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Developing IoT solutions in the financial industry

The internet of things (IoT) is creating new possibilities and realities in nearly every sector. This is especially true for the financial sector, where it is improving customer service, security and decision-making as well as helping create new products for a more mobile and convenient life. In order to remain relevant with a demanding consumer-base, financial institutions need to at least keep pace with new developments. Here are a few things to keep in mind when implementing IoT solutions:

  • Concept and audience – verifying demand and defining its value proposition will ensure that the product/service to be developed will provide real value to consumers.
  • Data – it is necessary to define what data is necessary as well as how it will be collected, stored, processed and made secure. This is especially important with ever-stricter regulations being passed around the world.
  • Hardware design – custom hardware can be a challenge to both design and sell. Consider if a solution might better be integrated with an already-existing solution (e.g. wearables, beacons, etc.). But don’t be too afraid to build a custom devise if it’s truly necessary.
  • Software development – remember that IoT software development is not easy. Typically, there are up to seven layers that must all work together.
  • Integration – ensure that everything works together as expected (both front-end and back-end infrastructures). When used with an existing internal system, make sure new products/services works with it as expected. Don’t forget to add tools for analytics, advertising and/or customer support (as is relevant).
  • Ongoing improvements – the second a new product/service is brought to market, it is time to think about how it can be improved. It is crucial to obtain user feedback for this purpose.
  • Support – Constant support and reliability are important for new, and especially IoT, products. Don’t risk losing consumer confidence by neglecting this important part of new product/service development.

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