Smart Building

Investing in IoT and Banking Makes Cents

Create: 01/26/2017 - 19:31

The ubiquity of today’s high performance Internet makes banking more accessible than ever before. With tech-savvy clients demanding more convenient and individually tuned services, the financial industry is moving increasingly toward IoT technologies to meet these high expectations.

 

Even though banking and IoT might not be making the headlines, the banking industry is quietly leveraging IoT more and more. Driven by both growing customer expectations and rising levels of online fraud, financial services companies have started prioritizing product and customer monitoring. A key tool in this effort is IoT, which is enabling banks to not only monitor and collect data on its customers’ banking and purchasing transactions, but to also leverage IoT-powered sensors to track assets and better assess the value of collateral.

Banking on IoT

According to TATA Consultancy Services’ report on banking and financial services, 64.5% of global banking executives are monitoring their customers through mobile apps on smartphones, tablets and other digital devices, and 31.6% of banking organizations are using IoT to monitor retail locations such as bank branches and ATMs. In addition, 21.1% of those organizations are using digital sensors to gather product performance data and 15.8% are using IoT-powered wearables to track customers’ product usage.

The TATA report found that financial institutions reported an average IoT budget of $117.4 million, which is 0.4% of the revenue. Its study revealed that companies are planning to spend $153.5 million by 2018, with a large amount of their IoT budget (32% in 2015 and 29% by 2020) going toward monitoring financial products and services. They noted that companies also planned to allocate 30% of their IoT budget to monitor customers, an allocation expected to increase to 34% by 2020.

Thanks to IoT advancements, financial service companies are expanding their customers’ payment options beyond credit and debit cards, smart phones and other existing POS devices to a broader, more diverse ecosystem of Internet-connected devices.

So, how can you help them do this?

Build with an IoT Ecosystem Expert

Building an IoT ecosystem can be challenging—constantly evolving business environments within the digital and transitioning-to-digital world require complex solution architectures. Fortunately, having an IoT-knowledgeable partner can make it a lot easier.

Intel has a long history of engaging with software providers, cloud service providers and the members of the technology ecosystem that deliver solutions to the financial services industry. These players, included FIS, Infosys, Misys, TCS and Temenos, all take advantage of Intel technologies for compute, memory, storage and networking, for strong computing performance, scalability and reliability as well as distributed computing environments.

Intel® Solid State Drives (Intel SSD) for embedded provide for complex and real-time analytics operation, while Intel networking products support cloud-ready, open standards environments that support fast, connected business and innovation.

Cloud Services Providers (CSPs) such as Azure, Amazon Web Services, Google and HP Helion are all based on Intel. Intel works closely with CSPs to enable the deployment of the latest Intel® technology for processing, memory and networking fabric within their service offerings. It also supports advanced Big Data management and analytics on Hadoop through its collaboration with Cloudera.

Banking solutions based on Intel can take advantage of that technology, whether on-premise in the bank’s data center, off-premise in a cloud or in a hybrid cloud model. And, by running on Intel, the migration from on-premise to off-premise becomes a more seamless and secure operation.

The Intel® IoT Platform includes an end-to-end reference architecture model and family of products from Intel and its ecosystem that work with third-party solutions to provide banks with a solid foundation for seamlessly and securely connecting devices, delivering trusted data to the cloud and delivering value through analytics.

Now is the Time to Act

Banks are under pressure to continue to innovate when it comes to their payment systems, with that pressure largely coming from:

  • Demand from customers for instant gratification and secure service at the speed of light
  • The need to support eCommerce models that can’t work without instant payment
  • A goods supply chain that is accelerating, something the finance supply chain has to catch up to
  • Competitive threats from other banks and disintermediators

Banks have to act—and soon. If they don’t have IoT transformation projects underway already, now is the time to start these conversations with them.

Honeywell and Intel Lead the Smart Building Charge

Create: 12/15/2016 - 12:00

Smart building continues to prove itself to be a big business opportunity, with the IoT-enabled building market rising sharply and only set to continue that ascent. The smart building market is projected to grow from USD 5.73 Billion in 2016 to USD 24.73 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 34.0%, according to a recent MarketsandMarkets report. And multinational conglomerate Honeywell is doing its part to help bring it to the forefront of businesses’ minds across the world, thanks to its work in moving smart building standards forward in the industry and its own investment in making IoT-powered building a reality. 

Honeywell is going all-in on IoT, focusing the strength of its innovative technologies on both encouraging smart building, and playing its part in “smartening up” the buildings themselves. The company’s goal is to deliver more secure, connected, energy-efficient and productivity-enhancing products and services while making the world a cleaner and more sustainable place.

A More Connected World = A More Productive World

In 2015 Honeywell released a new global index, the Honeywell Smart Building Score. The index provides a framework for the easy, quick and comprehensive assessment of any building. It is based on defined parameters of capability, coverage and uptime. The framework scores 15 elements in each building, judging their green, safe and productive outcomes. The final score for the building is determined by the average of these outcomes. While applied effectively to buildings in the United States, it can be easily applied to buildings in countries around the globe.

These scores are helping industry associations, consultants, architects and service providers to create benchmarks, drive education and demonstrate not only the economic argument for smart buildings, but their very real benefits as well. The index is enabling buildings (and businesses) across the world to move toward their efficacy and environmental goals faster than ever before.

Honeywell products and solutions themselves are having quite an impact as well, resulting in a recent expansion to accommodate the quickly increasing demand in the smart building arena. Announced on December 12, the company has leased 62,000 square feet in Midtown Atlanta’s 715 Peachtree building to house its state-of-the-art software center and Home and Building Technologies global headquarters. The location, in Atlanta’s thriving technology hub, will support the company’s rapid growth in developing connected, software-driven solutions.

Intel Makes Transitioning to Smart Buildings More Accessible

Like Honeywell, Intel is passionate about bringing smart building to the next level—and to the masses—which means making it as easy to do as possible. A task easier said than done, up until now. The main obstacle that the world of commercial real estate faced in implementing smart solutions was that it generally runs on dated technology; there was no equivalent of a universal Wi-Fi router to connect it all. But that’s set to change with Intel’s new Building Management Platform (BMP).

Released in October of this year, the Intel® Building Management Platform (Intel BMP) makes it easier for small- and medium-size buildings to become smart and connected. With built-in security and manageability essentials to manage data from a broad set of building systems and sensors, and to filter and transfer data to the cloud (or on-premises servers), Intel® BMP has changed the entry point for businesses ready to get smart about their buildings.

Intel Building Management Platform

Image source: Intel

By leveraging this new platform, buildings can save energy and increase efficiency, as well as create a more sustainable, enjoyable and productive use of the building by its occupants. Intel BMP integrates CANDI PowerTools to give cloud-based smart building applications and services secure and easy access to data and “things” in commercial buildings. The platform connects to disparate building equipment and devices that use a variety of protocols and sends their data to cloud-based services and applications for business intelligence, analytics, dashboards and other applications.

Smart buildings are the future of business, and they’re finally opening up for all businesses, not just a select few. Learn more about how Intel® BMP might be a good fit for your clients.

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