INTERNET OF THINGS IN BANKING SERVICES
Internet
BANKING SERVICES
IOT Banking Innovation
by Ramesh Medasani, Sr. Data Architect, WIPRO Technologies
We have been hearing about
Internet of Things for a while now.
Simplistically it includes anything
and everything that is connected
to the Internet and able to
communicate and share
information with other enabled
devices such as devices that are a
part of our daily life like home
appliances, fitness and health
monitors, home security systems,
light bulbs, audio systems,
temperature control equipment,
etc.
On the market front Gartner
expects it to include nearly 26
billion devices, with a global
economic value-add of $1.9
trillion by 2020. The International
Data Corporation (IDC), estimates
that the universe of things
of Things
in
Banking
Services
SIMPLYFING BANKING
connected to the Internet will
generate nearly $9 trillion in
annual sales by 2020 by another Issue Date
report.
One of the key sectors that can
leverage this technology is
Financial Transactions
Banking in Finance.
Financial transactions can be performed using personal
devices through a secured layer. Transaction limits for
Interaction with the ATMs, Online per day per transaction limit to be set for additional
kiosks in bank branches and security.
financial cards that may use
wireless interaction technology to
monitor and take action on the
clients behalf also connect
financial cards with house hold
devices could be a good potential.
Non-Financial Transactions
A refrigerator in the house can pull a grocery list with
offers from the linked departmental store and intimate
the client.
INTERNET OF THINGS IN BANKING SERVICES 2

On the personal insurance front,

if the hospital or and medical
equipment is linked to the
insurance obtained from the bank
the insurance value can be
evaluated based on clients health
condition. This will also help the
bank to recalibrate the risk
valuations for future needs.

The process can also help the

client to liquid securities so that
they would have enough
financials when the need arises.

SECURITY IN IOT

New innovations are always at a risk especially when financial data is involved. Data security protocols would need
to scale up with new data and its challenges. This brings with a scope to new standards in the field including
common definitions for IoT Technologies, reference models and Frameworks to define device interoperability
with security. The IoTSF takes a good lead in this aspect.

In a general topology, WINDRIVER a middle ware company acquired by Intel suggests a bottom up approach for a
security layer. Upon switching on the household device a foundation of trust is established by the handshake of
cryptographically generated digital signatures. Followed by is the device access control based on the digital
signature and the user control. The smart devices needs deep packet inspection capability to identify malicious
pay-loads hiding in non-IT protocols. Thus the gateway would enable to bridge the device to the outside world for
an information exchange.

While LINUX based open source project of IoT are popular in this space, a clear leader needs to come out for
commercial use.