKING FINANCE

The Rise of Green Marketing: Driving Sustainable Change

Green marketing refers to the practice of promoting products or services that are environmentally friendly or sustainable. It involves incorporating eco-friendly elements into various aspects of marketing strategies, including product development, packaging, advertising, and distribution.

time-read
8 Minuten  |
November 2024
Fraud Risk Management In Banking
BANKING FINANCE

Fraud Risk Management In Banking

Fraud risk management is a fundamental aspect of overall Risk Management within the banking sector. In India, banks adhere strictly to guidelines set forth by the Reserve Bank of India (RBI) to prevent, detect, and promptly report fraudulent activities.

time-read
6 Minuten  |
October 2024